The construction company for the Hanam 4 Redevelopment Zone in Yongsan-gu, Seoul, which has drawn attention due to the competition between Samsung C&T and Hyundai Construction, will be decided tomorrow.
According to industry sources on the 17th, the Hanam 4 Redevelopment Association will hold a general meeting at 3 p.m. on the 18th at Itaewon Church in Seoul to select the construction company. The construction rights will be granted to the company that obtains the approval of the majority of the attendees and more than half of the total members (1,166 members) present.
The Hanam 4 Redevelopment Zone is a project to redevelop the area around Bogwang-dong in Yongsan-gu, Seoul, to build a total of 51 buildings with 2,331 households. It is a large-scale project with an estimated project cost of around 1.5 trillion won. It is also considered the most promising area in terms of business viability among the Hanam New Town redevelopment projects, given its location and the status of general poor conditions.
Hanam 4 Redevelopment Zone is receiving even more attention because it is seen as a preliminary battle for the Abgujeong 3 Redevelopment Zone, considered the biggest prize in Seoul’s redevelopment projects. This marks the first competition in 17 years between Samsung C&T, ranked first in domestic construction capability, and Hyundai Construction, which has ranked first in maintenance project orders for six consecutive years.