The selection of a construction company for the redevelopment project of the Bangbae Sin Samho Apartment in Bangbae-dong, Seocho-gu, Seoul, has ultimately failed.
According to the maintenance industry on the 27th, the Bangbae Sin Samho redevelopment association held a vote the day before to determine whether to sign a construction contract with HDC Hyundai Development Company through a private contract, resulting in 228 votes against out of 410 total votes, leading to the rejection of the proposal.
HDC Hyundai Development Company made solo bids for the construction of this project in May twice but was subsequently rejected. It then transitioned to a preferred negotiating partner and has been negotiating a contract with the association.
Under current law, the selection of a construction company for redevelopment projects can proceed with a private contract if it has failed twice, but even this was ultimately thwarted by opposition from the association members, resulting in the cancellation of the contract for HDC Hyundai Development Company.
Completed in 1981, Bangbae Sin Samho currently consists of 481 units and is slated for redevelopment into a scale of 920 units, with 5 underground floors and 41 above-ground floors across 6 buildings.
HDC Hyundai Development Company proposed the complex name 'The Square 270' (THE SQUARE 270) and suggested construction costs of 8.76 million won per 3.3㎡, a collateral recognition ratio (LTV) of 100% for additional relocation costs, and 200 billion won in project promotion expenses as project conditions, but it did not receive the choice of the association members.