Hyundai Engineering & Construction (000720.KS) said on the 20th that its cumulative orders in urban redevelopment reached 10.118 trillion won ($7.3 billion) this year, topping the 10 trillion won mark for a second straight year. The company said it became the first builder in the South Korean construction industry to exceed 10 trillion won in annual urban redevelopment orders last year, and was again the first domestic builder to reach that level this year.
On the 19th, Hyundai E&C secured construction rights for three projects in succession: the rebuilding of the Gwangjang apartment complex at 38-1 in Yeouido, Seoul; the redevelopment of Zone B-01 in Ulsan's Nam-gu; and the redevelopment of the Myeongnyun district in Daegu. Construction costs total 546.3 billion won for the Yeouido project, 711 billion won for Ulsan and 500.1 billion won for Daegu.
The Gwangjang 38-1 project will build 405 units and support facilities in three buildings, rising up to 49 floors above ground with seven basement levels, on a site around 38-1 Yeouido-dong in Seoul's Yeongdeungpo-gu. Yeouido Station, a transfer point on Seoul subway lines 5 and 9, is within walking distance, and the site sits next to Yeouido Saetgang Ecological Park, Yeouido Park and Hangang Park. Hyundai E&C proposed the name "Willow 168," a reference to the 168 members of the reconstruction association.
The Zone B-01 redevelopment in Ulsan's Nam-gu will build 1,482 apartment units and neighborhood facilities on a 93,084-square-meter site around 1441-6 Sinjeong-dong, rising up to 35 floors above ground with three basement levels. The site is close to the Taehwa River, Namsan Neighborhood Park and the Taehwa River National Garden. The company proposed the name "Hillstate Sinjeong Riverfront."
The Myeongnyun district redevelopment in Daegu will deliver 1,082 apartment units in 16 buildings, plus 92 officetel units — studio units used as either homes or offices — on a 48,353-square-meter site around 437 Namsan-dong in Jung-gu, rising up to 29 floors above ground with four basement levels. Banwoldang Station on Daegu subway lines 1 and 2 and Cheongnaeeongeok Station on lines 2 and 3 are accessible, and the Dongseongno shopping district and a Hyundai Department Store outlet are nearby. The proposed name is "Hillstate Namsan Signature."
Hyundai E&C's wins this year include the rebuilding of Apgujeong zones 3 and 5, the redevelopment of Geumjeong Zone 2 in Gunpo, the public redevelopment of Singil Zone 1 and the public redevelopment of the Chunghunbu area in Anyang. The company attributed its back-to-back 10 trillion won years to the brand strength of its high-end lines, The H and Hillstate, combined with its design and product offerings, its ability to arrange financing and its project management capability from permitting through completion.
The builder plans to keep winning orders in the fourth quarter with a focus on key sites. It aims to exceed the annual order target it set at the start of the year by pursuing major redevelopment projects including the rebuilding of Mokdong Complex 10, with a total of 4,248 units, and the Hangangno zone in Yongsan.
"This result was created by the trust that association members placed in Hyundai E&C's brand, technology and financing strength, as well as our ability to see a project through to the end," an official at the company said. "We will continue to closely review project viability and future value, and by completing the projects we have won without incident, we will repay that trust with the highest residential value our customers expect."
