Contractor lineups are taking shape quickly in Yeouido and Mokdong, the two districts that have emerged as the centerpiece of Seoul's urban redevelopment. Samsung C&T has secured construction rights for the Mokhwa apartment complex after winning Daegyo, and is seen as the likely winner at Sibeom as well. Hyundai Engineering & Construction, GS Engineering & Construction and DL E&C have each staked out major sites in the two areas. As builders squeezed by rising costs sharpen a selective bidding strategy — weighing profitability and their odds of winning rather than competing recklessly — a string of projects has drawn only a single bidder.
The reconstruction association for Yeouido's Mokhwa apartment complex held a general meeting on the 12th and selected Samsung C&T as its contractor, industry sources said on the 13th. Samsung C&T had been the sole bidder in both rounds of bidding. The Mokhwa complex, located around 30 Yeouido-dong in Seoul's Yeongdeungpo district, will be rebuilt into three buildings running from seven basement levels to 49 floors above ground, with 420 units in total. Estimated construction costs are about 512.2 billion won ($370 million).
Samsung C&T has proposed naming the new complex "Raemian Ynity," combining the "Y" for Yeouido with "Dignity" and "Infinity." Its plan calls for laying out every unit with a view of the Han River and building an elevated walkway that connects Yeouinaru Station directly to the complex and continues to Hangang Park.
With Mokhwa in hand, Samsung C&T now holds two reconstruction sites in Yeouido. The company won construction rights for the Daegyo apartment complex, a 798.7 billion won project, in November last year.
Samsung C&T's next target in Yeouido is expected to be the Sibeom apartment complex. The project would rebuild the existing 1,584 units into 2,491 units in buildings of up to 59 floors, and its construction cost alone reaches 2 trillion won, making it the biggest prize among Yeouido's reconstruction projects. The first round of contractor bidding last month failed after Samsung C&T was the only company to enter. If no other builder steps forward in the second round set for December, Samsung C&T is likely to sign a private contract.
Contractors are also emerging at other Yeouido reconstruction sites, with large builders dominating. Hyundai E&C secured construction rights for the Hanyang apartment complex in 2024 and has since been named the preferred bidder for Zone 38-1 of the Gwangjang apartment complex. That association will hold its contractor selection meeting on the 19th. At the Gongjak apartment complex, Daewoo Engineering & Construction won construction rights in 2023, while the Eunha and Samik complexes began their contractor selection process on the 11th. The two complexes were completed side by side in 1974 and are identical in scale and unit sizes, with 360 units each. Both were designated as redevelopment zones at the same time in June, and GS E&C and Lotte Engineering & Construction are said to be interested in bidding for the combined project.
In the Mokdong New Town district, construction rights for major complexes are also being settled one by one. DL E&C was first to lock in a site, taking Mokdong Complex 6 in June. Mokdong Complex 10, with construction costs of 2.61 trillion won, went to Hyundai E&C, which was named preferred bidder on the 26th of last month after entering two consecutive rounds of bidding as the sole applicant.
Observers expect Mokdong Complexes 12 and 13 to go to GS E&C and Samsung C&T, respectively. At Complex 12, a project worth about 1.79 trillion won, GS E&C was the only participant in both the first round of bidding and the second on-site briefing. At Complex 13, Samsung C&T was the sole bidder when the first round closed on the 7th, raising the prospect that it will become Mokdong's first Raemian-branded complex. Daewoo E&C signaled its interest early in Mokdong Complex 8, where the first round of bidding closes on the 22nd, and is widely seen as the likely winner.
With competition failing to materialize at most sites, attention is shifting to Complexes 7 and 14, Mokdong's flagship large-scale projects. At Complex 7, near Mokdong Station on Seoul Subway Line 5, several large builders have opened showrooms to court association members. The site, to be rebuilt with 4,335 units, has drawn interest from Samsung C&T, Hyundai E&C, DL E&C and Lotte E&C, and the question is whether that will translate into competitive bidding.
Complex 14, to be rebuilt with 5,123 units, is another site attracting multiple large builders. Hyundai E&C, Daewoo E&C, DL E&C, POSCO E&C and Lotte E&C are all mentioned as potential contenders.
"Since most Mokdong sites have so far been heading toward single bids by one builder, the question is whether competitive bidding will materialize," an industry official said. "But with companies reluctant to engage in bruising competition because of cost pressures, the number of sites that see a real contest will be extremely limited."
