Hoban Construction Selected as Preferred Negotiator for 1 Trillion KRW Jeju 'Odeungbong Park Special Project'

▲ Jeju Odeungbong Park Special Project Overall Bird's-eye View (Provided by Hoban Construction)

[Asia Economy Reporter Chunhee Lee] Hoban Construction announced on the 31st that it has been selected as the preferred negotiation partner for the private special project of Jeju Odeungbong Neighborhood Park. This is Hoban Construction's first contract win this year.

This project involves developing park facilities such as an urban forest, an art park, a concert hall, and an exhibition hall on the 520,000㎡ site of Odeungbong Park, a central green axis in Jeju, along with 1,630 apartment units (including 163 rental units). The total project scale amounts to 1 trillion KRW.

The private special project is a scheme where private funds are invested in park sites where park facilities have not been developed within the urban planning period, with 30% of the site developed as apartment facilities and the remaining 70% as park space.

Jeju Province received and evaluated proposals from November last year until the 13th of this month to promote private special projects for two sites: Odeungbong Park and Jungbu Park. Hoban Construction formed a consortium with Cheongam Enterprise, Riheon Engineering Group, Daedo General Construction, and Miju General Construction, proposing the creation of a "Healthy Urban Forest" and a "Culturally Refined Jeju Art Park," and was selected as the preferred negotiation partner for the Odeungbong Park project.

Going forward, Jeju Province plans to conduct feasibility studies and environmental, disaster, and traffic impact assessments, aiming to finalize the agreement by March next year.

A Hoban Construction official said, "Our proposal for 'Jeju's Art Park,' where Jeju citizens and tourists can relax, was highly evaluated based on the characteristics of Odeungbong Park," adding, "We will do our best to create a cultural and artistic space that provides comfortable rest and various benefits to Jeju citizens."

This content was produced with the assistance of AI translation services.