Lotte Engineering & Construction has signaled strong intent to win the redevelopment project for District 4 of the Seongsu Strategic Redevelopment Zone in Seongdong-gu, Seoul, prepaying 50 billion won in bid bond money.
Lotte E&C said Friday that it had paid the full 50 billion won bid bond in cash for the Seongsu District 4 redevelopment project. The payment came one day ahead of the union's bond payment deadline of the 22nd. Final bidding for the Seongsu District 4 contractor selection closes on the 26th.
The Seongsu District 4 redevelopment project is a large-scale urban renewal initiative covering an 89,828-square-meter site at 219-4 Seongsu-dong 2-ga, Seongdong-gu, Seoul. The plan calls for 1,439 apartment units and ancillary welfare facilities across 10 buildings, ranging from six basement levels to a maximum of 64 stories above ground. With an estimated construction cost of about 1.3628 trillion won, it is considered one of the major contract battles in Seoul's urban renewal market this year. Following an integrated review in February, a supply plan for 1,439 units, including 267 public housing units, was conditionally approved.
The key question for this bidding round is whether competitive bidding will materialize. The first round of bidding was previously voided amid disputes over incomplete documents, violations of individual promotion rules, and procedural issues on the union's part. The union is now reselecting a contractor through rebidding. If Daewoo Engineering & Construction joins this contest again, the two firms will face off for the first time in about four years since the Hannam District 2 bidding war in 2022, which Daewoo won.
Lotte E&C plans to apply its high-end brand "Le-el" to Seongsu District 4 and has named the project the "Manhattan Project." Capitalizing on the site's distinction of having the longest Han River waterfront view among the Seongsu Strategic Redevelopment Zone, the company aims to develop a high-end residential complex surpassing New York's Manhattan. The design will be carried out in collaboration with David Chipperfield Architects.
"We will propose business conditions tailored to Seongsu District 4 with the union members' interests as our top priority," a Lotte E&C official said. "Based on Lotte E&C's high-rise construction expertise and collaboration with global partners, we will complete Seongsu District 4 as a flagship landmark complex representing Korea."
