Hyundai Engineering Wins 'Incheon Songnim 1 and 2 District Redevelopment' Contract... "Urban Maintenance Projects Surpass 1 Trillion Won"

[Asia Economy Reporter Yuri Kim] Hyundai Engineering announced on the 10th that it was selected as the construction company at the general meeting of members for the 'Incheon Songnim 1 and 2 District Housing Redevelopment Maintenance Project' held on the 9th, successfully joining the '1 Trillion Won Club' in urban maintenance projects this year.

Hyundai Engineering previously secured the 'Ulsan Jung-gu B-05 District Housing Redevelopment Project (160.1 billion KRW)' in January and the 'Cheongju Sajik 1 District Redevelopment Project (168 billion KRW)' in March. Adding the current Incheon Songnim 1 and 2 District Housing Redevelopment Maintenance Project, valued at 674.2 billion KRW, the total urban maintenance project orders this year have reached 1.0023 trillion KRW.

Hyundai Engineering stated, "Based on the highest credit rating in the domestic construction industry (AA-) and cash and cash equivalents amounting to 1.1882 trillion KRW (according to the 2019 business report), we are demonstrating outstanding performance in the urban maintenance project market by offering excellent financial conditions to the members."

The Incheon Songnim 1 and 2 District Housing Redevelopment Maintenance Project is a large-scale redevelopment project of the 160 area in Songnim-dong, Dong-gu, Incheon, consisting of 29 apartment buildings ranging from three basement floors to 45 above-ground floors, totaling 3,693 households and auxiliary welfare facilities. The total construction cost is 674.2 billion KRW. The number of households by exclusive area is ▲45㎡ 256 households ▲59㎡ 2,769 households ▲74㎡ 325 households ▲84㎡ 343 households.

The complex is within walking distance of Dongincheon Station on Seoul Metropolitan Subway Line 1 and adjacent to Songhyeon Neighborhood Park. Large marts such as E-Mart and Homeplus are located within a 10-minute drive, and traditional markets like Hyundai Market and Songnim Market are also thriving.

A Hyundai Engineering official said, "Songnim-dong, where the project site is located, is an area densely populated with aging multi-family and row houses as well as old apartments. With Hyundai Engineering’s Hillstate entering the area, it is expected to meet consumer demand for new apartments," adding, "We will focus our architectural capabilities and experience to supply the best residential space to satisfy the expectations of the members."

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