Article Revival: HDC Hyundai Development Signs Construction Contract for Sangye 1 District

83% Approval Rate Among Union Members... 1,388 Household Scale

The Sangye 1 District Housing Redevelopment Maintenance Project Association in Nowon-gu, Seoul, has approved the construction contract with HDC Hyundai Development Company (Hyundai Development).

According to the maintenance industry on the 15th, at the regular general meeting of the Sangye 1 District Housing Redevelopment Maintenance Project Association held the previous day at the Nowon Citizens' Hall auditorium, the association passed the agenda item "Resolution on Contract Signing with HDC Hyundai Development" with 83% approval. Out of 715 association members, 461 attended, with 383 votes in favor, 63 against, and 15 abstentions or invalid votes.

The resolution at this general meeting was conducted ahead of the signing of the main contract after Hyundai Development was selected as the construction company last year.

The Sangye 1 District Housing Redevelopment Maintenance Project involves constructing 1,388 apartment units ranging from five basement floors to 25 above-ground floors, with a contract construction cost of 293 billion KRW. The area has favorable conditions for metropolitan transportation networks (Dongbu Expressway, Outer Ring Expressway, etc.) and public transportation (GTX-C line facilities, Line 4 Danggogae Station). It is adjacent to the Junggye-dong academy district, one of the three major academy districts (Daechi-dong, Mok-dong, Junggye-dong), making it a highly preferred residential complex.

Hyundai Development stated, "We thank the association members for their trust and will do our best to ensure the smooth progress of the project. We will create a more trustworthy residential complex."

Meanwhile, the court decided the previous day to temporarily suspend the business suspension order imposed on Hyundai Development. The Seoul Administrative Court Administrative Division 4 (Chief Judge Kim Jeong-jung) accepted Hyundai Development's application and decided to stay the execution (suspension of effect) of the eight-month business suspension order issued by the Seoul Metropolitan Government.

The court ruled to suspend the business suspension order until 30 days after the first trial verdict of the related main lawsuit is announced. Accordingly, Hyundai Development can continue its business until the main verdict is issued.

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