Urban renewal wins push this year's total past 4 trillion won

Global design firm Jerde tapped for exterior

A rendering of Dogok Le El, the planned reconstruction of Dogok Woosung Apartment in Gangnam-gu, Seoul. [Lotte Engineering & Construction]
A rendering of Dogok Le El, the planned reconstruction of Dogok Woosung Apartment in Gangnam-gu, Seoul. [Lotte Engineering & Construction]

Lotte Engineering & Construction announced Monday it has won the contract to reconstruct Dogok Woosung Apartment in Gangnam-gu, Seoul.

The Dogok Woosung reconstruction association held a general meeting of members Saturday at the auditorium of Daechi Middle School in Gangnam-gu, selecting Lotte Engineering & Construction as the contractor. The project will replace the existing complex with a new development called Dogok Le El — four buildings rising from six below-ground floors to 26 above-ground floors — at a construction cost of about 400.2 billion won ($294 million).

Lotte Engineering & Construction plans to apply its high-end residential brand Le El to the complex and collaborate with global architecture firm Jerde on the exterior design.

The complex will also feature a sky lounge offering panoramic views of Lotte World Tower, Daemosan and the Gangnam skyline, along with a range of other community facilities. A roughly 3-kilometer walking trail connecting Ssarigogae Park to the complex is planned, as are a lawn plaza and gardens.

The site sits near Eonju Elementary School and Eunseong Middle School and offers easy access to green spaces and waterfront parks including Dogok Park, Maljukgeori Park and the Yangjae Stream. Gangnam Severance Hospital and Seocho-gu Office are nearby, and residents will have convenient access to major parts of Seoul via the Gyeongbu Expressway and Yangjae Station on subway Lines 3 and the Sinbundang Line.

"We will complete Dogok Woosung as a landmark residential complex representing Gangnam-gu," a Lotte Engineering & Construction official said, adding that the company intends to actively pursue other key projects in the Gangnam area, including major reconstruction sites in Mokdong, an urban public housing complex project near Yaksu Station and a public redevelopment project in Myeonmok District 9.

Including this latest contract, Lotte Engineering & Construction has secured six urban renewal projects so far this year, bringing its cumulative contract value to 4.01 trillion won. The wins include the redevelopment of Seongsu Strategic Renewal Zone District 4 in Seongdong-gu (1.35 trillion won), the redevelopment of Geumho District 21 in Seongdong-gu (624.2 billion won), a public redevelopment project in the Chunghunbu area of Anyang (756.7 billion won) and the reconstruction of Garak Dongah Apartment in Songpa-gu (484 billion won).

Meanwhile, Lotte Engineering & Construction posted revenue of 3.28 trillion won and operating profit of 172.8 billion won in the first half of this year.


hope@heraldcorp.com