Hyundai Engineering & Construction (000720.KS) is joining hands with Hanwha Corporation to pursue mixed-use development in Apgujeong's 5th District, a key site in the Apgujeong redevelopment area.
Hyundai E&C said Sunday that it signed a memorandum of understanding with Hanwha Corporation on Saturday at the DH Gallery in Sinsa-dong, Seoul, to cooperate on the Apgujeong 5th District reconstruction project. Lee In-ki, a division head at Hyundai E&C, and Yoon Sung-ho, a division head at Hanwha, attended the signing ceremony.
The core of the agreement is commercial facility development linked to Hanwha's affiliates. The two companies plan to transform the Apgujeong 5th District into a mixed-use complex combining commercial, cultural and service functions beyond a conventional apartment complex.
Hanwha will support premium merchandising and commercial facility operations. It will also manage hotel-grade concierge services and guesthouse operations. Hanwha will lead the introduction of premium food and beverage tenants within the complex.
The pedestrian connectivity plan is also notable. The two companies aim to link the Apgujeong 5th District directly to Galleria Department Store and Apgujeong Rodeo Station, enhancing daily convenience and accessibility.
A key point is the exclusivity clause included in the agreement. The clause limits cooperation related to the Apgujeong 5th District reconstruction to Hyundai E&C. This effectively positions Hanwha within a Hyundai E&C-centered partnership framework for the district.
The MOU is seen as part of Hyundai E&C's broader strategy to complete its "Apgujeong Hyundai" vision encompassing the entire Apgujeong area.
"The Apgujeong 5th District is a pivotal axis that will drive new transformation," a Hyundai E&C official said. "Through mixed-use development covering commercial, cultural and service functions beyond residential, we will complete 'Apgujeong Hyundai' as a new urban district."
