'KRW 1.6 trillion reconstruction': Hyundai, POSCO and two others attend Mok-dong Complex 4 site briefing

[Financial News] Four companies, including Hyundai Engineering and Construction and POSCO E&C, attended a site briefing for the selection of a contractor for the Mok-dong New Town Apartment Complex 4 reconstruction project in Seoul's Yangcheon District.
Hyundai Engineering and Construction, POSCO E&C, IPARK Hyundai Development and Jeil Construction attended the contractor bidding site briefing held by the Mok-dong New Town Apartment Complex 4 Reconstruction Association in Yangcheon District at 11 a.m. on the 30th.
Mok-dong Complex 4 is a project to rebuild the existing 1,382 households into a complex with up to 49 floors and 2,436 households. A floor area ratio of 299.94% will be applied, and the estimated construction cost is KRW 1.6389 trillion.
The construction cost per 3.3 square meters is about KRW 10.1 million, making it the first Mok-dong reconstruction complex to exceed KRW 10 million and drawing attention. Given that construction costs at Mok-dong reconstruction sites that previously selected contractors were in the range of KRW 9.5 million to KRW 9.9 million per 3.3 square meters, this is the highest amount to date.
Mok-dong Complex 4 is expected to see a competitive bid between Hyundai Engineering and Construction and POSCO E&C. Hyundai Engineering and Construction is known to have worked to secure the construction rights by consistently managing the project from its early stages. As a result, some observers have raised the possibility of a sole bid by Hyundai Engineering and Construction.
The bid submission deadline is 2 p.m. on November 16. The total bid bond is KRW 60 billion, consisting of KRW 30 billion in cash and a KRW 30 billion guarantee insurance certificate. Consortium bids are not permitted.

[email protected] Choi A-young Reporter