Gaepo's Last Low-Rise Complex Woosung 6th Contractor Selection Begins... GS, Hyundai Development, and Others Show Interest [Real Estate AtoZ]

Site Briefing Scheduled for the 24th; Major Builders Also Interested
Low Floor Area Ratio and High Profitability Due to Low-Rise Complex

The selection process for a contractor to lead the reconstruction of 'Gaepo Woosung 6th Apartment,' the last remaining low-rise complex in Gaepo-dong, Gangnam-gu, Seoul, is set to begin. GS Engineering & Construction and HDC Hyundai Development Company have expressed interest in bidding for the project.

Woosung 6th Apartment located in Gaepo-dong, Gangnam-gu.

The Gaepo Woosung 6th Apartment reconstruction association announced the contractor selection bid on November 18 and will hold a site briefing session on November 24. The deadline for contractor bids is January 19 of next year.

After reconstruction, the complex will be transformed into a 25-story development with 417 units. It was designated as a maintenance zone in 2022, and the association received official establishment approval in April last year. Originally completed in 1987 as an apartment complex for Board of Audit and Inspection employees, the development consists of eight five-story buildings with a total of 270 units. Due to its small scale, limited number of association members, and a low floor area ratio of 106%, the project is considered highly profitable.

The association has set the construction cost at 9.2 million won per 3.3 square meters. Participation as a consortium of multiple contractors is prohibited, and only construction companies that attend the site briefing and submit a bid deposit of 10 billion won will be eligible to bid.

Major construction companies such as GS Engineering & Construction and HDC Hyundai Development Company are reportedly showing interest in the Gaepo Woosung 6th Apartment reconstruction project. A GS Engineering & Construction representative stated, "We are actively considering participating." HDC Hyundai Development Company also commented, "We will review the site and decide whether to participate." Samsung C&T and Daewoo Engineering & Construction have also expressed interest.

As reconstruction projects featuring high-end brands from major construction companies have been completed, Gaepo has established itself as a new affluent area. Raemian Blestige (Gaepo Jugong Complex 2) was completed in February 2019, The H Honor Hills (Complex 3) in August 2019, Gaepo Xi Residence (Complex 4) in February 2023, and The H Firstier I-Park (Complex 1) in January last year. Daewoo Engineering & Construction secured the contract for Gaepo Jugong Complex 5 last year, while Hyundai Engineering & Construction won the contracts for Gaepo Jugong Complexes 6 and 7 in May. Samsung C&T was awarded the contract for Gaepo Woosung 7th Apartment, and contractor selection for Gaepo Woosung 4th Apartment is scheduled for early next year.

In July, a 54-square-meter unit in Gaepo Woosung 6th Apartment was sold for 2.18 billion won. Currently, the asking price for a 67-square-meter unit is between 2.7 and 2.9 billion won, while a 79-square-meter unit is priced between 3.0 and 3.2 billion won.

This content was produced with the assistance of AI translation services.