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🇰🇷 South Korea /Economy & Trade

Samsung C&T Makes Sole Bid for 2.3 Trillion-Won Redevelopment of Mokdong Complex 13

From Chosun Ilbo · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Ongoing story
  • Samsung C&T was the only bidder in the first tender for the redevelopment of Seoul’s Mokdong New Town Complex 13, causing the tender to fail.
  • Korean law requires at least two companies to participate in a redevelopment construction tender for it to be valid.
  • Industry observers cited construction costs and financing expenses as concerns, although the source text ends before providing further details.

Samsung C&T stood alone in the first bid to select a construction company for the redevelopment of Mokdong New Town Complex 13 in Seoul, leaving the 2.3 trillion-won project without a valid tender.

Daishin Asset Trust, the project operator, closed the first bidding round at 2 p.m. on the seventh, according to redevelopment industry sources. Samsung C&T’s construction division was the only company to submit an offer.

Under South Korea’s Urban and Residential Environment Improvement Act, at least two companies must participate for a redevelopment construction tender to be established. With Samsung C&T bidding alone, the process was declared unsuccessful.

Industry observers pointed to construction costs and financing expenses as factors in the bidding environment. The source does not provide further details.

About this summary

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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