[Edaily Reporter LEE DAWON ] SAMSUNG C&T CORPORATION(028260) ’s construction division was the sole participant in the bidding process to select a contractor for the redevelopment of the Yeouido Pilot Apartments, considered the largest redevelopment project in Yeouido.

According to the redevelopment industry on the 25th, SAMSUNG C&T CORPORATION was the sole bidder in the tender for the selection of a construction contractor for the Yeouido Pilot Apartments Housing Redevelopment Project in Yeouido-dong, Yeongdeungpo-gu, Seoul, conducted by the project operator, KAIT.

Since, under the Urban and Residential Environment Improvement Act, a bid for selecting a reconstruction contractor must have at least two participating companies to be valid, this bid was declared void.

The Pilot Apartments project involves demolishing the existing 1,584 units located on a 109,307.8-square-meter site at 50 Yeouido-dong, Yeongdeungpo-gu, and rebuilding them as 21 buildings ranging from 6 stories underground to 59 stories above ground, comprising 2,491 units.

The project cost is approximately 2 trillion won, and the estimated construction cost is 11.5 million won per 3.3 square meters (excluding VAT).

Competition was anticipated at the site briefing for the contractor selection held on May 26, as seven companies—including SAMSUNG C&T CORPORATION, KUMHOE&C, DaewooEngineering&Construction, Jeil Construction, GS Engineering & Construction Corp., HDC HOLDINGS CO.,Ltd., and Hoban Construction—attended.

However, in the actual bidding process, only SAMSUNG C&T CORPORATION participated, causing the competitive bidding process to fall through.

KAIT plans to issue a new notice and conduct a second bidding process shortly. If a competitive bidding process does not materialize in the second round either, the contractor may be selected through a negotiated contract in accordance with relevant regulations.