Signed Private Contract with Jamsil Woosung 1, 2, 3 Association
GS Engineering & Construction and HDC Hyundai Development Consortium Selected as Contractors for Sindang 10 District
GS Engineering & Construction secured orders worth 2 trillion won by simultaneously winning the contracts for the Jamsil Woosung 1·2·3 Apartment Reconstruction Project in Songpa-gu, Seoul, and the Sindang 10 District Housing Redevelopment Project in Jung-gu, Seoul.
According to the maintenance industry on July 14, GS Engineering & Construction was officially selected as the contractor at the general meeting of the Jamsil Woosung 1·2·3 Reconstruction Association held on July 12. The construction cost amounts to 1.6427 trillion won.
The Jamsil Woosung 1·2·3 Apartment complex, built in 1981, currently consists of 1,842 units. The association is pursuing a reconstruction project that will redevelop the 120,354-square-meter site into 2,644 units in buildings ranging from four basement floors to 49 above-ground floors. The area is considered a prime location, being just a two-minute walk from Sports Complex Station on subway lines 2 and 9, and is connected to Gangnam Samsung and Daechi-dong via the Tancheon Bridge.
GS Engineering & Construction was selected as the contractor at this general meeting and signed a private contract with the association after previous bids in March and May failed due to the company being the sole bidder. Although Samsung C&T was expected to participate in the bidding process, as it had placed Raemian advertisements in the nearby area, only GS Engineering & Construction submitted a bid and was ultimately selected as the final contractor.
On the same day, the Sindang 10 District Redevelopment Association also held a general meeting and selected the GS Engineering & Construction and HDC Hyundai Development Company consortium as the contractors. As the first project under Seoul City's Fast-Track Integrated Planning initiative, the Sindang 10 District will redevelop the area around 236-100 Sindang-dong into 10 buildings with a total of 1,349 units. The total construction cost is 616.8 billion won, with GS Engineering & Construction holding a share of 314.6 billion won.
By being selected as the contractor for both projects simultaneously, GS Engineering & Construction added 1.9573 trillion won in orders in a single day. Previously, by the first half of this year, GS Engineering & Construction had already secured redevelopment projects such as the Busan Suyeong 1 District (637.4 billion won), Seoul Junghwa 5 District (649.8 billion won), Seoul Bongcheon 14 District (627.5 billion won), and Seoul Sanggye 5 District (280.2 billion won), bringing the company's total urban maintenance orders to 4.1522 trillion won. In the second half of the year, the company is focusing on winning additional projects, including the Seongsu Strategic Maintenance Zone 1 District redevelopment, Seocho Jinheung Apartment reconstruction, Songpa Hanyang 2nd reconstruction, Ssangmun Station West Urban Public Housing Complex Project, and Busan Sajik 3 District redevelopment.
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