Hoban Construction has topped 1 trillion won in urban redevelopment orders this year after being selected as the builder for the reconstruction of Changdong Sangah 1st Apartment and a small-scale housing redevelopment project near Junghwa Station.
The company said on the 20th that it was picked on the 19th as the contractor for the Changdong Sangah 1st Apartment reconstruction project in Dobong District, Seoul, and for the Junghwa Station Block 2-6 small-scale housing redevelopment project in Jungnang District. With the two deals, its cumulative urban redevelopment orders this year rose to 1.1526 trillion won.
Hoban Construction has won a string of projects this year, starting with the reconstruction of Gojan Yeollip Block 6 in Ansan, Gyeonggi Province, followed by small-scale housing redevelopment projects in Myeonmok Station Blocks 6-3, 6-4 and 6-5 in Jungnang District, Seoul, and the redevelopment of Geumjeong Block 3 in Gunpo, Gyeonggi Province. The builder is expanding its redevelopment orders mainly in Seoul and the surrounding metropolitan area while diversifying project types through links between adjacent districts and trust-led development arrangements.
The Changdong Sangah 1st Apartment reconstruction calls for eight buildings ranging from four basement levels to 45 floors above ground, with 962 apartment units and neighborhood commercial facilities, on a site around 299 Chang-dong in Dobong District. Total floor area is 147,044 square meters and the contract is valued at about 308.3 billion won. It is the largest single redevelopment district Hoban Construction has won in Seoul by both unit count and contract value. It is also the first project to carry the Hoban Summit brand in northeastern Seoul, which includes Nowon, Dobong and Gangbuk districts. With the Changdong Sangah 1st deal on top of the Geumjeong Block 3 redevelopment in Gunpo, the company has also expanded its portfolio of trust-led redevelopment projects.
The Junghwa Station Block 2-6 project involves five buildings ranging from three basement levels to 27 floors above ground, with 259 apartment units and neighborhood commercial facilities, on a site around 315-61 Junghwa-dong in Jungnang District. Total floor area is 39,772 square meters and the contract is valued at about 92.6 billion won. The site is adjacent to Junghwa Station Block 2-4, which Hoban Construction won last November. If the two districts' boundaries are expanded, they are expected to form a Hoban Summit brand town with a combined floor area of 156,473 square meters and 990 apartment units.
"We have topped 1 trillion won in urban redevelopment orders this year as a result of steadily strengthening our ability to source and carry out projects, centered on Seoul and the surrounding metropolitan area," an official at Hoban Construction said. "We will continue to build competitiveness across project types and expand our position in metropolitan-area urban redevelopment based on the differentiated quality of Hoban Summit."
