HDC Hyundai Development Company Wins over KRW 1 Trillion Worth of Reconstruction and Redevelopment Contracts in 2021
- Won a residential redevelopment contract for Sanggye 1 Renewal Promotion District on October 16
- 17 apartment building with 1,388 units and 5 floors below ground and 25 above in Sanggye 1 Renewal Promotion District in Sanggye-dong, Nowon-gu in Seoul
- Will showcase a premium residential space in Seoul utilizing I-Park’s high brand value and know-how
HDC Hyundai Development Company (CEO Kwon Soon-Ho) of HDC Group made it into the KRW 1 trillion club for urban renewal projects this year. On October 16, HDC Hyundai Development Company won the residential redevelopment contract for Sanggye 1 Renewal Promotion District in Sanggye-dong, Nowon-gu in Seoul, exceeding KRW 1 trillion in reconstruction and redevelopment orders in 2021, KRW 1.2768 trillion to be exact.
It was a single tender bid for HDC Hyundai Development Company as a party to the private residential redevelopment contract for Sanggye 1 Renewal Promotion District. At the constructor selection assembly held on the 16th, where 522 out of a total of 715 members were present, HDC Hyundai Development Company obtained 78% of the vote, and was selected as the builder of the residential redevelopment project for Sanggye 1 District.
The redevelopment project is a KRW 293 billion project with a blueprint to build 17 apartment buildings with 1,388 units and 5 floors below ground and 25 above. HDC Hyundai Development Company plans to build an I-Park in Sanggye 1 District, turning it into a premium residential space that leads northeastern Seoul.
Sanggye 1 Renewal Promotion District is a redevelopment site in Nowon-gu, Seoul, and has favorable traffic and residential infrastructure conditions. Especially, once the projects for other areas in the nearby Sanggye New Town are completed, it is expected that a large-scale apartment complex will be created, greatly improving the residential conditions.
HDC Hyundai Development Company announced that it will “create a premium residential space in a prime location in Seoul that not only has I-Park’s high brand value and smart technology but also favorable traffic and infrastructure conditions.”
This year, in addition to the Sanggye 1 District project, HDC Hyundai Development Company has won contracts in the Seoul Metropolitan Area and provincial focus cities, such as reconstruction in Beomeomongnyeon Apartment in Daegu, reconstruction in Bugokdagu Station in Uiwang, redevelopment in Galsan 1 District in Incheon, redevelopment in B-07 District in Nam-gu, Ulsan and reconstruction in Mia 4 District in Seoul.
Moreover, HDC Hyundai Development Company has shown satisfactory performance in the first half of the year despite the pandemic, and, as Korea’s best developer, is building future city platforms by pursuing massive infrastructure development projects like Kwangwoon University Station area, Old Yongsan Railroad Hospital site and Gongneung Station area.