The bidding announcement for the Apgujeong District 2 redevelopment project, which is the first redevelopment project in Apgujeong of Gangnam District, Seoul, has been released, marking the start of competition among major construction companies for construction rights.
According to the 'Announcement for the Selection of a Contractor for Apgujeong District 2' published by the redevelopment association on the 18th, the redevelopment construction cost is estimated at 2.7488 trillion won.
The construction cost is set at 11.5 million won per 3.3 square meters based on total floor area. The bid deposit for the contractors is 100 billion won, and the bid completion deadline is December 31, 2030.
The association plans to hold a site briefing on the 26th at 2 p.m. to collect letters of intent to participate in the bidding from contractors, along with submission of promotional activity guidelines and compliance pledges.
The submission deadline for bid proposals is August 11, and the construction contractor will be selected through three joint briefings scheduled for September.
Apgujeong District 2 (New Hyundai 9, 11, 12) consists of apartments built from the 1970s to 1982. It is expected to transform through redevelopment into a maximum of 65 stories, 14 buildings, and 2,571 units from the current 27 buildings and 1,924 units.
Apgujeong District 2 is located along the Han River and is progressing the fastest among six redevelopment districts in Apgujeong.
Currently, Hyundai E&C and Samsung C&T are engaged in a fierce competition for the construction rights of Apgujeong District 2. After competing for the Hanam District 4 redevelopment project in January, this is their second face-off in a two-horse race for the Apgujeong District 2 redevelopment project.
Samsung C&T is collaborating with the renowned British architectural design firm 'Foster and Partners', led by the world-famous architect Norman Foster, to promote alternative designs for Apgujeong District 2. They are expected to propose plans based on the existing designs for Apgujeong District 2 that maximize the view of the Han River, ensure intricate and efficient residential layouts, and optimize major pathways within the complex.
Hyundai E&C is pushing a strategy to establish the identity of 'Apgujeong = Hyundai' in this bidding competition while ensuring that their legacy continues even after redevelopment. They have also filed for trademarks such as 'Apgujeong Hyundai' and 'Apgujeong Hyundai Apartments.' Recently, they presented a 'composite development strategy for Apgujeong District 2' that links an apartment complex, department store, and school into a single living area.