Samsung C&T wins 2.2685 trillion won contract for Yeouido Sibum Apartments reconstruction

[Financial News] Samsung C&T announced on the 19th that it had been selected as the construction contractor for the Yeouido Sibum Apartments housing reconstruction project.
According to the disclosure released that day, the estimated construction cost is approximately 2.2685 trillion won, excluding value-added tax. This is equivalent to 5.57% of Samsung C&T’s consolidated revenue for last year.
The project involves reconstructing the Sibum Apartments and ancillary and welfare facilities around 50, Yeoui-dong, Yeongdeungpo-gu, Seoul. Samsung C&T was selected as the construction contractor at a general meeting of landowners held on the 16th. The company said it would finalize the details during the contract-signing process and disclose the relevant information.
Completed in 1971, Yeouido Sibum Apartments is regarded as one of Yeouido’s signature aging residential complexes along the Han River. The reconstruction is planned to transform it into a large complex with six basement levels and up to 59 floors above ground, comprising 21 buildings and a total of 2,491 households. That would be an increase of 907 households from the current 1,584.
With this contract award, Samsung C&T has further strengthened its position in Yeouido’s reconstruction market. After winning the reconstruction project for Yeouido Daegyo Apartments last November, it also secured the Mokhwa Apartments reconstruction project this September.
With Sibum Apartments added, Samsung C&T has secured three key reconstruction projects in Yeouido, laying the groundwork to expand its Raemian-branded complexes along the Han River.
The project is also gathering pace. Yeongdeungpo-gu approved the implementation plan for the Sibum Apartments reconstruction project on the 13th. Korea Asset Trust, the project implementer, plans to seek approval for the management and disposition plan in 2027, then proceed with relocation and demolition.
However, the construction cost disclosed this time is an estimate and may change during the contract-signing and project implementation process.

[email protected] Kang Jung-mo Reporter