Daewoo, Lotte Face Off for $1B Seoul Redevelopment Project

Daewoo Engineering & Construction and Lotte Engineering & Construction are competing head-to-head for the Seongsu Strategic Redevelopment Zone District 4, considered this year's largest redevelopment project in northern Seoul. The two construction giants will face off for the first time in four years since the Hannam District 4 project in 2022, with total construction costs approaching 1.4 trillion won ($1 billion).

According to industry sources on the 9th, both Daewoo E&C and Lotte E&C submitted bids for the Seongsu District 4 redevelopment contractor selection, which closed the same day. The project involves constructing an apartment complex of up to 64 stories with 1,439 units in the Seongsu 2-ga area of Seongdong-gu. Total construction costs are estimated at 1.36 trillion won.

Daewoo E&C proposed "The Seongsu 520" as the complex name, departing from its existing high-end "Summit" brand. The name reflects the district's unique location with 520 meters of Han River frontage. "The ability to experience the Han River's waves in the longest stretch is an absolute competitive advantage unique to Seongsu District 4 that cannot be replicated in any other complex," a Daewoo E&C official said.

For the project, Daewoo E&C is collaborating with Meier Architects, founded by Pritzker Prize laureate Richard Meier. British firm Arup will handle structural engineering, while UK-based Grant Associates will oversee landscaping. The company is focusing on persuading union members by emphasizing its design competitiveness, favorable business terms that minimize member contributions, and financing capabilities.

Lotte E&C proposed "Seongsu Le'el" as the complex name. Having recently completed "Cheongdam Le'el" in Gangnam-gu and "Jamsil Le'el" in Songpa-gu, the company aims to further expand its established high-end residential brand in Seongsu District 4.

For structural design, Lotte E&C plans to collaborate with Lera, a global structural engineering firm. Lera has designed major supertall buildings worldwide, including One World Trade Center in New York, Emirates Towers in Dubai, and Merdeka 118 in Malaysia. With over 60 years of experience, the firm specializes in structural systems designed to withstand external loads such as wind and seismic forces.

"We will leverage the technology and expertise gained from constructing Lotte World Tower, Korea's tallest building, in the structural design of the supertall Seongsu District 4 complex to complete 'Seongsu Le'el' as a world-class hyper-end development," a Lotte E&C official said.