Samsung C&T Pays Bid Deposit in Advance for 'Gaepo Useong 7th Complex'... Faces Off Against Daewoo Construction

Bid Deposit Paid in Cash Ahead of the 19th Deadline
Daewoo Construction Also Announces Early Entry into Gaepo Useong 7th Complex Bid

Samsung C&T has entered the competition to win the reconstruction project for the Gaepo Useong 7th Complex by paying the bid deposit before the bidding deadline.

Samsung C&T announced that it paid 15 billion won in cash as part of the bid deposit for the Gaepo Useong 7th Complex reconstruction project in Gangnam-gu, Seoul, three days before the bidding deadline, on the 16th.

The Gaepo Useong 7th Complex reconstruction association required companies participating in the bidding to pay a bid deposit of 30 billion won (15 billion won in cash and 15 billion won in a performance guarantee bond) by the proposal submission deadline on the 19th, according to the bidding announcement for contractor selection.

Samsung C&T is planning an iconic landmark that will newly define the Gaepo skyline, in collaboration with the global design firm Arcadis.

Samsung C&T had previously considered but ultimately did not participate in the bidding for the Jamsil Useong 1st, 2nd, and 3rd complexes, nor for the Gaepo Jugong 6th and 7th complexes. However, the company has demonstrated its commitment to the Gaepo Useong 7th project by proactively submitting the bid deposit.

A Samsung C&T official stated, "We will repay the overwhelming support from association members since the early stages of the project," adding, "We plan to make a special proposal for the best residential space that will stand at the pinnacle of Gaepo."

Kim Bohyun, President of Daewoo Construction, is visiting the Gaepo Useong 7th Complex and inspecting the site. Photo by Daewoo Construction

Daewoo Construction has also officially declared its intention to compete for the Gaepo Useong 7th Complex reconstruction project. Daewoo Construction has been focusing on winning this project, and on the 12th, CEO Kim Bohyun personally visited the complex. Kim is directly overseeing the entire bidding process.

After touring the Gaepo Useong 7th Complex with executives and staff, Kim stated, "We must present the best business terms so that this project can become a game changer for the Gangnam reconstruction market," and added, "We will show how Daewoo is different and devote ourselves to winning the hearts of the association members rather than focusing solely on profit."

Daewoo Construction plans to collaborate on the landmark design with Jean-Michel Wilmotte, who has participated in the design of renowned buildings such as the Louvre Museum and the Lyon Museum of Fine Arts in France, as well as Incheon International Airport and the Gana Art Center in Pyeongchang-dong. The company also intends to apply its renewed high-end brand 'Summit,' which has been in preparation since last year, to the Gangnam area for the first time.

The Gaepo Useong 7th Complex is located at 615 Irwon-dong, Gangnam-gu, Seoul. Completed in December 1987, the complex consists of 15 buildings with a maximum of 14 floors and a total of 802 units. It is evaluated as having strong business potential due to its low floor area ratio of 157%. After reconstruction, it will be transformed into a complex with 1,122 units in buildings ranging from five basement levels to 35 above-ground floors. The construction cost proposed by the association is 8.8 million won per pyeong (3.3 square meters), with a total project cost of 67.78 billion won. Nearby facilities include Younghee Elementary School, Jungdong Middle and High Schools, Daecheong Station on Seoul Subway Line 3, Daemosan Entrance Station on the Suin-Bundang Line, and Samsung Seoul Hospital.