HDC Hyundai Development Company announced on the 23rd that it was finally selected as the construction company at the 'Yongsan District Repair Work Front 1 Area Redevelopment Project Construction Company Selection General Meeting' held on the 22nd.
In the construction company selection vote, in which 396 members participated, HDC Hyundai Development Company secured the construction rights by receiving 250 votes (63.1%), defeating POSCO Engineering & Construction, which received 143 votes (36.1%) by a margin of 107 votes (27.0%).
The Yongsan Repair Work Front 1 Area is a redevelopment project site in the vicinity of 40-641 Hangangno 3-ga, Yongsan District, Seoul, consisting of 12 apartment buildings with 780 residential units, 651 officetels, business facilities, and various welfare facilities, rising 6 stories underground and 38 stories above ground.
It is adjacent to Yongsan Station and is surrounded by the International Business District (YIBD), a U.S. military base return site, and the headquarters of large corporations, making it a key axis of future Seoul's urban center. Due to this locational advantage, major construction companies in the industry showed high interest in participating in the construction, with HDC Hyundai Development Company and POSCO Engineering & Construction engaging in a bidding competition for the final tender.
HDC Hyundai Development Company has early noted its intention to concentrate its enterprise-wide resources on this project. It proposed connections to the underground space of Yongsan Station, the attraction of the Park Hyatt Hotel, and the longest sky bridge in the country, suggesting construction costs of 8.58 million won per pyeong and relocation costs of 2 billion won.
A representative of HDC Hyundai Development Company stated, "HDC Hyundai Development Company is not just a construction company but a developer," adding, "From the planning stage, we consider long-term operation and asset value enhancement, making our products distinct from those aimed solely at general sales." They further remarked, "The Yongsan Repair Work Front 1 Area is a project that embodies our developer capabilities and will open a new paradigm for urban regeneration through complex development."
Meanwhile, HDC Hyundai Development Company has surpassed 2 trillion won in cumulative order volume for urban repair projects this year through this contract. In March, it secured 436.9 billion won for the Gangwon Wonju Dangjeong Jugong reconstruction, 419.6 billion won for the Busan Gwang-an Area 4 redevelopment, 445.3 billion won for the Busan Yeonsan Area 10 redevelopment, and 924.4 billion won for the Yongsan Repair Work Front 1 Area, totaling 2.2262 trillion won in the urban repair sector. Although it is June, it has already exceeded last year's urban repair sector order volume of 1.3331 trillion won.