▲ Rendering of the Geoyeosaemaul Public Redevelopment in Songpa-gu, Seoul <Source: LH>
Geoyeosaemaul: Contractor selected through residents' general meeting
Samsung and GS propose 'Raemian & Xi The Arke'
Increased floor area ratio and fund support secure project feasibility
Samsung C&T and GS Construction selected for the construction of Geoyeosaemaul public redevelopment project in Songpa-gu, Seoul, the first public redevelopment project in the Gangnam area.
Six months after signing the first business implementation agreement for a public redevelopment project with LH (Korea Land and Housing Corporation) in February, Samsung C&T and GS Construction were selected as the contractors for the project. The two companies have proposed the name "Raemian & Xi The Arke" for the complex and plan to develop it into a high-end landmark suitable for the Gangnam area, including penthouses and large community facilities.
To be reborn as a 35-story, 1,678-unit complex
LH Announces Selection of Samsung C&T and GS Construction Consortium for the Geoyeosaemaul Public Redevelopment Project
On the 10th, LH (Korea Land and Housing Corporation) held a residents' meeting to select the contractor for the Geoyeosaemaul public redevelopment area and announced that the Samsung C&T and GS Construction consortium had been selected as the contractor. Geoyeosaemaul is the first public redevelopment project in the Gangnam area and one of the fastest in terms of progress among public redevelopment projects in Seoul. The area, located near Seoul Subway Line 5, spans 71,922㎡ and will be transformed into a 35-story complex with 12 buildings and 1,678 units. The total construction cost is estimated at 7 billion KRW, with completion expected in 2030.
Geoyeosaemaul had faced difficulties in private redevelopment due to its high ratio of first-class residential areas, which accounted for 67%. However, by opting for the public redevelopment method, the floor area ratio was increased to 281%, and with funding support, the redevelopment project’s feasibility was significantly improved.
The selection of two major construction companies, which are highly preferred by residents, as part of the consortium has further raised expectations for the development of a premium complex. The consortium proposed naming the complex “Raemian & Xi The Arke” and presented differentiated design features to the residents. More than 77% of the units will have views of Namsan Mountain and nearby parks, and all units with a floor area of 59㎡ or more will be designed to face south. The development will also include penthouses and large units. The community facilities will feature high-end amenities such as a restaurant, sky lounge, and private cinema.
Designated as a redevelopment promotion area in January last year, Geoyeosaemaul gained momentum when LH was appointed as the project executor in February. In July, the Samsung C&T and GS Construction consortium submitted a proposal to be selected as the contractor, and the contractor was officially chosen at the residents' meeting.
In accordance with the Urban and Residential Environment Improvement Act, the contractor for a public redevelopment project is selected through a competitive bidding process organized by the residents' representative council. After the vote by landowners, the contractor is recommended to LH, and the contractor and LH sign a joint business implementation agreement.
LH to redevelop 97,000 units in central Seoul
LH is currently pushing forward urban regeneration projects totaling 116 sites and 97,000 units in Seoul, including projects such as Geoyeosaemaul, urban complex projects, public redevelopment and reconstruction, and small-scale regeneration projects. By the end of this year, LH is set to select private developers or contractors for 11 projects, including 3 urban complex projects, 5 public redevelopment projects, and 3 small-scale regeneration projects.
Previously, urban complex areas such as the eastern side of Ssangmun Station (639 units) and Banghak Station (420 units) in Dobong-gu, as well as Yeonshin Station (392 units) in Eunpyeong-gu, entered the process of selecting private project participants. For the Eunpyeong-gu Jeungsan 4 District (3,550 units) and Yeongdeungpo-gu Singil 2 District (1,332 units), as well as the western side of Ssangmun-dong in Dobong-gu (1,428 units), business approval will be completed by December, and the selection process for project participants is expected to take place in the first half of next year.
LH is accelerating public redevelopment projects by increasing contact with not only residents but also the construction industry. LH plans to play a mediating role between residents and construction companies to ensure the continuation of the projects without interruption and to supply high-quality housing. Recently, LH met with major construction companies to discuss responses to rising construction costs and ways to promote regulatory improvements to accelerate redevelopment projects.
Park Hyun-geun, Head of LH’s Seoul Regional Headquarters, said, "Geoyeosaemaul is the first public redevelopment site in the Gangnam 3 districts, and it is a successful case where we selected a contractor with a high market preference through LH's expertise in urban regeneration and transparent project management." He added, "We will do our best to contribute to the government's housing supply expansion policy to stabilize the real estate market and create a high-quality residential complex where residents can take pride in living."
<Source: Hankyung - Reporter Yoo Osang >
▲ Rendering of the Geoyeosaemaul Public Redevelopment in Songpa-gu, Seoul <Source: LH>
Geoyeosaemaul: Contractor selected through residents' general meeting
Samsung and GS propose 'Raemian & Xi The Arke'
Increased floor area ratio and fund support secure project feasibility
Samsung C&T and GS Construction selected for the construction of Geoyeosaemaul public redevelopment project in Songpa-gu, Seoul, the first public redevelopment project in the Gangnam area.
Six months after signing the first business implementation agreement for a public redevelopment project with LH (Korea Land and Housing Corporation) in February, Samsung C&T and GS Construction were selected as the contractors for the project. The two companies have proposed the name "Raemian & Xi The Arke" for the complex and plan to develop it into a high-end landmark suitable for the Gangnam area, including penthouses and large community facilities.
To be reborn as a 35-story, 1,678-unit complex
LH Announces Selection of Samsung C&T and GS Construction Consortium for the Geoyeosaemaul Public Redevelopment Project
On the 10th, LH (Korea Land and Housing Corporation) held a residents' meeting to select the contractor for the Geoyeosaemaul public redevelopment area and announced that the Samsung C&T and GS Construction consortium had been selected as the contractor. Geoyeosaemaul is the first public redevelopment project in the Gangnam area and one of the fastest in terms of progress among public redevelopment projects in Seoul. The area, located near Seoul Subway Line 5, spans 71,922㎡ and will be transformed into a 35-story complex with 12 buildings and 1,678 units. The total construction cost is estimated at 7 billion KRW, with completion expected in 2030.
Geoyeosaemaul had faced difficulties in private redevelopment due to its high ratio of first-class residential areas, which accounted for 67%. However, by opting for the public redevelopment method, the floor area ratio was increased to 281%, and with funding support, the redevelopment project’s feasibility was significantly improved.
The selection of two major construction companies, which are highly preferred by residents, as part of the consortium has further raised expectations for the development of a premium complex. The consortium proposed naming the complex “Raemian & Xi The Arke” and presented differentiated design features to the residents. More than 77% of the units will have views of Namsan Mountain and nearby parks, and all units with a floor area of 59㎡ or more will be designed to face south. The development will also include penthouses and large units. The community facilities will feature high-end amenities such as a restaurant, sky lounge, and private cinema.
Designated as a redevelopment promotion area in January last year, Geoyeosaemaul gained momentum when LH was appointed as the project executor in February. In July, the Samsung C&T and GS Construction consortium submitted a proposal to be selected as the contractor, and the contractor was officially chosen at the residents' meeting.
In accordance with the Urban and Residential Environment Improvement Act, the contractor for a public redevelopment project is selected through a competitive bidding process organized by the residents' representative council. After the vote by landowners, the contractor is recommended to LH, and the contractor and LH sign a joint business implementation agreement.
LH to redevelop 97,000 units in central Seoul
LH is currently pushing forward urban regeneration projects totaling 116 sites and 97,000 units in Seoul, including projects such as Geoyeosaemaul, urban complex projects, public redevelopment and reconstruction, and small-scale regeneration projects. By the end of this year, LH is set to select private developers or contractors for 11 projects, including 3 urban complex projects, 5 public redevelopment projects, and 3 small-scale regeneration projects.
Previously, urban complex areas such as the eastern side of Ssangmun Station (639 units) and Banghak Station (420 units) in Dobong-gu, as well as Yeonshin Station (392 units) in Eunpyeong-gu, entered the process of selecting private project participants. For the Eunpyeong-gu Jeungsan 4 District (3,550 units) and Yeongdeungpo-gu Singil 2 District (1,332 units), as well as the western side of Ssangmun-dong in Dobong-gu (1,428 units), business approval will be completed by December, and the selection process for project participants is expected to take place in the first half of next year.
LH is accelerating public redevelopment projects by increasing contact with not only residents but also the construction industry. LH plans to play a mediating role between residents and construction companies to ensure the continuation of the projects without interruption and to supply high-quality housing. Recently, LH met with major construction companies to discuss responses to rising construction costs and ways to promote regulatory improvements to accelerate redevelopment projects.
Park Hyun-geun, Head of LH’s Seoul Regional Headquarters, said, "Geoyeosaemaul is the first public redevelopment site in the Gangnam 3 districts, and it is a successful case where we selected a contractor with a high market preference through LH's expertise in urban regeneration and transparent project management." He added, "We will do our best to contribute to the government's housing supply expansion policy to stabilize the real estate market and create a high-quality residential complex where residents can take pride in living."
<Source: Hankyung - Reporter Yoo Osang >