Hanwha Construction to Start Sequential Construction of 7.3 Trillion Won Complex Development Projects from This Year

Construction Begins on Cheonan-Asan Station Area Development Project Early This Year
Next Year: Seoul Station North, Daejeon Station, Suseo Station, Jamsil MICE, and More

Perspective View of Jamsil MICE Complex Space Development Project

Hanwha Construction is set to officially launch its large-scale development projects this year, starting construction on the Cheonan-Asan Station, Seoul Station, Daejeon Station, Suseo Station, and Jamsil MICE (Meetings, Incentives, Conferences, and Exhibitions) complex developments.

Complex development refers to projects that go beyond apartments or office buildings by linking various facilities for cultural, leisure, business, residential, and commercial purposes, considering synergy effects. Since 2019, Hanwha Construction has secured public complex development projects worth a total of 7.26 trillion KRW over four years.

Earlier this year, Hanwha Construction began full-scale construction of the Cheonan-Asan Station area development project, with a total project cost of approximately 900 billion KRW. Upon completion in 2027, it is expected to become a landmark featuring up to 70 floors?the tallest in the Chungcheong region?with symbolic significance and premium hotel-grade community facilities such as a sky lounge.

Next year, preparations are underway for the successive groundbreaking of the Seoul Station North Area complex development project, Daejeon Station area complex development project, Suseo Station transfer center complex development project, and Jamsil Sports MICE complex space creation project.

The Seoul Station North Area complex development project, with a total project cost reaching 2 trillion KRW, involves developing idle railway land around 122 Bongnae-dong 2-ga, Jung-gu, Seoul, to build a mixed-use facility including convention centers, hotels, offices, commercial and cultural spaces, and Forena officetels. If related procedures such as building permits proceed smoothly, construction is expected to begin in early 2023.

Perspective View of the Daejeon Station Area Development Project

The Daejeon Station area development project, with a total project cost of 1 trillion KRW, is a large-scale project to build mixed-use facilities including residential, retail, office, cultural, and lodging spaces with a total floor area of 350,000 square meters on commercial complex land in Complex 2-1 adjacent to Daejeon Station. The development plan reflects the restoration of the Daejeon urban axis divided into left and right sections, including a landmark Forena building up to 69 floors, with full-scale construction expected to begin in 2023.

The Suseo Station transfer center complex development project, with a total project cost of 1.2 trillion KRW, is located at 197 Suseo-dong, Gangnam-gu, Seoul, within the SRT Suseo Station area. It involves creating a transfer center including station facilities, retail, lodging, office, and cultural spaces. This will establish a three-dimensional transfer system considering SRT, Subway Line 3, Bundang Line, and the Samsung-Dongtan GTX. Construction of Shinsegae Department Store and Forena officetels is scheduled to begin in 2023.

Selected as the preferred negotiation partner last year and currently in active negotiations with Seoul City and others, the Jamsil MICE project is expected to break ground as early as the end of 2023. This project will develop approximately 350,000 square meters around the Jamsil Sports Complex in Songpa-gu, Seoul, including exhibition and convention centers, sports and cultural facilities such as a baseball stadium, and supporting office, lodging, and commercial facilities. With a total project cost of about 2.16 trillion KRW, it is the largest private investment project for a complex facility in Korea.

Perspective View of Suseo Station Transfer Center Complex Development Project

As these complex development projects move into construction starting this year, they are expected to positively impact Hanwha Construction’s performance. Since complex developments cluster various facilities in key urban locations, project scales often exceed the trillion-KRW level. However, even after being selected as the developer, various negotiation procedures and permits must be completed before construction begins, so it usually takes time before actual groundbreaking and revenue recognition occur.

Kim Mankyeom, Head of Development Business Division at Hanwha Construction, said, "Complex development projects require not only construction capabilities but also professional know-how in organically integrating diverse facilities through design, stable facility operation over decades, and securing public interest. Hanwha Construction will transform the faces of cities from Cheonan-Asan Station, Seoul Station, Daejeon Station, Suseo Station, to Jamsil MICE."

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