GS E&C has been finally selected as the contractor for the Seongsu 1 District redevelopment project in Seongdong-gu, Seoul. The project, valued at KRW 2.154 trillion in construction costs, secured GS E&C the exclusive right to undertake the project through a private contract after two failed competitive bids where GS E&C was the sole bidder. With this win, GS E&C's cumulative urban regeneration project orders for the year have surpassed KRW 3 trillion.

GS E&C has been definitively confirmed as the contractor for the Seongsu Strategic Redevelopment Zone 1 District (Seongsu 1 District) redevelopment project in Seongdong-gu, Seoul. According to the urban regeneration industry, the Seongsu 1 District Redevelopment Association held its regular general meeting on April 25, 2026, and approved the agenda item for selecting GS E&C as the contractor. This allows GS E&C to undertake the largest project within the Seongsu Strategic Redevelopment Zone, further solidifying its position in Seoul's Han Riverfront redevelopment market.

▲ Seongsu 1 District Redevelopment

The project is a large-scale undertaking to transform a 194,398㎡ site around 72-10, Seongsu 1-ga 1-dong, Seongdong-gu, Seoul, into apartments and ancillary/welfare facilities. Specifically, a residential complex comprising 13 buildings, ranging from 5 underground floors to a maximum of 64 above-ground floors, with a total of 3,014 units, is planned. The construction cost for this project is approximately KRW 2.154 trillion, making it the largest among the four districts within the Seongsu Strategic Redevelopment Zone. The project site boasts a triple-station area, offering convenient access to Seoul Forest Station on the Suin-Bundang Line, and Ttukseom Station and Seongsu Station on Line 2. Furthermore, its proximity to Seoul Forest and location along the Han River provide excellent views, leading the industry to regard it as the 'largest Han Riverfront redevelopment project.' GS E&C plans to enhance the value of its high-end residential brand by proposing 'RIVENIQUE XI' as the new complex name to the association.

▲ Overview of the 'Largest Han Riverfront Project'

The process leading to GS E&C's selection as the contractor for Seongsu 1 District was conducted in accordance with the provisions of the Urban and Residential Environment Improvement Act. While contractor selection typically follows competitive bidding, this project saw GS E&C as the sole bidder in two rounds of bidding held in February and March 2026, resulting in their failure. According to the Urban and Residential Environment Improvement Act, if competitive bidding fails two or more times, it can be converted to a private contract. Consequently, the Seongsu 1 District Redevelopment Association pursued a conversion to a private contract with GS E&C, and at the regular general meeting held on this day, obtained the consent of its members to finally select GS E&C as the contractor. This phenomenon is analyzed as being intertwined with the tendency of large construction companies to strategically focus on securing projects in specific areas.

▲ Background of Conversion from Sole Bid to Private Contract

The successful bid for the Seongsu 1 District redevelopment project significantly contributed to GS E&C's urban regeneration business performance in 2026. Earlier this year, GS E&C secured the construction rights for the Songpa Hanyang 2nd Reconstruction project (KRW 685.6 billion) in Songpa-dong, Songpa-gu, Seoul, and on April 19, 2026, won the Gaepo Woosung 6th Reconstruction project (KRW 215.4 billion) in Gaepo-dong, Gangnam-gu, Seoul, steadily building its track record. With the addition of the Seongsu 1 District redevelopment (KRW 2.154 trillion) on this day, GS E&C's total urban regeneration project orders for the year reached KRW 3.055 trillion, surpassing the KRW 3 trillion mark. This demonstrates the successful execution of GS E&C's strategy to maintain stable growth by selectively securing large-scale redevelopment projects even amidst challenging market conditions such as a construction market downturn and rising raw material prices. Based on these achievements, GS E&C is now closer to achieving its urban regeneration project order target for the year and is expected to strengthen its market dominance through additional large-scale project wins in the future.