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[Alpha Biz=(Chicago) Reporter Kim Jisun] The shutdown of the redevelopment project in Daejo District 1, the largest fish for redevelopment in Eunpyeong-gu, Seoul, has begun.
According to the construction industry on the 21st, Hyundai Engineering & Construction sent an official letter later in the day that it would suspend construction from Jan. 1 next year if it did not pay construction costs to the Daejo District 1 union.
Hyundai Engineering & Construction is expected to withdraw all its personnel and equipment from the redevelopment site and start exercising its lien.
The Daejo District 1 redevelopment project is a project to redevelop 112,000 square meters of land in Daejo-dong, Eunpyeong-gu, Seoul, to build 2,451 apartments (Hillstate Mediale) in 28 buildings and 25 stories above the ground.
The current progress rate is around 22%. The construction of the complex began in October last year. However, the organization has virtually collapsed due to internal strife in the union, including the suspension of duties as the union leader. As a result, we could not proceed with the sale that was planned for the first half of this year.
As a result, Hyundai Engineering & Construction has not received about 180 billion won in total construction costs since its construction began in October last year.
Hyundai Engineering & Construction is known to have informed the union that construction could be suspended if construction costs are not paid from the first half of this year.
However, the situation has not improved due to the absence of a union leader, and the union has yet to set a time for the sale. Eventually, the construction was stopped.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
