Samsung C&T Likely Selected as Contractor for Sinbanpo 4th Phase...Chosen as Preferred Negotiation Partner

Official Letter Sent to Preferred Negotiation Partner
General Meeting for Construction Company Selection Scheduled for Next Month

Samsung C&T has become the preferred negotiation partner for the construction rights of the Shinbanpo 4th Reconstruction Project, which is being promoted with a project cost exceeding 1 trillion won, making it highly likely to secure the construction contract.

Location map of Sinbanpo 2nd Complex. Provided by Seoul City

According to the Shinbanpo 4th Reconstruction Maintenance Project Association on the 18th, Samsung C&T was the sole bidder at the second on-site briefing session held the day before for selecting the construction company.

At the first briefing session held on the 5th, Samsung C&T participated alone, resulting in one failed bid, and the second briefing session also saw Samsung C&T as the sole bidder, leading to a second failed bid. According to the Urban and Residential Environment Maintenance Act, if competitive bidding fails twice, a private contract is possible. The association sent an official letter the day before selecting Samsung C&T as the preferred negotiation partner.

Samsung C&T plans to respond to the association with a letter expressing its intention to participate and submit a construction plan proposal. The general meeting for selecting the construction company is scheduled for next month, and if approved at the meeting, Samsung C&T will be selected as the construction company.

Shinbanpo 4th, completed in 1979, is a project to build 1,828 households in 12 buildings ranging from three basement floors to 49 above-ground floors in the area of 70 Jamwon-dong, Seocho-gu. The total project cost is 1.031 trillion won, with a price of 9.5 million won per 3.3㎡.