The regular general meeting of the Samik Park Apartment Reconstruction Association in Gildong, Gangdong-gu, Seoul, held on August 10th.
[Asia Economy Reporter Noh Kyung-jo] The site briefing session for the reconstruction project of Samik Park Apartment in Gil-dong, Gangdong-gu, Seoul, concluded amid the interest of 11 construction companies.
According to the maintenance industry on the 16th, the briefing session held at the union office at 2 p.m. the previous day was attended by 11 construction companies including POSCO Engineering & Construction, Daewoo Engineering & Construction, Hyundai Engineering, Lotte Engineering & Construction, HDC Hyundai Development Company, and Hanwha Construction.
It is reported that Daewoo Engineering & Construction has been putting considerable effort into this project. First-tier maintenance project construction companies such as Samsung C&T and Hyundai Engineering & Construction did not attend the briefing session.
The union previously adopted the 'joint project implementation method,' in which the constructor (construction company) holds the status of the project implementer together with the union. At the regular general meeting on the 10th of last month, the articles of association were also amended to allow the selection of a constructor regardless of the approval of the project implementation plan.
Unlike the general contract system, the joint project implementation method involves the constructor procuring and lending the union operating expenses, land compensation costs, relocation costs, etc. There are risks such as unsold units and interest rate fluctuations. However, it has advantages such as shortening the project period and transparent fund management and execution.
The union plans to complete the bidding for the selection of the constructor by October 31 and hold a selection general meeting later.
Meanwhile, the Samik Park reconstruction project is progressing at a faster pace compared to other maintenance projects. About six months after the designation of the maintenance zone in February 2020, approval for the establishment promotion committee of the union was obtained, and less than five months later, approval for the establishment of the union was granted. After the final approval of the Seoul City architectural review on the 5th of last month, the site briefing session for the selection of the constructor was completed in just over a month. The union aims to announce the relocation plan by the end of next year.
Samik Park, which has been completed for over 30 years, is expected to be reborn from the existing 12-story 1,092 households to a maximum of 35-story 1,501 households (including rental units).
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