Site Briefing on September 10, Bidding Closes October 28
Bid Deposit Set at 100 Billion Won, Construction Cost 11.6 Million Won per Pyeong
The Seongsu 2 District, the second largest area within the Seongsu Strategic Maintenance Zone, is set to select a construction company. This is a large-scale redevelopment project with a total construction cost amounting to 1.78 trillion won. Major construction firms such as Samsung C&T, DL E&C, and POSCO E&C have expressed interest in securing the contract.
According to the maintenance industry on September 7, the redevelopment association for Seongsu 2 District recently announced a bid for the selection of a construction company and will hold an on-site briefing session on September 10. The deadline for bid submissions is October 28. The association aims to hold a joint briefing session and a general meeting for the selection of the construction company in December if a competitive bidding process is achieved. If the bidding proceeds without any failures, the association plans to sequentially hold briefing sessions and related events in December.
Seongsu 2 District is a project site that has attracted the interest of major construction companies. The project involves building 2,359 residential units with a maximum height of 65 floors on a 131,980-square-meter site located at 506, Seongsu 2-ga 1-dong, Seongdong-gu, Seoul. The total project cost is set at 1.7864 trillion won. The construction cost per 3.3 square meters (one pyeong) is approximately 11.6 million won. The bid deposit, which must be paid entirely in cash, is set at 100 billion won, prompting construction companies to be cautious. Intense competition is expected among companies that have targeted Seongsu early on. POSCO E&C, which chose Seongsu over Songpa, stated, "We will participate in the bidding." Samsung C&T is considering a strategy to secure contracts for Districts 2, 3, and 4 to develop the area as a 'Raemian Brand Town.' A Samsung C&T representative said, "We are reviewing whether to participate."
The Seongsu Strategic Maintenance Zone was designated as a redevelopment maintenance zone in 2011, with the maximum building height initially planned at 50 floors. However, the project faced difficulties due to policy changes. In 2014, the '2030 Seoul Urban Master Plan' introduced a height restriction of 35 floors for buildings, and the combination of this '35-floor height limit' and an excessive public contribution ratio caused the project to stagnate for some time.
Subsequently, after being selected as a target site for the Rapid Integrated Planning program in 2021, the project began to gain momentum. In 2023, Seoul City and Seongdong-gu prepared amendments to the district unit plan to enable project implementation by each of the four districts, and in 2024, the maximum allowable height was set at 250 meters (up to 60 floors). In March last year, a public review of the maintenance plans for Districts 1 and 2 was conducted, followed by public reviews for Districts 4 and 3 in August and October of the same year. The largest area, District 1, will accommodate 3,014 units; District 2 will have 2,609 units; Districts 3 and 4 will have 2,213 and 1,592 units, respectively. Plans also include the creation of a linear park connecting Seongsu to the Han River and the installation of multi-level decks within the complexes.
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