Hyundai Construction Partners with 13 Financial Institutions for Apgujeong District 2 Reconstruction Association

On June 4, Hyundai Construction announced that it had signed a financial cooperation memorandum of understanding (MOU) with KB Kookmin Bank for the Apgujeong District 2 reconstruction project.

With this agreement, Hyundai Construction has now signed MOUs with a total of 13 financial institutions: seven banks, including KB Kookmin Bank, Shinhan Bank, Woori Bank, NH Nonghyup Bank, SC First Bank, and Suhyup Bank, as well as six securities firms, including NH Investment & Securities, Korea Investment & Securities, KB Securities, Meritz Securities, Hyundai Motor Securities, and Kiwoom Securities.

Hyundai Construction explained that the agreement was signed to proactively address potential financial risks that may arise during the reconstruction project. The company also plans to develop customized financial support measures to reduce the financial burden on association members. Throughout the entire project process?including project costs, relocation expenses, interim payments, association member contributions, and final payments upon move-in?Hyundai Construction intends to propose financial products as needed.

Apgujeong District 2 consists of the Sinhyundai Apartment complex (phases 9, 11, and 12), which was completed in 1982 and has 1,924 units. The reconstruction project aims to redevelop the site into a new complex with 2,571 units.

Kim Dohyung, Head of Finance Division at Hyundai Construction, and Shim Jaesong, Vice President of CIB Sales Group at KB Kookmin Bank, are taking a commemorative photo after signing a financial agreement at the Hyundai Building in Gye-dong, Seoul. Photo by Hyundai Construction

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