Lotte E&C Joins Race for Seongsu District 4 Contract... Pays 50 Billion Won Bid Deposit in Cash in Advance

Leveraging Lotte World Tower construction expertise
Branding it the "Seongsu LE-EL Manhattan Project"

Lotte Engineering & Construction will participate in the bidding to be selected as the contractor for the redevelopment project of District 4 in the Seongsu Strategic Redevelopment Zone.

On the 4th, Lotte Engineering & Construction formalized its intention to participate by paying in full, in cash, the 50 billion won deposit required for bidding participation, one day before the payment deadline. The bid deposit is a type of down payment that secures the bidder's intention to participate. It is refunded if the bidder is not selected, but is not returned if the bidder wins the contract and then walks away from it.

Seongsu District 4 will be developed in the Seongsu 2(i)?ga 1?dong area of Seongdong?gu, Seoul, with 6 basement floors and 64 above?ground floors, comprising 1,439 residential units. Ancillary and welfare facilities will also be built. The total construction cost amounts to 1.3628 trillion won. Within the Seongsu Strategic Redevelopment Zone, it is considered to have the most advantageous location in terms of views, as it offers the longest stretch of Han River waterfront views.

Bird's-eye view of the Seongsu Strategic Maintenance Zone in Seongdong-gu, Seoul. Seoul Metropolitan Government

Lotte Engineering & Construction has branded this project the "Manhattan Project," reflecting its vision of surpassing Manhattan in the United States, the home of high?end residential living, and plans to apply its high?end residential brand "LE-EL." The company has previously sold units in projects such as "Cheongdam LE-EL" and "Jamsil LE-EL."

A representative of Lotte Engineering & Construction said, "As we have experience in constructing Lotte World Tower, which at 555 meters is the tallest building in Korea, we have a competitive edge in building high?rise residential complexes along the Han River," adding, "We will strictly comply with the association's bidding rules and publicity guidelines to ensure the successful implementation of the Seongsu District 4 project going forward."

In addition to Lotte Engineering & Construction, Daewoo Engineering & Construction has also joined the bidding to become the contractor for Seongsu District 4. Daewoo Engineering & Construction announced its intention to participate in the bidding on January 9. At the project briefing session held in December last year, SK ecoplant, HDC Hyundai Development Company, and DL E&C were also in attendance, but they have not yet disclosed whether they will participate. The bidding deadline is February 9.

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