Hyundai Engineering Wins Remodeling Project for Ichon Hangaram

Achieved 1.2 Trillion KRW in Orders This Year from Remodeling Projects Alone

Perspective view of the Ichon Hangaram Apartment remodeling project. (Provided by Hyundai Engineering)

[Asia Economy Reporter Kim Hyemin] Hyundai Engineering recently secured the remodeling project for Ichon Hangaram Apartment in Ichon, Yongsan-gu, Seoul, achieving over 1 trillion KRW in remodeling project orders this year alone.

Hyundai Engineering announced on the 25th that the consortium formed with GS Construction was selected as the final contractor at the general meeting held on the 22nd for the Ichon Hangaram Apartment remodeling project.

The total construction cost is 991.3 billion KRW, with Hyundai Engineering's share amounting to 396.5 billion KRW. The cumulative remodeling orders this year have exceeded 1.219 trillion KRW.

This project involves remodeling Ichon Hangaram Apartment in Ichon-dong 404, Yongsan-gu, from the existing structure of 3 basement floors to 22 above-ground floors with 2,036 households, to a remodeled structure with 6 basement floors to 23 above-ground floors and an additional separate building of 35 floors, totaling 2,281 households. The 245 households newly constructed through the separate building extension will be offered for general sale.

Hyundai Engineering formed a remodeling sales team last year and entered the market for the first time. Since securing the first order for the Gwangmyeong Cheolsan Hanshin Apartment remodeling in March last year, it has acquired construction rights for six projects including Songpa Garak Ssangyong 1st, Suwon Yeongtong Shinseong Sinan Ssangyong Jinhung, and Changwon Seongwon Towol Grand Town. The total cumulative amount is approximately 1.8238 trillion KRW. Last month, it also secured its first solo order for the remodeling project of Suji Samsung 1st Apartment in Yongin.

A Hyundai Engineering official stated, "Our strategy of offering the best project conditions that meet the needs of the association members, combined with the highest credit rating (AA-) among domestic construction companies and abundant cash liquidity, is considered a key factor for our success in securing orders," adding, "We will continue to actively pursue additional remodeling project orders by proposing excellent project conditions."

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