Will the Tallest Apartment by the Han River Appear... GS Construction Selected as Contractor for Han River Mansion Reconstruction

[Asia Economy Reporter Song Seung-seop] GS Engineering & Construction has won the reconstruction project of Hangang Mansion Apartments in Ichon-dong, Yongsan-gu, Seoul.

On the 22nd, the Hangang Mansion Apartment Reconstruction Association held a regular general meeting in the apartment parking lot and selected GS Engineering & Construction as the reconstruction contractor through a private contract. The agenda to sign the construction contract was also approved. Out of 697 total association members, 570 attended the meeting, and 547 (96%) voted in favor.

According to the project plan, the contract amount for the Hangang Mansion reconstruction reaches 622.4 billion KRW. Upon completion, it will be transformed into a complex with 15 buildings, ranging from 3 basement floors to 35 above-ground floors, totaling 1,441 households. Construction is scheduled to start in January 2024 and will proceed for 36 months.

Hangang Mansion is the first luxury apartment built in 1970. It is also the first large- and medium-sized apartment complex in Korea equipped with a central heating system. It was built by the former Korea Housing Corporation targeting the middle class.

GS Engineering & Construction stated, "We secured the best location along the Han River as our first project of the year," and emphasized, "We will make Hangang Mansion the premier landmark apartment along the Han River." Separately from this project plan, GS Engineering & Construction has also proposed a ‘68-floor design plan’ assuming future deregulation.

Seoul Mayor Oh Se-hoon previously led the development of high-rise apartments under the so-called ‘Han River Renaissance’ policy during his past term. Representative examples include ‘Raemian Chellitus’ in Ichon-dong, Yongsan-gu, and ‘Trimage’ in Seongsu-dong 1-ga, Seongdong-gu.

However, after former Mayor Park Won-soon took office, the ‘Seoul Skyline Management Principle’ was implemented, imposing height restrictions. Accordingly, buildings in the third-class general residential area were limited to 35 floors or less, and those adjacent to the Han River waterfront were restricted to 15 floors or less. Mayor Oh has shifted to a policy to abolish these regulations.

If the regulations are lifted and permits are granted, Hangang Mansion will have the highest number of floors among apartments along the Han River.