Hyundai Construction Selected as Contractor for Hongje 3 District Reconstruction with Construction Cost of 168.6 Billion Won

[Asia Economy Reporter Yuri Kim] Hyundai Engineering & Construction has been selected as the construction company for the Hongje 3 District Housing Reconstruction Maintenance Project in Seodaemun-gu, Seoul.

According to Hyundai Engineering & Construction on the 29th, the Hongje 3 District Housing Reconstruction Association held a construction company selection general meeting at the Grand Hilton Hotel on the 27th and conducted a vote among association members on whether to proceed with a negotiated contract with the preferred negotiation candidate. Hyundai Engineering & Construction was selected as the final construction company with 304 votes in favor, accounting for 93.8% of the 324 attending members.

At the first on-site briefing on March 20, only Hyundai Engineering & Construction participated, resulting in a failed bid. At the second on-site briefing on March 30, both Hyundai Engineering & Construction and Daewoo Engineering & Construction participated, raising expectations for a competitive bid. However, Hyundai Engineering & Construction was the sole bidder, causing another failed bid. After two consecutive failed bids for the construction company, the Hongje 3 District Reconstruction Association selected Hyundai Engineering & Construction as the preferred negotiation candidate and held a vote among members on whether to proceed with a negotiated contract on the same day.

The Hongje 3 District Reconstruction Project is located on a 27,271㎡ site at 104-41 Hongje-dong, Seodaemun-gu, and involves constructing 11 buildings with 634 households, ranging from 6 basement floors to 25 above-ground floors. The total floor area is 108,906㎡ (32,944 pyeong), and the construction cost is 168.6 billion KRW.

Hongje 3 District is adjacent to Muakjae Station on Seoul Subway Line 3, providing easy access not only to old downtown areas such as Jongno, Gwanghwamun, and City Hall but also to Gangnam areas like Apgujeong, Express Bus Terminal, and Yangjae. Hyundai Engineering & Construction plans to apply its Hillstate brand to Hongje 3 District and has proposed "Inwangsan Royal Forest" as the pet name.

Following its recent win of the 1.8 trillion KRW-scale Hannam 3 District redevelopment project, the largest redevelopment project in northern Seoul, Hyundai Engineering & Construction has secured the Hongje 3 District reconstruction project, achieving a total order amount of 3.445 trillion KRW from 10 projects in the first half of this year, maintaining its top position in urban maintenance projects.

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