Lotte Construction said on the 4th that it paid a 50 billion won deposit in cash and participated in the bid for the redevelopment of Seongsu Strategic Maintenance Zone District 4.
Seongsu District 4 is a project to build 1,439 homes and ancillary welfare facilities with six underground floors to 64 aboveground floors in Seongsu 2-ga 1-dong, Seongdong District, Seoul. The real estate industry says the site sits the longest along the Han River within the Seongsu Strategic Maintenance Zone, offering abundant river views.
Lotte Construction plans to apply its high-end residential brand "LEEL" to Seongsu District 4. In particular, it has dubbed the Seongsu District 4 redevelopment the "Manhattan Project" and plans to focus Lotte Construction's capabilities there.
Based on its track record of successfully building high-end brand complexes such as "Cheongdam LEEL" and "Jamsil LEEL," Lotte Construction said the plan signals its intent to transform the site into a complex that surpasses Manhattan in the United States, the home of high-end residential facilities.
A Lotte Construction official said, "Lotte Construction has the technology and know-how from building the 555-meter Lotte World Tower, the tallest in Korea," adding, "We are the most competitive builder to construct a high-end branded residential complex of 1,439 homes in Seongsu District 4 along the Han River."
The official added, "To successfully carry out the Seongsu District 4 redevelopment, we will strictly comply with the association's bidding rules and publicity guidelines."