HDC Hyundai Development Driving Redevelopment Project, Strong Candidate for Construction Rights in Hong Eun 13 District

[Asia Economy Reporter Yoo In-ho]

HDC Hyundai Development Company is driving forward with securing maintenance project contracts from the beginning of the year. Following the recent reconstruction of Jegi 1 District in Dongdaemun-gu, the company is aggressively expanding its projects, now approaching the selection as the construction contractor for the redevelopment of Hong Eun 13 District in Seodaemun-gu.

According to industry sources on the 4th, the Hong Eun 13 District Redevelopment Maintenance Project Association is scheduled to hold a general meeting on the 15th to select the construction contractor and conduct a member vote on HDC Hyundai Development Company, which recently submitted a sole bid.

This project involves building 827 apartment units (141 rental units) ranging from three basement floors to 15 above-ground floors on a 47,219㎡ site in Hong Eun-dong 11-111 area, Seodaemun-gu.

If HDC Hyundai Development Company is confirmed as the construction contractor through the member vote, the project is expected to get on track. Previously, the association had selected Line Construction as the contractor in 2017 but canceled the contract last year and faced difficulties such as failed re-bidding.

The industry expects HDC Hyundai Development Company to secure the construction rights, given its unprecedented conditions such as waiving down payments and interim payments. In fact, HDC Hyundai Development Company proposed to the Hong Eun 13 District association that the contract deposit and interim payments be 0%, with the full payment due only upon move-in. The company also agreed to early refund payments to members based on the general sale payment schedule. Additionally, if members prepay their contributions, discounts will be applied to reduce the amount.

With these contract wins, HDC Hyundai Development Company is showing strong confidence and high expectations for urban maintenance projects this year. On the 1st, the company also secured the reconstruction construction rights for Kyungdong Miju Apartments in Jegi 1 District, Dongdaemun-gu. Although the project scale is not large with 357 units, its location in a prime area of northern Seoul is expected to positively influence major maintenance project contracts this year.

Previously, HDC Hyundai Development Company recorded contract wins worth 1.1 trillion KRW across six complexes in urban maintenance projects last year. The company plans to continue active contract pursuits to surpass last year’s performance this year.

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