Samsung C&T has withdrawn from the redevelopment project in the Apgujeong 2 area of Gangnam, Seoul.
Samsung C&T noted on the 20th that it decided not to participate in the bidding for the selection of the contractor for the redevelopment association in the Apgujeong 2 area.
Samsung C&T stated, “We have prepared actively for bidding, selecting the Apgujeong 2 area as a strategic business site to build a top-tier apartment complex that residents can take pride in, and a landmark that represents the world,” adding, “However, after reviewing the bidding conditions of the association, we determined that we could not present our prepared items due to the unusual alternative design and financial condition restrictions.”
The Apgujeong 2 redevelopment association recently passed bidding guidelines at a delegate meeting that included ▲significantly limiting the scope of alternative designs ▲only presenting interest rates in the form of CD+additional charge ▲no proposals for relocation loans exceeding 100% LTV ▲no proposals for additional relocation loan interest ▲no proposals utilizing other financial techniques, among other details.
A Samsung C&T official said, “While we respect the association's decision, we believe that under the current bidding guidelines, it will be difficult to create a global landmark that we aim to realize through world-class design and development,” and added, “We will continue efforts to create global residential masterpieces in the Apgujeong area by actively communicating with other districts’ associations.”
In the same statement, Samsung C&T remarked, “We respect the association's decision and hope that this project will proceed as planned and be completed through successful redevelopment,” and expressed, “We sincerely thank the association members who have supported us.”
In early May, Samsung C&T opened a private lounge called 'Apgujeong S.Lounge' opposite the Apgujeong apartments, actively communicating with association members. They have partnered with the world-renowned architectural firm 'Foster + Partners' to prepare an innovative alternative design. Additionally, based on the unique highest credit rating (AA+) among domestic construction companies and overwhelming financial soundness, they planned to provide the best financial conditions through collaboration with the five major commercial banks and key large securities companies.