Samsung C&T 'Construction Cost 1 Trillion' Shinbanpo 4th Reconstruction Construction Contract Signed

[Financial News] Samsung C&T Construction Division announced on the 6th that it signed a construction contract with the Shinbanpo 4th Apartment Reconstruction Maintenance Project Association on the 5th.
Samsung C&T was selected as the construction company for the Shinbanpo 4th reconstruction project on March 29 and quickly negotiated the contract with the association, leading to the signing of the main contract in about 4 months.
It is explained that the trust relationship with the association was established by properly reflecting the contents of the bid proposal such as the initially proposed construction cost and financial conditions in the contract.
Previously, the Shinbanpo 4th Reconstruction Maintenance Project Association completed the submission of the integrated review to Seocho-gu Office on the 30th of last month, and the project is gaining momentum as the licensing process progresses.
The Shinbanpo 4th reconstruction project is planned to create a large complex with a total of 7 buildings and 1,828 households on a site of 92,922㎡ at 70 Jamwon-dong, Seocho-gu, Seoul, with a scale of 3 basement floors to 48 above-ground floors. The construction cost is about 1 trillion 31 billion won.
It is also adjacent to the Express Bus Terminal Station, a transfer station for subway lines 3, 7, and 9 within 100 meters on foot, and is considered a key center in the Banpo area, equipped with excellent educational facilities such as Banwon Elementary School, Kyungwon Middle School, Cheongdam High School (planned), and various living infrastructures such as Shinsegae Department Store, NewCore, and Seoul St. Mary's Hospital.
Samsung C&T proposed 'Raemian Heirven Banpo' as the new complex name.
In collaboration with the American architectural design group SMDP, which worked on the design of Raemian One Bailey, and world-renowned designers such as Ron Arad and Nicola Gallizia, innovative designs with the highest, largest, and first titles in the Banpo area were applied to the sky community, atrium, and penthouse.
A Samsung C&T official stated, "We will do our best to further enhance Shinbanpo 4th, which is at the center of the Banpo area, leading Korea's residential culture, and we plan to solidify the image of 'Banpo=Raemian'."
Meanwhile, Samsung C&T smoothly completed the main contracts for Hannam 4th Zone and Jangwi 8th Zone, which secured construction rights in the first half of this year, on July 30 and 31, respectively.

ming@fnnews.com Min-kyung Jeon Reporter