Hyundai Engineering & Construction and POSCO E&C, who were fiercely competing for the construction rights of the Yeouido Hanyang Apartment in Yeongdeungpo-gu, Seoul, have dismantled the promotional centers installed within the complex and ceased official promotional activities. However, since KB Real Estate Trust, the project implementer, has not announced its stance on the future schedule, most of the promotional staff remain in place, creating a frustrating situation.
According to the maintenance industry on the 14th, Hyundai Engineering & Construction completed the dismantling on the 8th, and POSCO E&C, which stopped operations from the 11th, is scheduled to complete dismantling by the 20th. The reason POSCO E&C’s dismantling is somewhat delayed compared to Hyundai Engineering & Construction is to avoid construction during the College Scholastic Ability Test (CSAT) held on the 16th.
Originally, the promotional center operation period for the Yeouido Hanyang Apartment constructor was until the 28th of last month, the day before the general meeting for constructor selection. However, when the Seoul Metropolitan Government ordered corrections for illegalities found during the constructor selection process and the general meeting was canceled, the operating committee and KB Real Estate Trust decided to extend the promotional center operation period until the 10th of this month. Eventually, this period ended, and the constructors began dismantling.
If a schedule for constructor selection is set later, the constructors will have to reopen the promotional centers, resulting in unavoidable losses. Due to changes in the bidding conditions by KB Real Estate Trust, new design plans and construction conditions must be established and explained again to the owners. Ultimately, promotional costs will have to be spent twice.
Hyundai Engineering & Construction and POSCO E&C express not only regret over the losses but also frustration. Both construction companies are currently waiting for KB Real Estate Trust’s announcement regarding the constructor selection. A specific schedule must be announced to adjust and operate personnel accordingly, but at present, they can only keep the staff on standby without taking any action. Prematurely withdrawing personnel could hand over the initiative to competitors.
A construction company official said, “It is frustrating not knowing how long we have to wait for KB Real Estate Trust’s announcement,” and added, “Above all, we hope they provide clear guidelines this time.”
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