Hyundai Construction Signs 1.2 Trillion Won Contract for Namsan Hilton Development Project

Hyundai Construction announced on the 12th that it has won a contract worth 1.1878 trillion KRW to develop the site of the Hilton Hotel at Seoul Station.

This project involves demolishing the Hilton Hotel located in Namdaemunro 5-ga, Jung-gu, Seoul, and constructing a mixed-use facility with 10 basement floors and 39 above-ground floors. The project was commissioned by YD427PFV, which previously acquired the building.

Hyundai Construction will collaborate with Foster + Partners, the design firm behind Apple and Bloomberg headquarters, to build the commercial real estate 'Trophy Asset.' The site will include one large office building and a hotel. Forty percent of the total site area will be developed as open green space.

Aerial view of the Seoul Station Millennium Hilton Hotel site development project. Provided by Hyundai Engineering & Construction

Previously, Hyundai Construction participated as a major shareholder in YD427PFV alongside Aegis Asset Management and Shinhan Financial Group. The company emphasized that it has demonstrated its project management capabilities by leveraging its development experience to handle financial analysis, contract management, and negotiations.

Along with the Namsan Hilton development, Hyundai Construction is advancing projects such as the Gayang-dong CJ site transit-oriented landmark, which recently completed financing, and the Bokjeong Station area development project, considered the largest mixed-use business complex in the country. The company expects to accelerate its transition to a strategic investor (SI).

A Hyundai Construction official stated, "Seoul Station is a key transportation hub connecting domestic and international routes and has the potential to become an international landmark. We will focus on ensuring project stability and profitability to present a new paradigm for mixed-use investment development projects."

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