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🇰🇷 South Korea /Energy & Infrastructure

Samsung C&T Sole Bidder for Seoul’s 2.4 Trillion-Won Mokdong 13 Redevelopment

From Dong-A Ilbo · () Korean

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

At a glance

News Named sources Context piece
  • Samsung C&T was the sole bidder for the 2.3763 trillion-won redevelopment of Mokdong Complex 13 in Seoul’s Yangcheon district.
  • The tender failed to produce a competitive bidding process after only Samsung C&T submitted a bid.
  • The project would replace 2,280 existing homes with a complex of 3,852 units, reaching up to 49 floors.

Samsung C&T’s strategy of targeting the odd-numbered apartment complexes in Seoul’s Mokdong redevelopment market is gaining momentum, but its latest tender produced no competition.

Only Samsung C&T participated in the bid for the construction contract at Mokdong Complex 13, causing the tender to fail. The deadline was set by Daishin Asset Trust, the project’s redevelopment administrator, on the 7th.

The project covers the area around 327 Sinjeong-dong in Yangcheon District. It would demolish the existing 2,280 homes and build 3,852 new units in buildings reaching four basement levels and a maximum of 49 floors. The estimated construction cost is about 2.3763 trillion won, making it one of the larger redevelopment projects in Mokdong.

Large builders had been expected to compete because of the project’s size. Samsung C&T had already shown a strong commitment to securing the odd-numbered complexes. Other construction companies, however, appear to prefer different sites rather than engage in costly competition where their chances of winning are considered low.

About this summary

Originally published by Dong-A 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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