Samsung C&T and Daewoo E&C will compete for the construction rights to the redevelopment project of Gaepo Woosung 7th in Gangnam, Seoul. This marks the first bidding competition between the two construction companies in the Gangnam area since the redevelopment of Banpo 3rd District approximately five years ago in 2020.
The Gaepo Woosung 7th Apartment Reconstruction Association concluded bidding for the selection of the construction company on the afternoon of the 19th, with Samsung C&T and Daewoo E&C participating. POSCO E&C, which was anticipated to join, did not submit a bid.
The Gaepo Woosung 7th redevelopment project involves the construction of a new apartment complex with 1,122 units, consisting of five basement floors and 35 above-ground floors. The estimated construction cost proposed by the association is approximately 677.8 billion won.
Daewoo E&C plans to showcase landmark designs in collaboration with world-renowned French architect Jean-Michel Wilmotte. The company's high-end brand 'Summit' will be renewed and applied to Gaepo Woosung 7th, making it the first of its kind in Gangnam.
Samsung C&T plans to build Gaepo Woosung 7th as an iconic landmark that will redefine the skyline of Gaepo in collaboration with the global design firm Arcadis.
The bidding competition for the Gangnam urban renewal project between Samsung C&T and Daewoo E&C is the first since the bidding for Banpo 3rd District (Raemian Trinien) in 2020. At that time, Samsung C&T secured the construction rights by receiving 687 votes (52% of the vote) out of 1,316 participating voters, defeating Daewoo E&C by a margin of 70 votes.