en.Wedoany.com Reported - GS E&C has been selected as the contractor for the residential reconstruction project in Zone 1 of the Seongsui Strategic Regeneration Area in Seongdong-gu, Seoul. The proposal was passed by the Seongsui District 1 Reconstruction Association during a regular general meeting held on the 25th at Seongrak Sacred Heart Church. GS E&C submitted independent bids in the two rounds of tenders conducted in February and March.

According to the Act on the Improvement of Urban Areas and Residential Environments, the selection of a contractor should, in principle, be conducted through competitive bidding. Due to two or more failures to award the contract as a result of single-bid submissions, the residential reconstruction project proceeded with selecting the contractor through a negotiated contract method.

The Seongsui District 1 residential reconstruction project involves transforming the 194,398㎡ site in the area of Seongsui 1-dong 72-10 into 13 buildings with 3,014 apartment units and ancillary welfare facilities, spanning 5 underground floors and 64 above-ground floors. The project cost is approximately KRW 215.4 billion, making it the largest residential reconstruction project among the four zones of the Seongsui Strategic Regeneration Area. The project site is located near Seoul Forest Station on the Suin–Bundang Line, Ttukseom Station and Seongsui Station on Line 2, and sits along the Han River adjacent to Seoul Forest.

GS E&C proposed the name "RIVENIQUE XI" for the new complex to the association. Earlier this year, the company secured the construction rights for the Songpa Hanyang 2nd residential reconstruction project in Songpa-gu, Seoul, and on the 19th of this month, it secured the construction rights for the Gaepo Woosung 6th residential reconstruction project in Gaepo-dong, Gangnam-gu, Seoul. With this latest win in the Seongsui District 1 residential reconstruction project, GS E&C's total cumulative value of urban improvement project contracts secured this year has exceeded KRW 3 trillion.

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