An exterior view of the Pungnap Gangbyeon Hyundai apartment complex. [Provided by Shin Dong-a Construction]
An exterior view of the Pungnap Gangbyeon Hyundai apartment complex. [Provided by Shin Dong-a Construction]

Shin Dong-a Construction has paid the full 2 billion won ($1.36 million) bid deposit in cash ahead of the deadline to secure the Pungnap Gangbyeon Hyundai block housing redevelopment project in Pungnap-dong, Songpa-gu, Seoul. The deposit deadline is July 20, and the early payment signals the company's strong intent to win the contract.

The company said Friday it had prepaid the full 2 billion won deposit in cash for the project.

"We paid the bid deposit ahead of the deadline to demonstrate our strong commitment to the Pungnap Gangbyeon Hyundai block housing redevelopment project and our responsible attitude in putting trust with association members first," a company official said.

The project covers a 5,165-square-meter site near 402 Hangaram-ro in Songpa-gu, Seoul. It calls for two residential buildings — running from two below-ground floors to 20 above-ground floors — with a total of 133 units and ancillary welfare facilities. The estimated construction cost is about 53 billion won.

Shin Dong-a Construction plans to apply its Familier brand to the complex, aiming to raise the brand's profile through premium finishing materials, a distinctive exterior design and customized unit layouts.

The company is positioning the project alongside its Yongsan headquarters development and the Dongjak-gu Subansa public housing project as part of a "Han River residential belt" lineup, with the goal of strengthening the Familier brand's standing. The strategy centers on expanding a portfolio of upscale residential complexes along the Han River.

Shin Dong-a Construction has also been accelerating its pursuit of small-scale redevelopment projects. After winning a block housing redevelopment project in Bisan-dong, Anyang last month, the company has continued to target key areas in Seoul and the greater metropolitan area.


quq@heraldcorp.com