GS Engineering and Construction Co. has been working on a plan to build the so-called “Xi Town” in the Banpo Area of southern Seoul. Xi is the brand name of the apartment complexes the company is building around the country.
The construction firm has been rebuilding the Banpo Hanyang Apartment Complex (New Banpo Xi) in the Banpo area, and after completion of the project, the builder will push its plan to turn the area into Xi Town by taking over old apartment complexes for repair or reconstruction and building new ones in the area.
Construction companies have enjoyed a mini-boom in business with the sales of apartments and other residential buildings picking up from the later part of last year to the extent that not many apartments are left for sale any more in the Seoul area.
GS Construction took action early to secure more apartments for sale by taking over old ones and renovating them or tearing them down and building new ones.
The construction company is busy preparing to open a new model home before accepting offers to buy Xi apartments or old Banpo Hanyang apartments that GS Construction rebuilt and renamed as Banpo Xi apartments.
The new Banpo Xi apartments up for sale in Jamwon-dong, Seocho Ward, southern Seoul, are made of seven apartment rows with three basement floors each, and 28 floors above-ground. There are 607 apartments units in all, ranging from 59 sq. meters to 155 sq. meters in size.
The model apartment that the company will open to potential buyers will be 114 sq. meters in size, not the same as the apartments to be sold, diverging slightly from the general practice of providing a “model” apartment for potential buyers. The reason the construction firm gave was that it wanted the model apartment to possess interiors that would appeal to members of cooperatives, namely owners of the old Hanyang apartments, which have been renovated or rebuilt by GS Construction.
But the company may let non-cooperative members have a look around of the model apartment to prevent confusion that may arise.
In the meantime, the construction company has been eagerly securing orders for the reconstruction of the old apartments in the area, with the success of the new Banpo Xi apartments.
The company already won the right to reconstruct the sixth new Banpo apartment project in July. With the Banpo Xi (Banpo Korea Housing Corp’s 3rd Complex) being hailed as an apartment complex for the rich, representing the Banpo area, the company plans to turn the area into a Xi “apartment town” with Banpo Xi, New Banpo Xi and new Banpo 6th apartment complex already completed in the area to form a belt of luxury apartments. The company will eye a reconstruction project in the Gangnam 3rd District in southern Seoul.
GS E&C has established its status as a top-ranking company domestically since its foundation in 1969 by achieving tremendous growth in the fields of architecture, civil engineering, housing, plant, environment and power plant, said CEO Lim Byung-yong in a statement on the company’s website.
Through continuous development of its human resources, the acquisition of technologies, determined challenges and practices, GS E&C has set forth the stepping stones to make the jump to become a “Global Leading Company.”
“Now, we are ready to take the next step forward onto new challenges,” he said. “As we continue to pursue global competency of our core business, GS E&C will continue its stable growth through systematic risk management and substantial management.”
A bird's eye view of "Xi Apartment Complex" to be built in "Xi Town" in the Banpo area of Seoul by rebuilting the old Banpo Hanyang Apartment Complex in the area.(Photos:GS E&C)
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