GS E&C, demands ₩485.9 billion hike for Maple Xi project, raising move-in concerns
Construction firm GS E&C has demanded an additional construction cost of 485.9 billion KRW from the cooperative of the "Maple Xi" redevelopment complex in Sinbanpo District 4, Seocho-gu, Seoul, and has taken legal action. Of this amount, 257.1 billion KRW is already the subject of a lawsuit filed with the Seoul Central District Court. As a result, concerns are growing that the scheduled move-in date in June may be delayed.
In December last year, GS E&C filed a lawsuit against the cooperative, demanding an additional construction cost of 257.1 billion KRW, citing rising material costs and increased financial expenses.
The detailed breakdown includes 96.7 billion KRW due to changes in the construction environment, 77.7 billion KRW in financial cost increases caused by a reduction in the number of general sale units, and 31 billion KRW for pre-construction price hikes.
After the cooperative refused to accept the additional cost demand, GS E&C pursued legal action and also requested mediation from the Seoul Metropolitan Government. Depending on the city's mediation outcome, a resolution without prolonged litigation remains possible.
Additionally, GS E&C has separately requested 228.8 billion KRW for design modifications and specialized construction.
These costs stem from design changes requested by the cooperative and permitting authorities, and the company has asked the Korea Real Estate Board to verify the expenses.
With this, the total additional construction cost demanded by GS E&C has reached 485.9 billion KRW.
GS E&C initially secured the project in 2017 at a cost of 4.99 million KRW per 3.3㎡ but has consistently pushed for cost increases. Following two previous adjustments, the construction cost had risen to 5.64 million KRW per 3.3㎡, and if the latest demand is accepted, it will surge to 7.97 million KRW.
The cooperative, which previously accepted cost increases through negotiations, has refused to approve this additional request.
As the scheduled move-in date approaches, unresolved disputes could impact not only cooperative members but also more than 10,000 households in the surrounding area.
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GS E&C, demands ₩485.9 billion hike for Maple Xi project, raising move-in concerns
Construction firm GS E&C has demanded an additional construction cost of 485.9 billion KRW from the cooperative of the
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