KB Kookmin Bank Headquarters Reconstruction... HanmiGlobal Secures 10 Billion Won Contract [Real Estate A to Z]

Comprehensive Project Management for 88 Months

Second Major Win Following KB Integrated Headquarters

KB Kookmin Bank is accelerating the reconstruction of its Yeouido headquarters building in Seoul, which is over 40 years old. HanmiGlobal has secured the 10 billion won construction management (CM) contract for the project. With the easing of building regulations, and as funds flood into the financial market—creating what is known as a “hot market”—reconstruction of financial company headquarters is gaining strong momentum.

KB Kookmin Bank Yeouido Headquarters, Yeongdeungpo-gu, Seoul. KB Kookmin Bank

According to sources in the financial and construction industries on April 29, KB Kookmin Bank and HanmiGlobal recently signed a contract for the “KB Kookmin Bank Yeouido Headquarters Reconstruction CM Service.” The contract is valued at 9.87 billion won, and the service period will span a total of 7 years and 4 months.

An official from the construction management industry commented, “If the CM service fee exceeds 5 billion won for a single contract, it is classified as a large-scale project. This contract, which is close to 10 billion won, is one of the largest in the private sector market.” HanmiGlobal also provided CM services for the construction of the KB Kookmin Bank integrated headquarters, which was completed in 2020.

Once the project is completed, the KB Kookmin Bank headquarters will be transformed into a large, prime-grade office building with eight basement floors and 34 above-ground floors, totaling a gross floor area of 104,800 square meters (approximately 31,700 pyeong). Considering the duration of the CM service, the building is expected to be completed around 2033.

This project is regarded as a representative case of first-generation financial headquarters reconstruction in Yeouido, which gained momentum after the Seoul Metropolitan Government announced the “Yeouido Financial District Zoning Plan” in 2024. Among the five aging financial headquarters in Yeouido currently undergoing reconstruction, this is the largest in scale.

HanmiGlobal will manage all aspects of the project over the next 88 months. The company’s responsibilities go beyond simple exterior review, covering verification of actual construction feasibility and appropriate construction costs. It will also handle demolition work, process management, responding to civil complaints, and safety management. Since the reconstruction of KB Kookmin Bank’s headquarters involves demolishing the existing building and constructing a large commercial facility in the heart of the city, the project requires advanced management. To reduce the overall construction timeline, simultaneous excavation of the basement and construction of the above-ground structure are being considered. After completion, HanmiGlobal will also be responsible for establishing a comprehensive commissioning plan, transferring facilities, handling defect repairs, and finalizing the construction cost settlement.

This project is expected to trigger a wave of reconstruction of aging financial company headquarters across the Yeouido area. Under the city’s zoning plan, the floor area ratio will be relaxed to over 1,000%. Major financial firms such as Kiwoom Finance Square and Meritz Fire & Marine Insurance are also moving forward with reconstruction of their office buildings. Sangjun Lee, head of the CRE team at commercial real estate service company RSQUARE, stated, “With the implementation of the Yeouido Financial District Zoning Plan and the simultaneous redevelopment of 15 aging apartment complexes, Yeouido is expected to strengthen its role as a financial, business, and residential hub. Some complexes are planned to be as tall as 47 to 59 floors, so both the reorganization of the business district and the densification of residential areas will occur simultaneously.”

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