Hyundai Construction Surpasses 3 Trillion Won in Urban Renewal Project Orders for 2 Consecutive Years

Wonhwa Jugong 1 Complex Reconstruction Contract in Asan, Chungnam Secured... Achieved 3.1352 Trillion KRW in Orders This Year
Construction of 7 Buildings, 768 Units, and Ancillary Facilities from Basement 3 to Ground 25 Floors with a Scale of 152.5 Billion KRW
Following Last Year's Sole 3 Trillion KRW and 4 Trillion KRW Order Breakthrough, Achieved 3 Trillion KRW Orders for Two Consecutive Years

Asan Yonghwa Jugong 1 Complex Reconstruction Bird's-eye View / Provided by Hyundai Construction.

[Asia Economy Reporter Jo Gang-wook] Hyundai Engineering & Construction has surpassed 3 trillion KRW in orders this year in the urban maintenance business sector by winning the reconstruction and maintenance project for Yonghwa Jugong 1 Complex in Asan, Chungnam.

Having joined the 3 trillion KRW club for two consecutive years following last year, Hyundai Engineering & Construction is drawing attention as to whether it can surpass the 4 trillion KRW club for two consecutive years and break the record for the highest performance achieved last year within just one year.

According to Hyundai Engineering & Construction on the 31st, the Yonghwa Jugong 1 Complex Reconstruction and Maintenance Project Association held an extraordinary general meeting on the 30th to select a construction company. A vote was conducted among the association members on Hyundai Engineering & Construction’s sole bid as the preferred negotiation partner, resulting in 216 votes out of 232, an overwhelming approval rate of 93.1%, selecting Hyundai Engineering & Construction as the final construction company.

The Yonghwa Jugong 1 Complex project covers an area of 29,191㎡ at 27 Onyeogo-gil, Asan-si, Chungcheongnam-do (Yonghwa-dong 14). The project applies a building coverage ratio of 19.58% and a floor area ratio of 249.99%, constructing seven apartment buildings with 768 households, including three basement floors and 25 above-ground floors, along with auxiliary welfare facilities. The total construction cost is approximately 152.5 billion KRW.

Hyundai Engineering & Construction plans to enhance the complex’s prestige by creating a landmark exterior design featuring dynamic lines and a curtain wall look, a duplex-type sky community with a ceiling height of 7 meters, and a central park spanning 1,409 pyeong (approximately 4,660㎡) with a maximum width of 125 meters. It will also offer various specialized units such as penthouses and duplex-type units to increase the value of the residential space.

Starting this year with the sole order for the remodeling project of Sinjeong Village 9 Complex in Suji, Yongin, Hyundai Engineering & Construction has secured construction rights for a total of 13 projects, including ▲ Garohousing in Hapjeong-dong 447, Mapo-gu, ▲ redevelopment of Doma and Byeondong 1 District in Daejeon, ▲ reconstruction of Sinam 10 Redevelopment Promotion District in Daegu, ▲ small-scale reconstruction of Hannam Shibeom Apartment in Yongsan-gu, ▲ redevelopment of Geumo Living Area 1 District in Uijeongbu, ▲ redevelopment of Haga District in Jeonju, ▲ redevelopment of Beomcheon 4 District in Busan, ▲ remodeling of Byeoksan Apartment in Geumho-dong, Seongdong-gu, ▲ redevelopment of Hoeweon 2 District in Changwon, ▲ Garohousing in Jangwi 11-1 District, Seongbuk-gu, ▲ redevelopment of Macheon 4 Redevelopment Promotion District in Songpa-gu, and ▲ reconstruction of Yonghwa Jugong 1 Complex in Asan, recording orders worth 3.1352 trillion KRW.

Last year, Hyundai Engineering & Construction was the only company to simultaneously join both the 3 trillion KRW and 4 trillion KRW clubs by recording orders worth 4.7383 trillion KRW across 17 projects. This year, it has surpassed 3 trillion KRW with only 13 projects. Considering that Hannam 3 District, which greatly contributed to last year’s record-breaking performance, was worth about 1.7 trillion KRW, this year’s orders have already exceeded last year’s record of 3 trillion KRW from 16 projects.

Notably, this year Hyundai Engineering & Construction is achieving comprehensive orders not only in traditional strongholds such as redevelopment and reconstruction but also in various types of housing projects including garohousing, small-scale reconstruction, and remodeling. Although the remodeling market has rapidly grown this year and accounts for a large portion of construction companies’ performances, 11 out of the 13 projects Hyundai Engineering & Construction secured are pure maintenance projects worth about 2.5 trillion KRW. Additionally, several remodeling projects are scheduled for bidding or expected to be ordered in the fourth quarter, making further performance gains from remodeling projects foreseeable.

Following its first-place ranking in the urban maintenance business sector for two consecutive years in 2019 and 2020, Hyundai Engineering & Construction’s steady new orders this year are largely due to its stable project management capabilities. As orders and project sites surged, Hyundai Engineering & Construction established a dedicated project promotion organization within the Urban Maintenance Business Division in June to separate order sales and project promotion. The project promotion team handles administrative tasks and supports the association’s rapid permits after order acquisition, proactively managing risks, while the order sales team focuses solely on new orders, creating a synergistic effect between the two.

A Hyundai Engineering & Construction official said, "We analyze project sites thoroughly several months before participating in bids and present customized designs and project conditions that maximize strengths and compensate for weaknesses, which has received positive responses." He added, "We plan to actively secure the best-located and highest future value projects not only in the metropolitan area and six major metropolitan cities but also in key regional cities, making them the region’s top landmark complexes with Hillstate’s brand premium, luxury designs, and high-end communities."

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