大宇建设将失去首尔江南元晓城别墅重建项目施工权

Daewoo E&C (047040) will lose its contractor status for the Gangnam Wonhyoseong Villa redevelopment project in Banpo-dong, Seocho-gu, Seoul, which it won last year. As the company failed to narrow differences with the union during the project's development, the union voted to cancel its selection as contractor.
According to a Daewoo E&C regulatory filing on the 28th, the Gangnam Wonhyoseong Villa Redevelopment and Improvement Project Union sent an official notice to Daewoo E&C canceling its selection as contractor. The union recently held a simplified general meeting and decided to cancel Daewoo E&C's selection as contractor, according to reports.
The Gangnam Wonhyoseong Villa redevelopment project involves constructing 11 buildings ranging from six basement levels to four above-ground floors, comprising 132 apartment units and ancillary welfare facilities, in the Seorae Village area of Banpo-dong, Seocho-gu, Seoul. The construction cost stands at 338.7 billion won (excluding value-added tax). Daewoo E&C was selected as contractor at a union general meeting in June last year, and had proposed the complex name "TRANA Seorae" along with a plan to develop a high-end residential complex.
With this decision, Daewoo E&C will lose its construction rights for the project. In its filing, Daewoo E&C said, "We plan to pursue legal procedures, including filing a lawsuit, regarding this decision," adding, "We will issue a new disclosure if any changes occur." A Daewoo E&C official explained, "We continued negotiations with the union on various matters, but we were unable to narrow our differences."