Jeong Hee-min, president of POSCO Engineering & Construction, visited the promotional center and site of the Yongsan Maintenance Center Block 1 redevelopment project in Seoul on the 10th, where he expressed his commitment to developing a high-end complex unique to the Otier brand.
During his visit to the promotional center, Jeong said he would meet with the members, noting, "Honesty and trust are our top priorities. We will not only provide the best quality but also realize the proposed project plan for the members, ensuring tangible benefits that can be felt." He added, "By maximizing the future value of Block 1, we will make it the finest high-end complex in Korea."
He also toured the site with employees, stating, "Under the goal of constructing a premium landmark in Yongsan, we must utilize our company's capabilities and construction experience to complete Otier Yongsan with all our efforts."
POSCO Engineering & Construction previously proposed extraordinary financial and project conditions. Based on a credit rating of A+, they offered to finance 4 trillion won of the total project cost and cover 1.5 trillion won of project promotion costs, while also reducing construction costs by 459 billion won compared to the members’ plan to minimize their financial burden.
Moreover, the members can stabilize their project budgets by deferring construction cost inflation for 20 months without burden, while also gaining flexibility in initial cash flow with a deferral of construction payments for 18 months after the commencement.
Additionally, the agreement with the five major banks in the first financial sector allows for obtaining funds at the lowest interest rates, significantly reducing financial burdens.
POSCO Engineering & Construction proposed the high-end brand name "Otier Yongsan" for the complex. With a strategy to enhance property values, the number of large-unit households was expanded to 280, which is 49 households more than the members’ proposal, including 11 units sized at 200㎡ that elevate the prestige of the complex. Simultaneously, by adding "sub penthouses" on the upper floors, they promised a prestigious landmark.
To enhance the complex's exterior and landscaping, they collaborated with UNStudio, a global design firm and the chief architectural partner in Seoul, to implement a design that meets the city’s licensing standards while ensuring prompt project progress.
They also collaborated with 10Elevens, an artificial intelligence (AI) viewpoint analysis company, to maximize the openness of Han River views through the analysis of over 12,000 viewpoint arrangement simulations, and incorporated the designs of Kim Young-jun, a designer recognized for participating in the world's top three garden shows, into the complex's landscaping to ensure the highest quality.