Samsung C&T's construction division has crossed 10 trillion won in annual urban redevelopment orders for the first time since its founding. The builder set another record after securing construction rights for a reconstruction project in South Gyeongsang Province and a remodeling project in Seoul's affluent Gangnam area, following earlier wins in the capital's prime districts of Apgujeong, Seongsu and Yeouido. With the company widely expected to win the 2.4 trillion won Mokdong 13 complex when association members vote next month, its annual target of 13 trillion won is now within reach.
Samsung C&T was selected on the 24th as the contractor for the Banpo Prugio remodeling project in Seoul's Seocho district, worth about 125 billion won, according to redevelopment industry sources on the 25th. The company then secured final construction rights on the 25th at a general meeting for the Yongho 1 district reconstruction in Changwon, South Gyeongsang Province, valued at about 738.1 billion won. The two weekend deals added roughly 863.1 billion won, lifting this year's cumulative orders to 10.4686 trillion won — the first time the company has reached the 10 trillion won mark.
The Banpo Prugio project involves remodeling 237 units across three buildings along Sinbanpo-ro in Seocho district and building new community facilities. Samsung C&T, which proposed the name Raemian Aspel Banpo for the complex, plans to apply its next-generation "Next Remodeling" technology for the first time, along with specialized floor plans reflecting the latest design trends. The Yongho 1 district project will deliver 1,249 apartment units in buildings of up to 49 stories in Yongho-dong, Seongsan district, Changwon. For the complex — the first Raemian in South Gyeongsang Province — Samsung C&T proposed the name Raemian Clier along with a design revision calling for up to 46 stories and 1,315 units, winning support from 95.8% of association members.
Starting with the Daechi Ssangyong 1 reconstruction in April, Samsung C&T has swept up a series of prime Seoul projects, including Apgujeong 4 district, Sinbanpo 19 and 25, Bangbae Shin Samho, Gaepo Woosung 4, Mapo Hangang Samsung remodeling, Seongsu 3 strategic redevelopment district and Yeouido Mokhwa. On the 16th, the company secured construction rights for the Yeouido Sibeom apartment complex, a project worth 2.2685 trillion won, taking cumulative orders to 9.6055 trillion won and surpassing its previous record of 9.2388 trillion won for all of last year.
Attention now turns to whether Samsung C&T can meet its annual redevelopment order target of 13 trillion won. The company has been named preferred bidder for the Mokdong 13 complex reconstruction in Seoul's Yangcheon district, a project worth 2.3763 trillion won, making a win likely. If it secures final construction rights at the contractor selection in mid-November, its cumulative orders for the year would rise to 12.845 trillion won.
Samsung C&T is also working to win construction rights for the combined reconstruction of Daechi Woosung 1 and Ssangyong 2 in Gangnam district, which has begun its contractor selection process, and for the Banpo Mido 1 reconstruction in Seocho district, worth 1.26 trillion won, sources said. Contractor selection for those complexes, however, may slip to next year given the current schedules.