HDC Hyundai Development and GS Construction Join Hands for Seoul's First Sale 'Imun I-Park Xi' Attracting Attention

A large complex of more than 4,000 households will be supplied in Imun and Huigyeong New Town, Dongdaemun-gu, Seoul. The main project is 'Imun I-Park Xi,' a consortium led by HDC Hyundai Development Company and GS Construction. It is particularly notable as it is a complex jointly built by the two construction companies involved in previous collapse accidents, and for GS Construction, it is the first sale in Seoul since the accident at the end of April.

'Imun I-Park Xi' Rendering / Image courtesy of HCD Hyundai Development Company

According to the construction industry on the 18th, Imun I-Park Xi, a redevelopment complex in Imun 3 District, plans to issue a resident recruitment announcement at the end of this month and begin full-scale sales. The association has currently set the general sale price at 35.5 million KRW per 3.3㎡ and is awaiting approval from the district office.

The complex is the largest in Imun and Huigyeong New Town, consisting of three apartment complexes with a total of 4,321 households across 25 buildings ranging from 6 basement floors to a maximum of 41 floors above ground, and one officetel building with 594 units. Among these, 1,467 households will be available for general sale. It boasts an ultra-prime location near Hyehwa Station on Subway Line 1. This is the third sales complex in Imun and Huigyeong New Town following 'Huigyeong Xi Decencia' (redevelopment of Huigyeong 3 District) and 'Raemian La Grande' (redevelopment of Imun 1 District), which were sold in April and August respectively.

Some express concerns that the brand image might be affected since the complex is jointly constructed by HDC Hyundai Development Company and GS Construction, both of which carry the stigma of previous collapse accidents.

However, with the sales market heating up again, there is a prevailing judgment that the complex will be built more sturdily than ever before after the accidents. Additionally, both previously sold complexes were 'sold out,' leading industry insiders to expect no difficulties in the subscription success of Imun I-Park Xi. Especially as new housing supply is expected to gradually decrease, demand from homebuyers is becoming more active.

In fact, the 'Dunsan Xi I-Park' in Daejeon, jointly constructed by HDC Hyundai Development Company and GS Construction, attracted 48,415 applicants in the first priority subscription in August, marking the highest number of applicants this year. The highest competition rate was 354.29 to 1 for a 99㎡ unit. Despite controversy over the high average sale price of 19.6 million KRW per 3.3㎡ in the area, demand for new apartments was not met.

A representative from HDC Hyundai Development Company said, "Imun I-Park Xi is such a large complex and has an ultra-prime location, so we expect the subscription results to be favorable," adding, "We will build it solidly and safely together with GS Construction."

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