Across from One Bailey Riverside Complex
Reconstruction with up to 49 Floors and 1,572 Units
Hyundai and Daewoo Construction Show Strong Bidding Intent
Record High Prices Continue Amid Reconstruction Expectations
The major reconstruction project along the Han River, ‘Sinbanpo 2nd Complex,’ is set to select a construction company to undertake the redevelopment. With Hyundai Engineering & Construction and Daewoo Engineering & Construction showing interest, fierce competition is expected.
The Sinbanpo 2nd Reconstruction Maintenance Association announced on the 6th that it will hold a site briefing session on the 9th and accept bids for the construction company selection on the 25th of next month. The association has set the construction cost at 1.2839 trillion KRW. The construction cost per 3.3㎡ is 9.5 million KRW. The association stipulated competitive bidding and contract-based qualifications for the bids, with the condition of ‘no joint contracts allowed.’
Sinbanpo 2nd Complex is a residential complex consisting of 13 buildings and 1,572 households located in Jamwon-dong 73 area, Seocho-gu, Seoul, completed in 1978. After reconstruction, it will be transformed into 2,056 households with 4 basement floors and up to 49 floors above ground. Sinbanpo 2nd was selected as a candidate site for the New Town Planning in 2022 and completed the official designation of the maintenance zone last month.
Sinbanpo 2nd Complex is located across Banpodaero from One Bailey. It is an apartment complex facing the Han River and is highly regarded even within Jamwon-dong. Upon completion of the reconstruction, it is highly likely to become a new flagship apartment along the Han River, following Acro River Park and One Bailey. Unlike One Bailey and Acro River Park, which have a maximum of 35 floors, Sinbanpo 2nd will be reconstructed up to 49 floors through the New Town Planning guidelines and relaxation of floor regulations along the Han River.
Both Hyundai Engineering & Construction and Daewoo Engineering & Construction are showing interest in securing this complex. Hyundai Engineering & Construction has no track record of winning projects in the Banpo and Jamwon-dong Han River area, so they are putting effort into securing this project to enter the ‘The H’ brand. A Hyundai Engineering & Construction official explained, "Since it is along the Han River and one of the few remaining complexes in Sinbanpo, we expect to make significant efforts to win the bid," adding, "We are reviewing proposal directions that align with the association’s desired direction."
Daewoo Engineering & Construction is entering the bidding competition for Sinbanpo 2nd following Sinbanpo 16th. A Daewoo Engineering & Construction official said, "We plan to participate in the site briefing and are preparing diligently to win the bid," adding, "Since the location is along the Han River, it will be a competition among high-end brands. This is an important area where we can continue to secure projects in other sites such as the remaining Apgujeong area."
Due to expectations for reconstruction, the complex has been recording new high prices consecutively since last month. A 69㎡ unit on the 2nd floor of Sinbanpo 2nd was traded at a record high of 2.75 billion KRW on the 27th of last month, which is 420 million KRW higher than the previous month’s transaction price. A 79㎡ unit was traded at 2.85 billion KRW in early last month, 50 million KRW higher than the previous month’s highest price of 2.8 billion KRW. A 92㎡ unit was traded at 3.5 billion KRW in early last month, 400 million KRW more expensive than in June. The large-sized 137㎡ unit was recorded at 4.65 billion KRW in June, which is 640 million KRW higher than the April transaction price.
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