Hyundai Construction Wins Reconstruction Contract for Jeju Ido Jugong Complex 2 and 3... Worth 292.9 Billion KRW

[Asia Economy Reporter Yuri Kim] Hyundai Engineering & Construction announced on the 18th that it has secured the construction rights for the redevelopment project of Ido Jugong Complex 2 and 3 in Jeju City and will introduce 'Hillstate Honorstige,' the first Hillstate brand complex supplied in Jeju.

Hyundai Engineering & Construction stated that on the 15th, during the general meeting for selecting a construction company held by the Ido Jugong Complex 2 and 3 Housing Redevelopment Association at the Jeju Maison Glad Hotel, a vote was conducted on whether to proceed with a private contract. Hyundai Engineering & Construction received a high number of favorable votes and was selected as the construction company.

The Ido Jugong Complex 2 and 3, which is being redeveloped this time, consists of 18 buildings with 5 floors above ground, 760 households, and 14 commercial spaces, originally built in 1987. The project site is evaluated to have excellent location conditions due to its proximity to abundant educational facilities such as Ido Elementary School, Doam Elementary School, Namgwang Elementary School, Jeil Middle School, and Jungang Girls' High School, as well as office facilities including the Government Jeju Regional Joint Office, Jeju City Hall, Jeju District Court, Jeju Office of Education, and broadcasting stations.

The Ido Jugong Complex 2 and 3 held two bidding rounds on June 17 and 25 for selecting a construction company, both of which failed. Consequently, a vote among association members was conducted on the day regarding the private contract, resulting in Hyundai Engineering & Construction being selected as the construction company.

The Ido Jugong Complex 2 and 3 will be developed on a site area of 42,110.6㎡ with a building coverage ratio of 27.16% and a floor area ratio of 245.69%, totaling a gross floor area of 191,160.2㎡. The project will include 13 apartment buildings ranging from 3 basement floors to 14 floors above ground, comprising 871 households, along with auxiliary welfare facilities.

Hillstate Honorstige will be the first to apply a hacking prevention and security system to protect residents' privacy and prevent crime. Reflecting customer demands for increased health and safety awareness due to the spread of the novel coronavirus (COVID-19), the 'Antivirus System' has also been enhanced to ensure safe living from the apartment entrance to each household.

A Hyundai Engineering & Construction urban maintenance project official explained, "It seems that the recognition of the Hillstate brand along with Hyundai Engineering & Construction’s technological capabilities and experience led to this favorable outcome," adding, "As this is the first Hillstate apartment introduced in Jeju, we will repay with a quality product worthy of the brand’s reputation."

Meanwhile, with the order for the Ido Jugong Complex 2 and 3 redevelopment project worth 292.9 billion KRW, Hyundai Engineering & Construction’s total orders this year have reached 12 sites amounting to 4.0047 trillion KRW.

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