Hyundai Engineering and Hyundai Construction Win Remodeling Contract for Pyeongchon Gojak Booyoung Apartment
Total Project Scale 646.3 Billion KRW
Hyundai Engineering 55% Stake, Hyundai Construction 45%
Transformed into 1,942 Units from Basement 4 to 29 Floors Above Ground
Hyundai Engineering and Hyundai Construction announced on the 31st that they have won the contract for the 'Anyang Pyeongchon Gongjak Booyoung Apartment Remodeling Project' worth a total of 646.3 billion KRW.
Hyundai Engineering formed a consortium with Hyundai Construction and was selected as the final contractor at the general meeting for selecting the construction company held on the 30th for the Anyang Pyeongchon Gongjak Booyoung remodeling project. Hyundai Engineering holds a stake of approximately 355.5 billion KRW (55%), and Hyundai Construction holds 290.8 billion KRW (45%).
The Hyundai Engineering consortium will remodel the Gongjak Booyoung Apartments located in Gwanyang-dong, Dongan-gu, Anyang-si, Gyeonggi-do, from the existing 20 above-ground floors with 1,710 units (14 buildings) to 4 basement floors to 29 above-ground floors with 1,942 units (18 buildings). By horizontally and separately expanding the buildings, an additional 232 units will be secured and planned for general sale.
The alternative design proposed by the Hyundai Engineering consortium to improve marketability received particularly favorable reviews from the union members. They suggested changing the wall separating the rooms and living room to glass sliding doors, allowing the space to be used as an open area, and proposed improvements and additions to storage spaces to enhance the space efficiency of small-sized units.
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A Hyundai Engineering official stated, “Following the securing of the construction rights for the ‘Anyang Pyeongchon Chowon 2nd Complex Daelim Apartment Remodeling Project’ in May, we have now secured the construction rights for the largest remodeling project in the Pyeongchon area.” Hyundai Engineering’s credit rating is AA-.
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