DL E&C said on the 28th that it proposed "ACRO Apgujeong" as the complex name for the reconstruction of Apgujeong District 5 in Gangnam-gu, Seoul.
The Apgujeong District 5 reconstruction is a project to rebuild the Hanyang Phase 1 and 2 apartments in Apgujeong-dong, Gangnam-gu, Seoul, into eight buildings with five basement floors to 68 above-ground floors, totaling 1,397 households. Because it is considered a prime location even within the Apgujeong area along the Han River, the industry is focused on the results of the future constructor selection.
DL E&C emphasized both member profitability and project speed in this proposal. The company presented measures to generate association revenue of about 420 million won per household, zero burden from price hikes before groundbreaking, a 150% loan-to-value (LTV) ratio for relocation loans, a 0% additional charge on interest for essential project costs, up to a seven-year deferral of member contributions, and measures to address unsold retail space.
The key is to reduce members' burdens and speed up the project throughout the entire process from relocation to groundbreaking and move-in. DL E&C proposed to secure financing for not only the basic relocation loan but also additional relocation loans at the same interest rate. It will not apply an additional charge to the interest rate for essential project costs, and it will allow the timing of member contribution payments to be delayed by up to seven years.
The proposed construction period is a total of 57 months. The company said it submitted a completion guarantee letter at the bidding stage. Regarding retail development, it also included a measure to respond by payment in kind if unsold units occur.
Overseas specialist companies are expected to participate in the design and architecture. DL E&C plans to collaborate with Arcadis in the United States, Arup in the United Kingdom, and Doka in Austria to improve complex design, structure, and construction quality.
For the product lineup, the focus was on strengthening an ultra-luxury residential image. DL E&C proposed a super penthouse of about 600 square meters (about 244 pyeong). Along with this, it plans to place small- and medium-sized penthouses and specialized units together so that the high-end residential image is not confined to only some large units but spreads across the entire complex.
Views of the Han River were also highlighted as a key proposal. DL E&C said it proposed a design to ensure that member households can secure Han River views of grade S or higher, and to place 100% of the member households along the riverfront.
A DL E&C official said, "Apgujeong District 5 is a project that must realize the highest level of residential value in Korea beyond Apgujeong," adding, "We have comprehensively prepared not only the project conditions spanning relocation, groundbreaking, move-in, and retail operations but also product competitiveness such as Han River views, ceiling heights, terraces, and penthouses."