Lotte Construction Secures Remodeling Contract for Ichon Hyundai

Perspective view of the gatehouse at Hyundai Apartment, Ichon-dong, Yongsan-gu, Seoul

[Asia Economy Reporter Choi Dong-hyun] Lotte Construction has secured the remodeling project for Hyundai Apartments in Ichon-dong, Yongsan-gu, Seoul, following the redevelopment project in Myeongnyun District, Daegu.

According to industry sources on the 25th, Lotte Construction was selected as the construction company with 572 votes (95.5%) out of 599 union members who voted at the contractor selection general meeting held at Ichon Hyundai at 2 p.m. the previous day. On the 20th, Lotte Construction was selected as the construction company for the Daegu Myeongnyun District redevelopment project in a consortium with Hyundai Engineering & Construction.

Ichon Hyundai, located in the 303 area of Ichon-dong, is an aging complex completed in 1974, now in its 46th year. It has a site area of 36,675.37㎡, consisting of 8 buildings with 1 basement floor and 12 to 15 floors above ground, totaling 653 households. Lotte Construction will carry out a "household increase-type remodeling" project, which allows an extension within 30-40% of the residential exclusive area and an increase in the number of existing households by up to 15%. The new apartment complex will be completed with 9 buildings ranging from 3 basement floors to 26 floors above ground, totaling 750 households, with a construction cost of approximately 272.8 billion KRW.

A Lotte Construction official stated, "We will create a high-quality residential space based on Lotte Construction's accumulated high brand value and project execution know-how at the secured project site," adding, "We will meet the expectations of the union members through swift project progress."

Meanwhile, Lotte Construction has surpassed a total order amount of 2.4415 trillion KRW this year by securing projects including Ulsan Jung-gu B-05 District redevelopment (160.2 billion KRW), Busan Beomil 2 District redevelopment (503 billion KRW), Galhyeon 1 District redevelopment (925.5 billion KRW), Daegu Apsan Jumbo redevelopment (197.1 billion KRW), Daejeon Gao-dong 2 District reconstruction (201.6 billion KRW), Daegu Myeongnyun redevelopment (181.3 billion KRW), and the Ichon Hyundai remodeling (272.8 billion KRW).

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