"Even Yeouido's Latecomers Are Joining the Race"—Sambu Forms Association, Samik and Eunha Seek Builders

[Financial News] Reconstruction projects in Yeouido, Seoul, that got a late start are picking up speed one after another. Sambu Apartments received approval to establish a reconstruction association six years after forming its project committee. Samik and Eunha Apartments have also begun selecting builders, putting reconstruction projects across Yeouido into full swing.
According to the reconstruction industry on the 18th, the establishment of the reconstruction association for Sambu Apartments has been approved. That comes about six years after the project committee was formed in 2020. Completed in 1975, Sambu Apartments is scheduled to be rebuilt from its existing 866 units into a large complex with up to 59 floors, 1,735 households and ancillary welfare facilities. The project cost is estimated at approximately 500 billion won.
Sambu Apartments is the second-largest complex in the Yeouido apartment district, after Sibeom Apartments, which has 1,584 units. With an average land share of approximately 72 square meters per household and views of the Han River, it is considered one of the biggest reconstruction projects in Yeouido.
Even before the association was established, Hyundai Engineering and Construction, GS Engineering & Construction, DL E&C and Lotte Engineering & Construction had shown interest in securing the construction contract for Sambu. Competition among major builders is therefore expected. Momentum is also building at other late-starting reconstruction complexes in Yeouido.
Samik Apartments and Eunha Apartments issued bid notices on the 11th and began the process of selecting builders. Both projects have set their estimated construction costs at 10.5 million won per 3.3 square meters. They will hold site briefings on the 21st and close bids on November 6.
Eunha Apartments, for which Hana Asset Trust is overseeing project implementation, will be developed on an 18,565-square-meter site in the area around Lot 52 in Yeouido-dong. The project calls for seven basement levels to 49 floors above ground, three buildings, 665 households and ancillary welfare facilities. Its neighboring complex, Samik Apartments, is being developed by Korea Land Trust on an 18,656-square-meter site in the area around Lot 51 in Yeouido-dong. It is planned to have up to 56 floors, 630 apartment units, 15 officetel units and ancillary welfare facilities.
As the late-starting complexes join the push to move their projects forward, the overall reconstruction landscape in Yeouido is also changing rapidly. Fifteen complexes in Yeouido are currently pursuing reconstruction. Once all the projects are completed, a high-rise residential district with approximately 13,000 households is expected to take shape across Yeouido.
The leading complexes are also moving through subsequent procedures. Daegyo Apartments, the fastest-moving reconstruction project in Yeouido, selected Samsung C&T as its builder and is proceeding with resident relocation. Hanyang Apartments, whose builder is Hyundai Engineering and Construction, has applied for approval of its management and disposal plan and is preparing for relocation.
Sibeom Apartments is conducting a builder bidding process as approval of its project implementation plan approaches, while Mokhwa Apartments has selected Samsung C&T as its builder. Gwangjang 38-1 District will hold a general meeting on the 19th to select a builder.
An official from the reconstruction industry said, "Yeouido combines its riverside location along the Han River with the symbolic status of a financial and business hub. Major projects are concentrated there, so builders are highly interested." The official added, "Competition for construction contracts will become even more intense next year."
[email protected] Choi A-young Reporter