The Bangbae Shin Samho Apartment in Seocho District, Seoul, is one day away from selecting a construction company for its reconstruction project. Once the construction company is confirmed, it is expected that the permitting process will begin within the year.

On the 19th, more than 300 members attend the promotional briefing for the Bangbae Shin Samho reconstruction project held at the Eluce Convention in Seocho-gu, Seoul, where CEO Jeong Kyung-gu (fifth from the left in the front row) expresses his gratitude. /Courtesy of HDC Hyundai Development Company

According to the maintenance industry on the 25th, the Bangbae Shin Samho Reconstruction Union switched to a negotiated contract after two rounds of competitive bidding for the construction company selection were unsuccessful. HDC Hyundai Development Company has been designated as the preferred negotiation target.

HDC Hyundai Development Company proposed remarkable conditions, including construction costs of 8.76 million won per 3.3㎡ and a financing interest rate of CD+0.1% (fixed), an LTV of 100% for relocation expenses, and business promotion costs of 200 billion won.

The maintenance industry expects that if the construction company is confirmed at the general meeting, the integrated review and permitting process may begin within the year. The project, which had stagnated for several years since receiving approval for the establishment of the union in 2019, is gaining momentum.

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