Only Hyundai E&C participated in the bid for the construction company selection for the redevelopment project of Apgujeong District 2 in Gangnam, Seoul.
According to the urban redevelopment industry on the 11th, Hyundai E&C participated alone in the bid for the construction company selection for the Apgujeong District 2 redevelopment project, which closed that day, and it was rejected. Bids for selecting a construction company for urban redevelopment projects are rejected if fewer than two construction companies participate. The Apgujeong District 2 redevelopment association plans to issue a re-notice for bidding on the 12th.
If rejected twice in a row, the association can negotiate a contract with the construction company that participated in the bidding. The association plans to hold a site explanation meeting on the 20th. If only Hyundai E&C participates in the meeting, it will be designated as the preferred negotiation target.
It plans to hold a general assembly of members on the 27th of next month to finalize Hyundai E&C as the construction company.
The Apgujeong District 2 redevelopment project aims to transform the newly built Hyundai (9th, 11th, and 12th sections) with 1,924 units, completed in 1982, into a total of 2,571 units with a maximum height of 65 floors. The construction cost is 11.5 million won per 3.3 square meters, totaling 2.7488 trillion won.
Previously, the top two companies in the construction industry, Samsung C&T and Hyundai E&C, competed for the contract for Apgujeong District 2. However, Samsung C&T decided not to participate in the bidding, saying, "Due to unusual alternative design and financial condition restrictions, we are unable to present what we prepared," when the association's bid announcement was made last June.