Hanyang Apartment, Announced as 'Yeouido Reconstruction No. 1', to Select Construction Company in September-October

Hanyang Apartment, which has been dubbed the "Yeouido No. 1 Reconstruction Complex," is entering the process of selecting a construction company for its reconstruction project. The selection date is expected to be between September and October. As a result, a full-scale bidding war is anticipated among major construction companies such as Hyundai Engineering & Construction and POSCO E&C to secure the construction rights.

According to the maintenance industry and the Hanyang Apartment Reconstruction Promotion Committee on the 23rd, Hanyang Apartment held a general meeting on the afternoon of the 22nd to announce the bidding notice for the selection of the construction company. It is reported that they finalized the guidelines to announce the notice next week and select the construction company between September and October.

Yeouido Hanyang Apartment, which has announced itself as the 'Yeouido No. 1 Reconstruction Complex,' is entering the full-scale process of selecting a construction company.

Currently, there are a total of 16 active reconstruction maintenance projects in Yeouido, including Hanyang Apartment, Sibeom, Sujeong, Gwangjang (Buildings 1-2), Gwangjang (Buildings 3-11), Gongjak, Samik, Eunha, Mokhwa, Sambu, Daegyo, Miseong, Jangmi, Hwarang, Jinju, and Chowon. Among these, Hanyang Apartment is by far the fastest progressing site, with a new planning proposal confirmed in January to develop a mixed-use complex with up to 54 floors and 1,000 households.

The Hanyang Apartment Reconstruction Steering Committee is also actively pushing the project to seize the symbolic status of being Yeouido’s first reconstruction complex. To prevent various corruption issues and conflicts over construction costs with the construction company during the project process and to minimize project delays, KB Real Estate Trust was designated as the project executor.

A fierce bidding competition among construction companies to secure the construction rights is already underway. Currently, companies showing interest in the Hanyang Apartment bidding include Hyundai Engineering & Construction, POSCO E&C, and Samsung C&T Construction Division.

Among them, Hyundai Engineering & Construction is showing the most proactive approach. For example, earlier this month, Hyundai Engineering & Construction employees personally participated in environmental cleanup activities around the Yeouido area. Hyundai Engineering & Construction is reportedly planning to propose top-tier conditions, including applying their high-end brand 'THE H,' to win the Hanyang Apartment project.

Meanwhile, the reconstruction complexes in the other 15 locations in Yeouido, excluding Hanyang Apartment, are expected to delay their construction company selection until next year. Starting from the 1st of next month, the timing for selecting construction companies for redevelopment and reconstruction projects in Seoul will be moved earlier to after the establishment of the association, which is causing some schedule delays.