Hyundai Engineering Achieves 2 Trillion KRW in Urban Renewal Project Orders... Milestone in Just 5 Years Since Entry

Selection of Construction Company for Namyangju Deokso 5A District Urban Environment Improvement Project... This Year's Total Orders Reach 2.0138 Trillion Won
Achievement of 2 Trillion Won in Orders Five Years After Entering Urban Improvement Projects in 2016, Joining the '2 Trillion Club'

Namyangju Deokso 5A District Urban Environment Improvement Project Bird's-eye View / Provided by Hyundai Engineering.

[Asia Economy Reporter Kangwook Cho] Hyundai Engineering has established itself as a leader in urban renewal projects by achieving an annual cumulative order amount of 2 trillion KRW for the first time since entering the urban renewal business.

Hyundai Engineering announced on the 31st that it was selected as the construction company at the general meeting held on the 30th for the 'Namyangju Deokso 5A District Urban Environment Renewal Project.'

The Namyangju Deokso 5A District Urban Environment Renewal Project is a development on a 28,813㎡ site at 458-15 Deokso-ri, Wabu-eup, Namyangju-si, Gyeonggi-do, consisting of six apartment buildings with 990 households ranging from 7 basement floors to 48 above-ground floors, 180 officetel units, and ancillary welfare facilities, with a construction cost of approximately 282.1 billion KRW.

Including this order, Hyundai Engineering achieved a cumulative order amount of 2.0138 trillion KRW in urban renewal projects in 2021. After joining the 1 trillion KRW club last year with a total order amount of 1.4166 trillion KRW in urban renewal projects, this year it succeeded in reaching a cumulative order amount of 2 trillion KRW, showing rapid growth in the urban renewal sector.

Hyundai Engineering’s success in securing orders is analyzed to be due to its strategy of proposing optimal project conditions that meet the needs of the union and its members, enabling stable project progress, based on the highest credit rating, financial soundness, and abundant cash liquidity among domestic construction companies.

Looking at this year’s order performance, there were a total of eight projects: redevelopment of Uijeongbu Jangam 5 District in January, remodeling of Gwangmyeong Cheolsan Hanshin Apartment and redevelopment of Daejeon Doma Byeondong 1 District in March, remodeling of Garak Ssangyong 1st Apartment in May, remodeling of Suwon Yeongtong Shinseong Sinan Ssangyong Jinheung Apartment in June, reconstruction of Ansan Palgok 1-dong 1 District in August, and urban environment renewal project of Busan Jwacheon-Bumil Integrated 2 District and housing redevelopment project of Changwon Hoeweon 2 District in September.

Perspective view of Namyangju Deokso 5A District Urban Environment Improvement Project / Provided by Hyundai Engineering.

A notable aspect of Hyundai Engineering’s total 2 trillion KRW orders in urban renewal projects is that orders stand out not only in redevelopment and reconstruction but also in remodeling projects.

Having entered the rapidly growing remodeling market for the first time this year, Hyundai Engineering has attracted industry attention by securing orders worth 604.7 billion KRW. By upgrading the Remodeling TF to a Remodeling Team and actively expanding remodeling projects, the company plans to solidify its position in the remodeling market.

Based on the highest credit rating (AA-) in the construction industry and excellent financial soundness, Hyundai Engineering has established itself as a rising power in the urban renewal market by offering stable project progress and superior financial conditions to union members. In the industry, Hyundai Engineering’s recognition in the urban renewal market continues to rise due to differentiated project proposals and construction capabilities that match the reputation of the No.1 apartment brand in brand reputation, ‘Hillstate.’

Hyundai Engineering’s strategy is to leave a lasting impression on the market as a genuine leader in urban renewal projects by actively participating in all sectors of urban renewal projects, including redevelopment, reconstruction, and remodeling, based on its order competitiveness and project execution capabilities.

A Hyundai Engineering official said, “Following last year’s entry into the 1 trillion KRW club for urban renewal projects, we have achieved the remarkable feat of reaching a total order amount of 2 trillion KRW this year.” He added, “We will further solidify our position in urban renewal projects by providing the best project proposals that satisfy union members based on differentiated order strategies and proactive union support.”

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