Yongsan UN Command Site, Hyundai Engineering & Construction Selected as Priority Negotiation Partner for Construction

[Asia Economy Reporter Jang Hyowon] As President-elect Yoon Seok-yeol has decided to relocate the presidential office to the Ministry of National Defense building in Yongsan-gu, Seoul, Hyundai Construction has been selected as the preferred negotiation partner for the construction and development of the Yongsan UN Command site.

Hyundai Construction announced on the 20th that it has been selected as the preferred negotiation partner for the construction of the UN Command site, commissioned by Eleven Construction.

Eleven Construction, a real estate development company, won the bid for the 51,762㎡ UN Command site in Itaewon-dong, Yongsan-gu, from the Korea Land and Housing Corporation (LH) in 2017 for 1.0552 trillion KRW and is currently promoting its development.

Located east of the former US military base site, it is a prime location that directly benefits from the Yongsan Park development and is considered a "golden land" in downtown Seoul.

Eleven Construction plans to build 420 apartments with 8 basement floors and 20 above-ground floors, 722 officetel units, a 6-star hotel with 285 rooms, and office and retail facilities on this site. The apartments are reported to be planned as luxury residential facilities.

Industry insiders predict that the construction cost will exceed 1.2 trillion KRW.

A Hyundai Construction official said, "Although we are still in the status of preferred negotiation partner, we expect to sign the main contract soon," adding, "We will develop the UN Command site into a landmark town in Yongsan."

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