A skiagram of “Gubanpo Prestige by Raemian," a project to rebuild the third housing district of the Banpo NH 1 Apartment Complex in Gangnam-gu, Seoul.

Samsung C&T won an 800 billion won project to rebuild the third housing district of the Banpo NH 1 Apartment Complex in Gangnam-gu, Seoul.

The latest victory came after Samsung C&T was awarded a mega project to rebuild the 15th Shinbanpo Apartment Complex in the well-to-do Gangnam area in April. The contractor’s winning streak has proved to demonstrate the excellent standing of its apartment brand “Raemian.”

Samsung C&T defeated Daewoo E&C in a vote of cooperative members at a ratio of 52 percent to 47 percent on May 30. President Lee Young-ho of Samsung C&T Corp said at a general meeting of the cooperative Samsung C&T will create a monumental work, to be remembered in its 20 year history by mobilizing its product, technology power and service capabilities.

More than half of the 1,626 cooperative members participated in the voting, wearing face masks despite fears about the spread of COVID-19. Some people were engaged in arguments near the voting site in COEX grand ballroom.

Samsung C&T is returning to the urban renewal business five years after the contractor won the Shinbapo 3 Geyongnam Apartment Reconstruction Project in 2015.

Starting with the Raemian Firstage, emerging as a landmark apartment complex in the Banpo area, Samsung C&T will rebuild Raemian One Valley, Raemian Won Pentas, and third housing district of the Banpo NH 1 Apartment Complex in the area, so Samsung C&T has become the juggernaut contract in the Banpo area.

It is noteworthy that cooperatives of the projects to rebuild Shinbanpo 15 and third housing district of the Banpo NH 1 Apartment Complex in the Banpo area have selected Samsung C&T to raise the brand value of their apartments after cancelling contracts with previous contractors.

The reconstruction project of the third housing district of the Banpo NH 1 Apartment Complex calls for tearing down 1,490 apartment units in the Bando-dong 1109 area in Seocho-gu and constructing 17 apartment buildings with a combined 2,091 apartment units, each with three basement floors and 35 ground floors.

In 2018, the cooperative selected Hyundai Industrial Development as the contractor of the project, but it cancelled the contract in a dispute with the contractor over construction costs last December.

Samsung C&T and Daewoo E&C staged a fierce competition with extraordinary offers to win the right to implement the project in a rebidding, which was launched on April 10.

A skiagram of the front gate of Gubanpo Prestige by Raemian.” (Photos: Samsung C&T)