HDC Hyundai Development Company announced that its CEO, Jeong Gyeong-gu, visited the site of the Bangbae Shin Samho Apartment reconstruction project on the 14th.

CEO Jeong Gyeong-gu of HDC Hyundai Development Company visits the Bangbae Sin Samho Apartment reconstruction site on the 14th. /Courtesy of HDC Hyundai Development Company

On that day, key executives of HDC Hyundai Development Company also accompanied him, actively communicating with members and demonstrating a strong commitment to advancing the project. CEO Jeong said, “We will focus our best capabilities to ensure that the Bangbae Shin Samho project THE SQUARE 270 becomes a landmark representing Banpo beyond Bangbae.”

He emphasized, “Beyond mere reconstruction, we will redefine the value of the area through a premium lifestyle, providing tangible benefits that members can experience based on the trust and execution capabilities we have built up over time.”

The Bangbae Shin Samho reconstruction project is being promoted on the site of 725 Bangbae-dong in Seocho-gu, Seoul, with plans for a 5-story underground and a maximum of 41 stories above ground, comprising six apartment buildings and 920 households. This project involves demolishing the Bangbae Shin Samho Apartments, which were built in 1981 and consist of 481 households, with HDC Hyundai Development Company designated as the preferred negotiation partner, preparing for a general meeting to select the construction company on the 26th of this month.

The Bangbae Shin Samho reconstruction project will adopt THE SQUARE 270, designed under the leadership of the global architecture group SMDP. HDC Hyundai Development Company proposed to increase the number of new households by 30 through alternative design aimed at maximizing project viability, along with adding 8 premium penthouses and 125 households with a view of the Han River. Additionally, HDC Hyundai Development Company explained that it plans to collaborate with Samsung C&T, which holds global landscaping expertise, to present premium landscaping.

HDC Hyundai Development Company proposed remarkable project conditions, including a construction cost of 8.76 million won per 3.3 square meters (pyeong), a two-year deferment of construction costs, a project financing interest rate of the certificate of deposit (CD) plus 0.1%, 100% payment of the shared fee upon occupancy, a project promotion cost of 200 billion won, liability for completion, and a contract performance guarantee.

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