Hyundai E&C will begin the construction of infrastructure facilities that connect the representative high-end residential area of Apgujeong District 2 in Gangnam, Seoul, with the Hyundai Department Store Apgujeong flagship store.
Hyundai E&C announced on the 16th that it signed a memorandum of understanding (MOU) on the "development of a connection passage between Apgujeong District 2 and the Hyundai Department Store flagship store" at the headquarters of Hyundai Department Store in Daechi-dong, Gangnam on the 12th.
The core of this agreement is to develop a passage that connects Apgujeong District 2, the Hyundai Department Store Apgujeong flagship store, and Apgujeong Station on Line 3 of the subway in a one-stop manner. Once this connection passage is completed, residents of Apgujeong District 2 will be able to travel from the apartment complex to the department store and subway without crossing pedestrian crossings or external roads. The connection passage is planned to prioritize the safety of residents by restricting access to outsiders, ensuring both convenience and security.
Through this agreement, both parties agreed to actively reflect the demands of the Apgujeong District 2 union members during the establishment of the development plan for the Hyundai Department Store Apgujeong flagship store and to review various development options that would benefit both sides together. If Hyundai E&C is selected as the constructor for the redevelopment project of Apgujeong District 2, the Hyundai Department Store promised to provide active cooperation for smooth and prompt project advancement.
A representative from Hyundai Department Store said, "If Apgujeong District 2 and the department store, subway station are organically linked, it will become an opportunity for Apgujeong to leap once again," adding, "This is expected not only to enhance the convenience of residents’ lives but also to revitalize local businesses due to an increase in foot traffic."
The Hyundai Department Store Apgujeong flagship store, adjacent to Apgujeong District 2, opened in 1985 and has evolved over the past 40 years into a platform that provides premium value and experiences beyond just a shopping space. A representative from Hyundai E&C explained that since this area is the most prominent commercial district in Gangnam, the combination with Apgujeong District 2 is expected to generate significant development synergies.
This agreement is part of Hyundai E&C's "Apgujeong District 2 complex development strategy," which ties apartments, department stores, and schools into a single living area. On the 5th, Hyundai E&C announced that it had signed a memorandum of understanding with the Seoul Hyundai Educational Foundation to develop school land into educational facilities, aiming to transform Apgujeong District 2 into "the center of residential, educational, and cultural excellence in the Gangnam area."
A representative from Hyundai E&C emphasized, "Apgujeong District 2 will set a new standard for complex development where urban and living spaces blend harmoniously. Hyundai E&C will create the first and best leading complex in Apgujeong, covering not only residential and educational aspects but also commerce and transportation."
The Apgujeong District 2 redevelopment union is expected to announce a bidding invitation this month and plans to select a constructor through a general meeting of union members in September. Apgujeong District 2 is a complex that connects to the roots of the Apgujeong Hyundai Apartment established by Hyundai E&C since the mid-1970s.
The signing ceremony for the memorandum of understanding held on the 12th was attended by Lee In-ki, head of the residential business division at Hyundai E&C, and Kim Chang-seop, head of the sales division at Hyundai Department Store.