Urban Renewal Project Orders Surpass 6 Trillion Won for the First Time in Three Years
GS Engineering & Construction has secured the public redevelopment project for Seongbuk District 1 in Seoul, valued at approximately 927.8 billion won, pushing its annual urban renewal project orders above 6 trillion won for the first time in three years.
According to the urban renewal industry on December 20, the residents' representative council for the Seongbuk District 1 public redevelopment project held a general meeting on this day and approved the agenda to sign a private contract with GS Engineering & Construction, the preferred negotiation partner, with an approval rate of 92.6%. GS Engineering & Construction was selected as the preferred negotiation partner earlier this month as the sole bidder.
The Seongbuk District 1 public redevelopment project will create an apartment complex with 2,086 units in 27 buildings, ranging from six basement levels to 30 floors above ground, at 179-68 Seongbuk-dong, Seongbuk-gu. The total construction cost is 927.8 billion won.
This area was designated as a planned redevelopment zone in 2004, but the project faced difficulties due to delays and complex stakeholder interests. Momentum increased after Korea Land & Housing Corporation (LH) was designated as the project implementer in October last year. Groundbreaking is scheduled for February 2029, with a construction period of 49 months. In March next year, a joint project implementation agreement is expected to be signed between LH and GS Engineering & Construction.
GS Engineering & Construction has proposed the name "Xi Be:One" (Begin One or Be One) for the complex, taking advantage of the excellent natural environment, including Bugaksan and Naksan. The company plans to enhance sunlight and openness by prioritizing south-facing unit layouts and increasing the proportion of plate-type buildings, while also designing for both natural greenery and urban views.
To overcome the topographical challenge of level differences reaching up to 80 meters, a terrain-adaptive deck will be introduced to secure flat spaces, and a large central plaza will be created at the heart of the complex.
Including this latest contract, GS Engineering & Construction's cumulative urban renewal project orders for this year amount to 6.3461 trillion won. This marks a return to the 6 trillion won level for the first time in three years, since reaching 7.148 trillion won in 2022.
This year, GS Engineering & Construction has won orders for a total of 10 large-scale complexes, mainly in highly sought-after areas, such as the Jamsil Woosung Apartment reconstruction in Songpa-gu, Seoul (1.6427 trillion won) and the Bongcheon District 14 redevelopment in Gwanak-gu (627.5 billion won), with seven of these complexes located in Seoul.
A representative from GS Engineering & Construction stated, "Surpassing 6.3 trillion won in urban renewal project orders reaffirms the market's trust in us as a leader in the sector," adding, "Next year, we will do our utmost to secure major projects such as Seongsu Strategic District 1, Seocho Jinheung Apartment, and Apgujeong Seongsan Siyoung Apartment."
Meanwhile, according to Real Estate R114, GS Engineering & Construction ranked first in the construction industry nationwide this year with 30,116 apartment units supplied. The company's apartment brand "Xi" also took the top spot in the "2025 Best Apartment Brand" survey.
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