The bidding war for the redevelopment of Seongsu Strategic Maintenance Zone District 4 (Seongsu District 4) in Seongdong-gu, Seoul, has begun.
Daewoo Engineering & Construction and Lotte Engineering & Construction said on the 9th that they had completed submitting bidding documents, including proposals, to the redevelopment association for Seongsu District 4. Earlier, the two companies paid a bid deposit of 50 billion won on the 5th.
The Seongsu District 4 redevelopment is a project to transform about 89,828 square meters around Seongsu-dong 2-ga, 1-dong into a complex of apartment housing and ancillary and welfare facilities, from six floors underground to 64 floors above ground, with 1,439 households. The total construction cost is 1.3628 trillion won.
Daewoo Engineering & Construction has set a goal of creating Seongsu District 4 as a future-oriented landmark that maximizes the urban context and the riverside location along the Han River, and has prepared for the project by partnering with global design firms. Daewoo Engineering & Construction proposed "The Seongsu 520" (THE SEONGSU 520) as the complex name to the Seongsu District 4 redevelopment association.
Daewoo Engineering & Construction said, "Seongsu District 4 secures a Han River view line stretching 520 meters, an unparalleled location where the Han River can be enjoyed the longest and the widest," adding, "We symbolically embodied the overwhelming Han River view value that only Seongsu District 4 can realize in the complex name."
On the same day, Lotte Engineering & Construction also said it will collaborate with LERA, a world-renowned structural engineering firm, for the Seongsu District 4 redevelopment bidding. LERA worked on global supertall projects such as the World Trade Center in New York, the Emirates Towers in Dubai, United Arab Emirates (UAE), and Merdeka 118 in Kuala Lumpur, Malaysia.
Lotte Engineering & Construction said, "We have a track record of collaborating with LERA on the structural design of Lotte World Tower, the tallest building in Korea," adding, "Based on Lotte World Tower's supertall technology, we plan to apply a structural solution that ensures stability and ease of maintenance and management by meticulously considering environmental factors such as the ground conditions and wind in Seongsu District 4."