Hyundai Construction Partners with Hyundai Motor and Aegis Asset Management to Build UAM Takeoff and Landing Sites in Downtown Seoul

Song Jaeyong, Executive Director of Hyundai Motor Company, Yoon Youngjun, President of Hyundai Construction, and Lee Gyuseong, CEO of Aegis Asset Management (from left), are posing for a commemorative photo after signing the UAM vertiport MOU at the Hyundai Construction headquarters building located in Gye-dong, Jongno-gu, Seoul on the 15th.

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[Asia Economy Reporter Kangwook Cho] Hyundai Construction, Hyundai Motor Company, and Aegis Asset Management are engaging in strategic mutual cooperation to successfully realize Korea-style Urban Air Mobility (K-UAM).

Hyundai Construction announced on the 17th that on the 15th, it signed a Memorandum of Understanding (MOU) with Hyundai Motor Company and Aegis Asset Management at Hyundai Construction’s headquarters located in Gye-dong, Jongno-gu, Seoul, to promote the UAM vertiport business.

The UAM vertiport refers to the takeoff and landing spaces for UAM located within urban areas, serving as new infrastructure spaces situated at major urban transportation hubs. In the future, it is expected to play a role not only as new transportation infrastructure but also to have various development expansions linked with residential, office, and commercial facilities. The market forecasts that by 2040, out of the global UAM market size of 1,700 trillion KRW, infrastructure facilities will grow to about 740 trillion KRW.

This agreement includes ▲ joint cooperation for selecting UAM vertiport business sites ▲ joint efforts for commercializing the UAM vertiport business ▲ cooperation for developing UAM vertiport business models ▲ and active mutual exchanges related to UAM.

Hyundai Construction agreed to promote the installation and operation of vertiports in the development project of the Millennium Hilton Hotel site (located in Jung-gu, Seoul), which is being jointly developed with Aegis Asset Management. The main purpose is to develop this asset as one of the new transportation hubs in line with the commercialization timing of UAM being developed by Hyundai Motor Company.

The Millennium Hilton Hotel site development project involves purchasing existing assets to develop, construct, and operate a mixed-use building. It is located adjacent to metropolitan transportation (KTX Seoul Station, Airport Railroad, GTX), making it a key urban transportation hub. The three companies will continue to discover other expected domestic installation sites besides the Millennium Hilton Hotel site.

Hyundai Motor Company and Hyundai Construction previously signed an MOU in 2020 for the “Successful Realization and Test Flight Demonstration of K-UAM” and another MOU in 2021 for the “Successful Realization and Ecosystem Building of Urban Air Mobility.”

In particular, Hyundai Motor Company and Hyundai Construction are included among the nine private companies in the government-led UAM Team Korea. Hyundai Construction is the only construction company participating.

Yoon Young-jun, CEO of Hyundai Construction, emphasized, “Through this MOU, we will proactively secure development capabilities related to vertiports, such as business plans and concept establishment, in the pre-commercialization stage of UAM, leading the domestic urban air mobility market. Furthermore, we will continuously strive to develop various models, including applying UAM-specialized cities linked with smart cities.”

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