GS E&C Accelerates Mokdong Reconstruction Bid, Signs Financial Pact with Shinhan Bank

GS Engineering & Construction is intensifying its efforts to win the bid for the approximately 1.8 trillion won Mokdong 12th Complex reconstruction project in Seoul, having recently signed a financial cooperation agreement with Shinhan Bank. This move comes as the deadline for construction company bids approaches on August 31st.

The project, located in the Sinjeong-dong area of Yangcheon-gu, Seoul, plans to transform the site into a landmark development featuring up to 43 stories and 2,810 households. The estimated construction cost for this ambitious undertaking is approximately 1.7888 trillion won. GS E&C aims to create a premier residential complex in the southwestern part of Seoul, emphasizing its design and construction capabilities, as well as its experience in urban regeneration projects.

To bolster its bid, GS E&C has collaborated with global firms for specialized designs, including Gensler for architectural design, EDSA for landscaping, and ARUP for structural safety. The partnership with Shinhan Bank is crucial for securing project financing and providing funds for resident relocation, ensuring the smooth progression of the development.

Four major construction companies, GS E&C, Daewoo E&C, Posco E&C, and HDC Hyundai Development Company, attended the site briefing for the project. While attendance at the briefing does not guarantee a bid, industry speculation includes the possibility of GS E&C bidding alone or facing competition from multiple firms. The bid requires a 80 billion won guarantee, with half in cash and the other half in a performance bond, and consortium bids are not permitted.

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Our goal is to create a landmark complex representing the southwestern region. Based on our design and construction capabilities and our experience in regeneration projects, we will propose residential value that residents can feel.