Intensifying Competition for Bangbae Sindong-a Reconstruction Contract... 15 Companies Attend Site Briefing

A bird's-eye view of the reconstruction of Shindonga Apartment in Bangbae, Seocho-gu, Seoul. [Provided by Seoul City]

[Asia Economy Reporter Noh Kyung-jo] Major construction companies have turned their attention to the reconstruction project of Bangbae Shindonga Apartment in Seocho-gu, Seoul.

According to the maintenance industry on the 20th, 15 construction companies including Samsung C&T, Hyundai Engineering & Construction, POSCO Engineering & Construction, Daewoo Engineering & Construction, SK Ecoplant, Hoban Construction, and Hanwha Construction attended the site briefing held at the reconstruction association office the day before.

Hyundai Engineering & Construction and POSCO Engineering & Construction have been eyeing this project from early on. However, with many construction companies including Samsung C&T attending the briefing, the competition for winning the contract is expected to intensify further.

Hyundai Engineering & Construction recently secured the construction rights for the Bangbae Samho 12 and 13-dong street housing maintenance project, pushing its total maintenance project contract amount beyond 7 trillion won this year. POSCO Engineering & Construction introduced its high-end brand called 'HAUTERRE' for the first time. Observers note that POSCO Engineering & Construction, which has shown strength in remodeling, is now also focusing on reconstruction.

The more intense the competition among construction companies, the more advantageous it is for the association, as they can consider and choose better conditions. Currently, Bangbae Shindonga Apartment has 493 households, and through reconstruction, it will be transformed into 7 buildings with 843 households, ranging from 3 basement floors to 35 above-ground floors.

The association plans to close the bidding for selecting the construction company on October 4 and hold the selection general meeting in November.