Samsung C&T's construction division said on the 30th that it submitted a bid proposal to the Apgujeong District 4 reconstruction association and paid the entire 100 billion won deposit in cash.
The Apgujeong District 4 reconstruction project will build up to 67 stories, nine buildings, 1,664 households, and ancillary welfare facilities on an 118,859.6-square-meter site where 1,340 households of Hyundai Phase 8 and Hanyang Phases 3, 4, and 6 apartments are located at 487 Apgujeong-dong, Gangnam-gu, Seoul.
Only Samsung C&T participated in the Apgujeong District 4 reconstruction association's contractor selection bid notice, which closed that afternoon, and the bid failed. Under the current Urban Redevelopment Act, the bid fails if fewer than two companies participate in the contractor bid. If it fails, the association will conduct another bid under the same conditions once more, and if there is still a sole bidder in the two rounds, the association may proceed with a private contract with that construction company.
On the 18th of last month, Samsung C&T also established a cooperation framework with a total of 18 financial institutions, including seven commercial banks such as Shinhan Bank and 11 securities firms. Apgujeong District 4 is an ultra-large project with association members' estimated previous asset value exceeding about 5 trillion won, and financing conditions such as project funding and relocation loans are expected to serve as key factors for successful project execution.
Samsung C&T said it plans to offer the best financing terms to Apgujeong District 4 based on the only top credit rating (AA+) among the top 10 domestic builders, a stable financial structure, and financial partnerships.