Construction Cost Per Pyeong Reduced from 7.15 Million KRW to 6.98 Million KRW
Innovative Designs Proposed, Including the "GRAND SLOPE"
Eunhaeng Jugong Reconstruction: Doosan Construction vs. POSCO E&C Two-Way Competition
POSCO E&C announced on the 24th that it will reduce the construction cost per pyeong from the existing 7.15 million KRW to 6.98 million KRW to alleviate the financial burden on the union members of Eunhaeng Jugong Apartment in Seongnam, Gyeonggi Province, and will procure 240 billion KRW interest-free out of the total union project cost of 890 billion KRW. Additionally, it proposed a plan to allocate the revenue from balcony options and demolition byproduct sales to the union.
An aerial view of The Sharp Masterview, a reconstruction apartment in Seongnam Eunhaeng Jugong proposed by POSCO E&C. Provided by POSCO E&C.
Furthermore, POSCO E&C plans to support the union in the licensing procedures such as structural review and excavation review, and provide licensing costs as well, contributing to the prompt commencement of construction and reduction of union members’ contributions. POSCO E&C submitted 815 bid documents and 419 specialized design drawings to the union, ensuring transparency in the verification of construction costs. The design includes innovative ideas such as the 'GRAND SLOPE,' a gentle slope utilizing the level differences within the complex, which has received positive evaluations from the union members.
The name of the reconstruction complex has been decided as 'The Sharp Masterview,' and it plans to significantly enhance its value as a premium residential space by using imported high-end finishing materials such as view-type double-glazed windows, ceramic kitchen countertops, and luxury kitchen faucets. The reconstruction of Seongnam Eunhaeng Jugong Apartment is planned to have 6 basement floors, 30 above-ground floors, and a total of 3,198 households. The final selection of the construction company will be made at the union’s extraordinary general meeting on February 16. POSCO E&C will hold four briefing sessions daily at the promotional center opening on the 24th to communicate with the union members.
Meanwhile, the Seongnam Eunhaeng Jugong Apartment Reconstruction Union closed the bidding for the selection of the constructor on the 30th of last month. Two construction companies, POSCO E&C and Doosan Construction, participated. POSCO E&C is promoting its brand value and specialized design, while Doosan Construction is emphasizing practical orders through lower construction costs, resulting in a two-way competition for the contract.
A POSCO E&C official stated, “Through reducing union members’ contributions and innovative design, we will transform beyond simple residential redevelopment into a landmark of the local community,” expressing strong determination for the success of the project.
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