In mid-next month, the Gangnam-gu Apgujeong 2 redevelopment project association in Seoul will announce the selection of a construction company and fully initiate the redevelopment process. As the first construction company selection among the six zones being developed within the Apgujeong Hyundai Apartment (special planning area within the Apgujeong Apartment district), it is expected that Samsung C&T and Hyundai E&C, the top two construction firms in the industry, will fiercely compete. The association plans to select the construction company in September. While many members want to maintain the apartment name 'Apgujeong Hyundai', there is a possibility that if Samsung C&T is selected as the redevelopment construction company, this complex name may be retained.
◆ New Hyundai 9, 11, and 12 rise to a maximum of 250m
According to the construction industry on the 30th, the Apgujeong 2 redevelopment project association will announce the selection of a construction company on June 18 and begin procedures to select one. The area of 1,164,364.5 square meters, spanning from near the Hannam Bridge to the Apgujeong Rodeo Station on the Suin-Bundang Line, includes 24 complexes with 10,335 housing units. The first construction company will be selected, and the redevelopment will proceed.
Apgujeong 2 is located on a land area of 141,685.44 square meters at 434 Apgujeong-dong, where the New Hyundai 9, 11, and 12 are situated, and was developed in 1982 with a total of 27 buildings comprising 1,924 units. It is close to Apgujeong Station on Seoul Subway Line 3, and nearby are the Han River Park and Hyundai Department Store. The plan is to transform it into a 2,571-unit complex with a maximum height of 65 floors (250m), including five basement floors, through redevelopment.
Among these, there will be 321 public rental housing units. The area of these rental housing units is expected to be relatively spacious at 59.95 square meters. Excluding the quota for association members, about 326 units will be available for general sale. An industry insider noted, 'Because there is a relatively large amount of rental housing, there are evaluations that the project's profitability is somewhat lower compared to the 3rd district.'
The total construction cost is approximately 2.403 trillion won, which translates to 1 million won per 3.3 square meters. In major complexes in Gangnam, the construction cost has already exceeded 950,000 won per 3.3 square meters, indicating it is at a slightly higher level.
◆ Samsung C&T sets aside its pride, 'Possible to use the name Apgujeong Hyundai'
Although the profitability may be somewhat lower due to the number of rental housing units, there are many prospects that Samsung C&T and Hyundai E&C will fiercely compete in the bidding for the first redevelopment area in Apgujeong. Winning the bid for the 2nd district could pave the way for securing contracts for other redevelopment projects in Apgujeong.
Samsung C&T and Hyundai E&C have already concentrated their sales team capabilities and have begun public relations efforts to secure construction rights. Hyundai E&C has formed a redevelopment sales team in Apgujeong, and Samsung C&T is also concentrating its personnel from the maintenance project team in this area. Samsung C&T has opened a promotional center near the complex.
As the bidding for construction rights for the Apgujeong redevelopment complex begins, a debate over the name of the apartment complex is expected to heat up. Hyundai E&C has applied for the 'Apgujeong Hyundai' trademark in Korean and Chinese characters with the Korean Intellectual Property Office. This action requests that only Hyundai E&C be allowed to use the name Apgujeong Hyundai. However, the Korean Intellectual Property Office has suspended the trademark registration process and sent a 'notice for opinion submission,' and Hyundai E&C has appointed a law firm to prepare additional documents. The notice for opinion submission is a procedure in which the examiner of the Korean Intellectual Property Office seeks the applicant's opinion when there are reasons for refusal in trademark registration. A Korean Intellectual Property Office official said, 'It is still unknown whether the trademark application will be registered or rejected.'
'Apgujeong Hyundai' refers to the name of the apartments built from 1976 to 1987, where apartments 1 through 14 were constructed. The apartments 1 and 2, completed in June 1976, were indeed built by Hyundai E&C. However, buildings 3 through 13 were built by Korea Urban Development (the predecessor of HDC Hyundai Development Company), and the 14th building was built by HDC Hyundai Development Company. In the 1970s, Hyundai E&C established Korea Urban Development to expand its housing business division, which has now become HDC Hyundai Development Company, and most of the Apgujeong Hyundai units were built by HDC Hyundai Development Company. This raises the debate over which construction company built Apgujeong Hyundai and whether Hyundai E&C can uniquely use this name. If the Korean Intellectual Property Office ultimately rejects the trademark registration, there is also a possibility that another construction company could build the complex while maintaining the apartment complex name 'Apgujeong Hyundai.'
Samsung C&T also expresses that the apartment complex name will be entirely left to the opinions of the association members. A Samsung C&T official stated, 'The trademark application has already been rejected once by the Korean Intellectual Property Office, and there is nothing decided,' adding, 'It is not yet the time to mention the complex name, and we will propose the best complex name that satisfies all parties in consultation with the association.'
Meanwhile, after selecting the construction company in September and undergoing project approval, management disposal, and demolition, the groundbreaking is expected to take place in the second half of 2028.