Hanwha Construction Wins 1.2 Trillion KRW Contract for 'Suseo Station Transfer Center Complex Development'

Seoul Station, Daejeon Station, and Suseo Station
Three Consecutive Trillion-Won Complex Development Projects Secured

Perspective view of Suseo Station Transfer Center Complex Development Project

Hanwha Construction Consortium was selected as the candidate project operator for the approximately 1.2 trillion KRW 'Suseo Station Transfer Center Complex Development Project' on the 25th.

Following the award of the approximately 2 trillion KRW 'Seoul Station North Station Area Complex Development Project' in 2019 and the approximately 1 trillion KRW 'Daejeon Station Area Development Project' in 2020, Hanwha Construction has demonstrated its competitiveness in this field by securing three consecutive large-scale station area complex development projects.

The Suseo Station Transfer Center Complex Development Project involves the complex development of the Suseo Station Transfer Center, including station facilities, retail, accommodation, office, and cultural spaces, on a site of 115,927㎡ located at 197 Suseo-dong, Gangnam-gu, Seoul, within the SRT Suseo Station area. Through this, the SRT Suseo Station area is expected to become a regional hub for public transportation and high-speed rail in southeastern Seoul, as well as a commercial facility hub encompassing demand from the Gangnam area.

Hanwha Construction formed a consortium as the project operator together with Shinsegae and KT Estate, with general investors including Korea Investment & Securities, Mirae Asset Securities, Aegis Asset Management, and Heritage Asset Management participating.

In particular, Hanwha Construction, a strong player in complex development, maximized synergy by partnering with Shinsegae, a leader in retail, and plans to complete a landmark in the area by including a super-large Shinsegae Department Store with a sales area of approximately 83,000㎡ (about 25,000 pyeong) in the project proposal. This size ranks among the top three in Seoul, alongside the current largest Shinsegae Department Store Gangnam Branch and The Hyundai Seoul.

Additionally, considering the currently operating SRT, Subway Line 3, Bundang Line, the under-construction Samsung~Dongtan GTX, and the planned Suseo~Gwangju railway, a three-dimensional transfer system will be established to enable smooth transfers between railways and other public transportation modes.

Along with this, office spaces, accommodation facilities, cultural assembly spaces, medical and educational facilities will be organically developed, and officetels applying Hanwha Construction’s premium residential brand 'Forena' and KT Estate’s smart rent house operation brand 'Remarkville' will be built with approximately 1,200 units.

Hanwha Construction is actively pursuing participation in the 'Jamsil Sports and MICE Complex Space Creation Project,' a 2 trillion KRW total project announced by the Seoul Metropolitan Government for third-party proposals, and is also considering participation in the 'Seongnam Baekhyeon MICE Urban Development Project,' expected to call for project operators in the second half of this year.

Kim Man-gyeom, Head of Hanwha Construction’s Development Business Division, said, "Station area complex development projects require not only construction capability but also professional know-how such as design ability to organically combine various facilities, stable facility operation over decades, and securing public interest. Our goal is to be the first choice for local governments and others when promoting station area complex developments in the future."

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