Hyundai Construction and Samsung C&T Consortium Wins Remodeling Contract for Kumho Byuksan Apartment

Transformation into 1,963 Units in 21 Buildings from Basement 5 to 21 Floors with a Budget of 709 Billion KRW
Expected to Become a Landmark Complex through Collaboration of Korea's Top 2 Construction Companies
Hyundai Construction Achieves Over 2 Trillion KRW in Urban Renewal Projects for 3 Consecutive Years, Ranking 1st for 3 Years in a Row

Perspective view of Kumho Byeoksan Apartment remodeling / Provided by Hyundai Construction.

[Asia Economy Reporter Kangwook Cho] The consortium of Hyundai Engineering & Construction and Samsung C&T has secured the construction rights for the remodeling project of Kumho Byeoksan Apartment in Seongdong-gu, Seoul. This marks the creation of a landmark complex through the collaboration of the country’s top two construction companies in terms of construction capability evaluation, known as the ‘Big 2,’ for the first time in a remodeling project. While Hyundai Engineering & Construction and Samsung C&T have jointly won maintenance projects before, this is their first partnership in a remodeling project.

According to industry sources on the 29th, the Kumho Byeoksan Apartment Remodeling Association held an extraordinary general meeting on the 28th to select a construction company. They conducted a vote among association members on a private contract with the preferred negotiation candidate, the Hyundai Engineering & Construction and Samsung C&T consortium. Out of 1,132 votes, 1,117 votes (98.6%) were in favor, finalizing the consortium as the construction company.

Kumho Byeoksan Apartment is a large complex located on an 84,501㎡ site at 633 Kumho-dong 1-ga, Seongdong-gu, Seoul. It consists of 20 apartment buildings with 1,707 households, ranging from three basement floors to 20 above-ground floors. Since its completion in 2001, after 20 years, the need for housing performance improvements has been continuously raised due to insufficient auxiliary facilities and aging equipment.

In response, the Kumho Byeoksan Apartment began establishing a remodeling association in June last year. Thanks to active participation from residents, more than 50% consent forms were collected within a month after the remodeling project briefing session started, and the association successfully received approval for establishment in December, just six months later.

Through horizontal and annex building extensions, Kumho Byeoksan Apartment will be transformed into a complex with 21 apartment buildings, including a new annex building of 23 floors, with five basement floors and 21 above-ground floors, totaling 1,963 households.

The remodeling project will address the previously insufficient parking and community facilities, improving the residential environment. It is expected to enhance resident satisfaction by becoming a representative eco-friendly residential complex in Seongdong-gu.

The Hyundai Engineering & Construction and Samsung C&T consortium expressed their ambition to make Kumho Byeoksan Apartment the finest luxury residential space and a landmark complex by mobilizing their highest level of technical expertise.

They proposed specialized designs that maximize remodeling effects by applying wider floor plans, panoramic windows, and high-performance insulation materials to increase residential satisfaction, along with efficient layouts reflecting the latest trends to enhance the value of living spaces.

Additionally, two high-end sky community facilities will be newly established, offering amenities such as a sky lounge, golf practice range, and fitness center with views of the Han River and Namsan Mountain. An integrated community exclusively for residents will be created, including a cafeteria, library, private study rooms, and shared offices, further increasing the complex’s value.

Furthermore, the landscaping design capabilities of both companies, which possess differentiated competitiveness, will synergize to maximize the advantages of a nature-friendly complex. Instead of ground-level parking lots, three special clusters featuring seven themed gardens will be created, providing luxury landscaping with unique stories. A 1.5 km walking trail circling the complex will be connected to the Seoul Forest Namsan Nadeulgil trail, allowing residents to engage with nature.

Hyundai Engineering & Construction, which formed a dedicated remodeling organization in December last year and entered the remodeling business, secured the remodeling project for Sinjeong Village 9 Complex in Suji, Yongin, independently in January this year. With the joint win of Kumho Byeoksan Apartment, they have secured remodeling projects worth over 650 billion KRW this year.

Including redevelopment and reconstruction maintenance projects, as of the end of August, they have recorded total orders worth 2.3375 trillion KRW, achieving the significant milestone of 2 trillion KRW in orders for urban maintenance projects for three consecutive years.

Samsung C&T also established a remodeling business office under its Housing Headquarters in June last year and began full-scale sales activities. Just one month later, in July, they won the construction rights for the 347.5 billion KRW remodeling project of Anam Apartment in Godeok-dong, Gangdong-gu, Seoul, marking their return to the remodeling market after seven years. With this recent win, they have secured remodeling projects totaling 630 billion KRW this year.

A Hyundai Engineering & Construction official stated, “Although the project site has significant elevation differences and many retaining walls, making construction difficult, our design, estimation, and sales experts collaborated to apply the top-down method for the main building, optimize underground earthwork methods, conduct value engineering (VE) to reduce construction costs, and secure demolition stability through structural modeling of demolition work. Through repeated consultations with the association, we explored additional cost reduction measures, which earned us the full support of the association members.”

He added, “For projects scheduled to participate in bidding in the second half of the year, we plan to accelerate efforts to achieve first place in the urban maintenance project sector for three consecutive years by offering reasonable proposals that satisfy association members and incorporating future-oriented smart technologies based on proven domestic and international top civil engineering and architectural technologies.”

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