Samsung C&T's construction division said on the 12th it was selected as the contractor for the reconstruction of the Daechi Ssangyong Phase 1 apartment complex in Gangnam District, Seoul, a project with a total construction cost of 689.2 billion won.
The Daechi Ssangyong Phase 1 reconstruction association held a general meeting on the 11th and passed the agenda to select Samsung C&T as the contractor.
The project will demolish the existing complex of five 15-story buildings with 630 households, completed in 1983 in the Daechi-dong area of Gangnam District, and newly build six buildings with 999 households (including 132 rental units) from four floors underground to 49 floors above ground, along with ancillary welfare facilities. The complex is adjacent to Hangnyeoul station on Subway Line 3 and sits near school districts including Daehyeon Elementary School, Daemyeong Middle School, and Hwi Moon Middle and High Schools, as well as the Daechi-dong private academy district. It is close to Yangjaecheon and Tancheon streams and offers access to lifestyle infrastructure such as Lotte Department Store, E-MART, and Samsung Medical Center.
The contractor was selected through a private contract process. The association held the first briefing on Dec. 1 last year, and Samsung C&T, IPARK Hyundai Development Company, and JEIL Construction Co. attended, but only Samsung C&T submitted a letter of intent. At the second briefing in Jan. this year, three mid-sized firms—Daebang Construction, Ssangyong E&C, and Chinhung International—joined Samsung C&T in attending, but again only Samsung C&T submitted a letter of intent. After the bid failed twice in a row, the association designated Samsung C&T as the preferred negotiation partner in Feb. and switched to a private contract procedure.
The new complex name proposed by Samsung C&T is "Raemian ReneAr Daechi (RAEMIAN ReneAr Daechi)." It combines "Rene," meaning revival or regeneration in French, and "Ar," meaning art. World-renowned architect Daniel Libeskind from Poland took part in the design.
A Samsung C&T official said, "The Daechi Ssangyong Phase 1 reconstruction is the first project signaling the start of redevelopment in the Daechi-dong area," adding, "Based on this contract, we plan to accelerate additional orders for large-scale maintenance projects expected to be tendered in nearby areas, including Daechi Woosung Phase 1 and Ssangyong Phase 2, Daechi Mido, and Daechi Seonkyung."