Lotte Construction said on the 21st that it prepaid in cash the entire 50 billion won bid deposit for the Seongsu Strategic Maintenance Zone District 4 redevelopment project. This bidding, for which Lotte Construction paid the bid deposit, is the second round; the deposit deadline is by 11 a.m. on the 22nd, and the bid closing date is set for the 26th. The general meeting to select the Sigongsa is June 27.
The Seongsu District 4 redevelopment project will build 10 apartment buildings, from five floors underground to as high as 64 floors above ground, totaling 1,439 households, in Seongsu-dong 2-ga, Seongdong District, Seoul. The total construction cost is about 1.3628 trillion won. In the first round of bidding on Feb. — in which Daewoo Engineering & Construction and Lotte Construction participated — the city of Seoul and Seongdong District invalidated both bids after the builders engaged in individual promotional activities targeting union members.
Lotte Construction said it "plans to propose business terms dedicated solely to District 4 of Seongsu, putting union members' interests first," and added, "Through collaboration with global partner companies, including the ultra-high-rise construction technology Lotte Construction possesses, we will complete District 4 of Seongsu as a landmark complex representing Korea in every aspect, from design to brand."