Hyundai E&C clinched a 449 billion won deal on a housing redevelopment project in Heukseok District 9, recording a total of KRW 5.27 trillion in accumulated orders.
As a result of diversifying its business portfolio, Korea’s primary builder topped 5 trillion won in urban redevelopment orders for the first time in its corporate history.
... Hyundai E&C’s first-ever achievement in its history thanks to the aggressive pursuit of deals since the arrival of President Yoon Young-joon.
Hyundai E&C’s accumulated orders for domestic urban redevelopment projects exceeded 5.27 trillion won this year, by winning an order for the Heukseok District 9 redevelopment project, a large-scale regeneration project valued at 449 billion won. For the first time in its corporate history, Hyundai E&C joined the 5 trillion won club in the urban redevelopment projects, consolidating its leading position in terms of this year’s redevelopment project orders.
■ Accumulated orders reached 5.27 trillion won.
On December 26, the Housing Redevelopment Project Association of the Heukseok 9 Redevelopment Promotion Zone held an extraordinary general meeting to select a contractor, and as a result of the vote by members, Hyundai E&C was selected as the final contractor, obtaining 360 votes out of 410 votes.
The Heukseok District 9 Redevelopment Project in Dongjak-gu, Seoul, is a project to build a total of 21 buildings of 25 above-ground levels and 7 basement floors, housing 1,536 apartments and ancillary and community facilities, by applying 19.16% building coverage ratio and 254.69% floor area ratio. The Heukseok New Town, which Heukseok District 9 is part of, is considered an iconic redevelopment area in Seoul as it is adjacent to the Han River. It is also called Seobanpo area since it is close to the reconstruction complex, and thus categorized as the semi-Gangnam area.
Hyundai E&C applied the premium residential brand THE H to the Heukseok District 9 and proposed the name of the complex as ‘THE H KENTRONINE’. It borrowed the Greek word KENTRO (meaning central, center), reaffirming its commitment to make Heukseok District 9, the center of the Heukseok New Town, the best luxury complex.
Hyundai E&C applied the world-class landmark design in partnership with CallisonRTKL, a global architecture firm with which it had collaborated for the redevelopment of Banpo Jugong Complex 1 Residential Zones 1,2,4 and redevelopment of Hannam District 3
THE H KENTRONINE is designed to be a landmark of Seoul that will brighten the nightscape of the Han River, applying a sophisticated elevation finish based on an architectural interpretation to the ‘Brilliant Cut Approach’ and a 75m-long sky community facing towards the Han River.
Based on such innovative design, a walking track applied for the first time to an apartment community centering on the luxury hotel-like lobby, an endless pool, a private cinema with luxury speaker GOLDMUND, and a music listening room have been planned, to boost the value of the complex and upgrade the lives of its residents.
■ Successfully exceeded 5 trillion won in orders for urban redevelopment projects for the first time in corporate history.
Hyundai E&C, which had earned more than 1 trillion won in urban redevelopment projects for six consecutive years since 2016, has recorded a total of 5.27 trillion won from 21 sites this year. It surpassed last year's record of 4.74 trillion won in just one year and is the only Korean builder to surpass 5 trillion won in orders this year, recording an overwhelming performance in urban redevelopment projects.
If the company wins orders for the remodeling of the Galaxy 1 apartment in Jamwon (185 billion won) and the Daechi ‘Bichi’(Jade) Town Streetside Housing Project (907 billion won) whose constructor selection general meeting is scheduled for December 31st, it will set a record of attaining 2.69 trillion won in orders from eight sites in only a month.
Ever since Hyundai E&C President Yoon Young-joon took office, the company has focused on diversifying its business portfolio, separating the order sales and project development organizations, and presenting customized design and business conditions based on thorough market analysis, thereby successfully exceeding 5 trillion won in cumulative orders for the first time since its inception.
An official from Hyundai E&C said, "We are happy that the projects - for which we have carefully analyzed the sites and strategically prepared for bidding amidst the increased volatility due to external factors- have borne fruit,” adding that, “As a primary urban renewal player, we will not only continue to take huge responsibility, but strive to deliver values exceeding expectations.”