Hyundai Engineering & Construction Wins 5.5499 Trillion KRW in Urban Renewal Projects... Achieves Record-Breaking Performance

Record High Performance, First 5 Trillion Club Since Establishment, Industry's First Triple Crown with 3 Consecutive Years of No.1
President Yoon Young-jun, Leading Leadership, Portfolio Diversification, and Proactive Risk Management Skills

Hyundai Construction achieved a 'Triple Crown' by renewing its record-breaking performance with consecutive orders until the last day of last year, joining the 5 trillion won club, and becoming the industry's first to rank first for three consecutive years.

According to the industry on the 2nd, Hyundai Construction simultaneously secured contracts for the Daechi Bichitown Street Housing Project (90.8 billion won) in the prime location of Samseong Station in Gangnam, Seoul, and the remodeling project of Jamwon Lotte Castle Galaxy 1st Apartment in Seocho-gu (185 billion won) on December 31, the last day of last year, closing the urban maintenance business division's orders at 5.5499 trillion won for the year.

This is the highest record ever achieved in the urban maintenance business division since Hyundai Construction's establishment and the first record in the urban maintenance industry to rank first for three consecutive years.

Daechi Bichitown Street Housing Maintenance Project worth 90.8 billion won, proposing ‘THE H Samseong Station’

The Daechi Bichitown Street Housing Maintenance Project Association and the Jamwon Lotte Castle Galaxy 1st Remodeling Maintenance Project Association held extraordinary general meetings on the 31st of last month to select contractors, conducted a member vote on Hyundai Construction’s sole bid as the preferred negotiation partner, and finally selected Hyundai Construction as the contractor.

The Daechi Bichitown Street Housing Maintenance Project is a project to construct a total of 95 apartment units, offices, and neighborhood living facilities on a total site area of 4,497.90㎡ across seven parcels including 17-8, Yeongdong-daero 85-gil, Gangnam-gu, Seoul (Daechi-dong 951-1), applying a floor area ratio of 299.96%, with six basement floors and 18 above-ground floors. The total construction cost is approximately 90.8 billion won.

Hyundai Construction proposed ‘THE H Samseong Station’ by applying its premium residential brand THE H to maximize the location advantages and product value of Daechi Bichitown, featuring landmark facade design that enhances the complex’s prestige, a luxury garden blending artwork and landscaping, a top-tier sky community symbolizing a high-end apartment, and the H Silent Home system minimizing noise between floors, encompassing all upscale elements for both the complex and individual units.

Jamwon Galaxy 1st Remodeling Project worth 185 billion won, proposing ‘THE H La Fluss’

The Jamwon Lotte Castle Galaxy 1st Remodeling Project is located at 3, Jamwon-ro 14-gil, Seocho-gu, Seoul (Jamwon-dong 50), covering an area of 11,939.60㎡. It involves remodeling five apartment buildings with a total of 256 units, ranging from 14 to 25 floors above ground and two basement floors, by vertically extending 2 to 3 floors. The floor area ratio will increase from the existing 312.33% by 100.82% to 413.15%, resulting in five buildings with 284 units, ranging from 16 to 28 floors above ground and four basement floors.

Jamwon Lotte Castle Galaxy 1st is set to become the first apartment to undergo remodeling 19 years after reconstructing the Seorak Apartment in 2002.

Hyundai Construction applied its premium residential brand THE H and combined the English abbreviation for Los Angeles (LA) and the German word for river, FLUSS, proposing the complex name ‘THE H La Fluss’ to signify a world-class residential masterpiece by the Han River.

To make ‘THE H La Fluss’ a landmark complex, Hyundai Construction plans to apply architectural design by the world-renowned firm SMDP, and maximize the value and pride of the luxury complex by planning a luxury sky community with unobstructed views of the Han River and an integrated community linked with a sunken plaza.

Additionally, to enhance the view, view-type windows will be applied not only in the living room but also in the kitchen, bedroom, and bathroom. The project also proposes premium floor plan specializations for the highest residential satisfaction, such as applying a 100mm higher well ceiling in each room compared to the standard floor height.

Record-breaking highest performance, first 5 trillion won club since establishment, industry’s first 3 consecutive years at No.1 'Triple Crown'

Hyundai Construction secured construction rights worth a total of 5.5499 trillion won across 23 sites, starting with the sole contract for the remodeling project of Suji Sinjeong Village 9 Complex in Yongin this year, achieving first place.

Compared to 2020, when Hyundai Construction achieved its highest record of 4.7383 trillion won and was the only company to join both the 3 trillion won and 4 trillion won clubs, with the Hannam 3 District contributing significantly with a 1.7 trillion won project, last year’s record was achieved without any mega projects worth trillions, making it a relatively higher achievement.

In particular, Hyundai Construction secured construction rights worth 1.9258 trillion won across seven remodeling projects, contributing significantly to the urban maintenance industry’s strong performance last year and ranking first in the remodeling sector in its first year of entry.

It is also noteworthy that Hyundai Construction showed strong momentum by securing contracts worth 2.0686 trillion won from eight projects in December alone.

Considering that bidding preparation involves analyzing project sites months in advance, Hyundai Construction explained that having experts well-versed in urban maintenance projects widely deployed allows them to prepare multiple projects simultaneously while providing the best project proposals for each site.

President Yoon Young-jun’s pioneering leadership, portfolio diversification, and proactive risk management drive project execution

Hyundai Construction’s urban maintenance project orders last year were even more meaningful as they recorded comprehensive orders not only in traditionally strong redevelopment and reconstruction projects but also in various types of housing projects such as street housing, small-scale reconstruction, and remodeling projects.

In 2020, when Yoon Young-jun was head of the Housing Business Division, he proactively responded to portfolio diversification in urban maintenance projects and the expansion of the remodeling market by establishing a dedicated remodeling organization and reinforcing capabilities by recruiting specialized personnel, actively strengthening competitiveness in remodeling project orders.

Since being appointed CEO in March this year, President Yoon has been directly leading the housing business. In particular, in December, he appointed Executive Director Kim Tae-gyun, who contributed to securing the Hannam 3 District contract and achieving record-breaking performance for two consecutive years while overseeing urban maintenance projects, as head of the Housing Business Division to further strengthen urban maintenance projects. He also personally visited the Gojan Yeonrip 3 District site, which attracted attention last year for its unprecedented competitive bidding in the metropolitan area, to encourage the bidding team.

In June, as the number of urban maintenance project sites surged, Hyundai Construction created a dedicated project execution organization within the Urban Maintenance Business Division to separate bidding sales and project execution.

The project execution organization is responsible for proactive risk management, supporting administrative tasks and rapid permits from associations after project orders, while the bidding sales organization focuses solely on new orders. This organic collaboration between organizations enables stable project execution, and Hyundai Construction’s order-taking strength is expected to continue in 2022.

A Hyundai Construction official said, “Achieving the first-ever 5 trillion won in orders in the urban maintenance business division since our establishment and achieving the highest record, as well as becoming the industry’s first to rank first for three consecutive years, was possible thanks to the trust and choice of the association members.” He added, “As a firmly established No.1 company in urban maintenance projects, we will always approach every project with sincerity to set an example as a leading company in urban maintenance projects and do our best to lead the establishment of an honest bidding and promotion culture.”

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