Industry leader Samsung C&T has begun work to secure the reconstruction of the Gaepo Woosung 7th Apartment in the Ilwon-dong area of Gangnam, Seoul. Adjacent to the Daecheong Station on Seoul Metro Line 3 and near the DAEMO Mountain Entrance Station on the Suin-Bundang Line, this complex is situated in a prime location in Ilwon-dong. It is also just across the road from the first autonomous private high school in Seoul, Jungdong High School.
The plans call for the reconstruction of around 1,200 households, and interest is growing in whether Samsung C&T's Raemian brand will be able to secure the bid. Major construction companies including Daewoo E&C, GS Engineering and Construction, POSCO E&C, and Lotte Engineering and Construction are also actively pursuing projects for this complex. The association plans to announce bids for the selection of a contractor next month.
According to the construction industry on the 17th, Samsung C&T has begun promotional activities aimed at the Reconstruction Maintenance Business Association and its members for the bid for the Gaepo Woosung 7th Apartment reconstruction. An industry official noted, "Samsung C&T is deploying a large number of sales personnel to the Woosung 7th Apartment complex to conduct sales operations," adding that there is a strong possibility they will participate in the contractor bidding. As Samsung C&T recently did not participate in the bids for contractor selection for the 'Jamsil Woosung 1, 2, 3' in Songpa District and 'Gaepo Jugong 6 and 7' in Gangnam District, interest is high regarding whether they will join the bidding for Woosung 7th.
Completed in 1987, this apartment complex consists of 15 buildings rising up to 14 stories, housing 802 units at 615 Ilwon-dong, Gangnam. Currently, the floor area ratio is 157%, with a building coverage ratio of 19%. Last year, the Seoul City Planning Committee passed a proposal to designate this complex as a 'reconstruction maintenance area.' Accordingly, it is set to be reconstructed into a maximum of 1,234 apartment units, applying a floor area ratio of 300% over a total floor area of 49,838 square meters, reaching up to 35 stories.
The association plans to issue a bid announcement next month for the selection of a contractor. An official in the construction industry stated, "Major builders including Daewoo E&C, GS Engineering and Construction, POSCO E&C, and Lotte Engineering and Construction are interested in securing construction rights."
The Gaepo Woosung 7th is located adjacent to Daecheong Station on Line 3 and is also close to the DAEMO Mountain Entrance Station on the Suin-Bundang Line. It has good accessibility to major roads such as Gangnam-daero and Yangjaecheon-ro, and is near Ilwon Elementary School and Jungdong Middle and High Schools, making the transportation environment quite favorable.
Park Habsu, an adjunct professor at the Graduate School of Real Estate at Konkuk University, remarked, "Given the transportation environment of being near the stations on Line 3 and the Suin-Bundang Line, as well as the educational environment close to the Daechi-dong academy district, the future value of this complex is expected to rise after reconstruction."