Return Match After 5 Years... General Meeting Set for August 23
Intense Promotions to Win Association Members' Votes Begin Right After Bidding
Samsung C&T Proposes 8.68 Million KRW Construction Cost, 43-Month Timeline, and Largest Community Facilities in Gaepo
Daewoo E&C Features Sky Bridge and Pranity Gate Design... Offers CD+0.0% Financing Rate
Aerial renderings of Samsung C&T's 'Raemian Lumiwon' (left) and Daewoo E&C's 'Summit Pranity' proposed for Gaepo Useong 7th Complex. Provided by each company
The competition between Samsung C&T and Daewoo E&C for the Gaepo Woosung 7th Complex reconstruction project is heating up. Both companies have made bold moves with their business terms and innovative design proposals, each aiming to create the most luxurious complex in Gaepo.
According to industry sources on July 1, the Gaepo Woosung 7th Complex reconstruction association plans to hold a joint briefing session for association members and construction companies in mid-July. After the briefing, the construction companies are expected to begin full-scale promotional activities targeting association members at their promotional centers. The general meeting for the selection of the construction company is scheduled for August 23.
Return Match After 5 Years, Samsung C&T's 'Selection and Focus' Strategy
Samsung C&T and Daewoo E&C are facing off in Gangnam for the first time in five years since the Banpo Jugong 3rd District project. As Samsung C&T abandoned its bid for Apgujeong District 2 to focus on Gaepo, the company is expected to pursue a 'selection and focus' strategy.
For the Gaepo Woosung 7th Complex, Samsung C&T proposed a construction cost of 8,689,000 KRW per 3.3 square meters (one pyeong), which is lower than the cost estimated by the association. The construction period is set at 43 months, which is shorter than the 45 months for Gaepo Jugong 5th Complex and the 48 months for Gaepo Jugong 6th and 7th Complexes. A shorter construction period results in reduced member contributions and lower financing costs. Samsung C&T also promised to cover up to 10 billion KRW of construction cost increases due to inflation before the start of construction at its own expense.
Samsung C&T has named the Gaepo Woosung 7th Complex 'Raemian Lumiwon' and, in collaboration with the global design group Arcadis, presented a design proposal that emphasizes light in the exterior and features a three-dimensional skyline. The plan includes the largest community facilities in the Gaepo area and guarantees open views for all 769 association members' households. While the original design proposed by the association consisted of 14 buildings arranged in three rows, Samsung C&T suggested an alternative with 10 buildings in two rows.
The proposal also includes a large central plaza of 3,000 pyeong and open sightlines in all four cardinal directions, as well as enhanced landscaping with walking trails and rooftop gardens. The ceiling height is set at 2.77 meters, the highest among nearby complexes. The community facilities are designed to be the largest in the Gaepo area and will be hotel-style. At 12.5 square meters (3.8 pyeong) per household, these facilities are about twice as large as those in neighboring complexes. The proposal also includes luxury amenities such as an aqua park, golf club, and lounge restaurant.
Daewoo E&C Bets Everything on Creating the Most Luxurious Complex
Daewoo E&C has proposed the name 'Summit Pranity' for the Gaepo Woosung 7th Complex and is fully committed to upgrading the complex's luxury. The company has presented an innovative design befitting its Summit renewal brand complexes. The proposal includes a 120-meter-high sky bridge and a layout of eight buildings in two rows, with all units facing south. The sky bridge, a symbol of high-end residential complexes, will be 90 meters long and will connect two buildings.
The 'Pranity Gate', featuring media art on the main entrance structure, which is often called the first impression of an apartment, will also be implemented. Daewoo E&C collaborated with the domestic media art company d’strict. The complex is designed as a 'third-generation plate-type tower', achieving cross-ventilation despite the tower configuration. The proposal also includes raising the site level to eliminate concerns about flooding. This project is being led by CEO Kim Bohyun, with world-renowned French architect Jean Michel Wilmotte appointed as the overall director.
On the bid deadline, Daewoo E&C submitted a completion guarantee and proposed the lowest project financing rate in the history of redevelopment projects at 'CD+0.00%'. Association members will pay their contributions upon move-in, with the payment period deferred for six years. The company also pledged not to reflect construction cost increases due to inflation for up to 18 months until actual groundbreaking. Daewoo E&C claims these terms can reduce construction costs by up to 36.4 billion KRW. Additionally, the company promised to fully accept the contract terms proposed by the association and to immediately sign the construction contract upon selection.
Gaepo Woosung 7th Complex was completed in December 1987 as a complex of up to 14 stories, 15 buildings, and 802 units. After reconstruction, it will be transformed into a complex with up to 35 stories and 1,122 units. With a floor area ratio of just 157%, it is considered a highly profitable prime site. The construction cost proposed by the association is 8.8 million KRW per pyeong (3.3 square meters), with a total construction cost of 677.8 billion KRW.
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