Namkwang Construction announced on the 3rd that it has been selected as the contractor for the Garak 7th Hyundai Apartment street housing redevelopment project in Garak-dong, Songpa-gu, Seoul.
Namkwang Construction was the sole bidder in both the first and second rounds of bidding after the contractor selection process began last year. The cooperative designated Namkwang Construction as the preferred negotiation partner and finalized the company as the contractor following a general meeting resolution on the 28th of last month.
Through the street housing redevelopment project, Garak 7th Hyundai Apartment will be transformed from a 72-unit complex to a 113-unit complex. The project is expected to attract end-users due to its proximity to Gaerong Station on Seoul Metro Line 5 and access to Songpa-gu's educational, medical, and commercial infrastructure.
In the construction industry, stable contract strategies through small and mid-sized urban redevelopment projects are regaining attention amid intensifying competition for large-scale redevelopment projects. Station-adjacent small redevelopment projects offer the advantage of relatively lower project risk while expanding brand recognition.
Ahead of its 80th anniversary next year, Namkwang Construction is pursuing additional contracts focused on projects with competitive locations in central Seoul, including participation in the Mapo-ro 5 District Zone 2 redevelopment project. A Namkwang Construction official said, "Winning the Garak 7th Hyundai Apartment street housing redevelopment project reflects the company's commitment to strengthening its housing sector as we mark our 80th anniversary." The official added, "We plan to actively participate in redevelopment projects in proven locations such as central Seoul, befitting our renewed 'Haustory' brand."