Kumho Construction Wins Contract for 'Gangneung Hoisandong Apartment Complex Construction'

by Kwon Hyeonji

Published 19 Feb.2024 14:27(KST)

Scheduled Supply of 329 Units from Basement Level 2 to 28 Floors Above Ground

Kumho Construction announced on the 19th that it has won the contract for the ‘Gangneung Hoisandong Apartment New Construction Project.’

The Gangneung Hoisandong Apartment New Construction Project involves developing the area around 536 Hoisandong, Gangneung City. Renaissance Avenue is the client, and Korea Investment Real Estate Trust is participating as the trustee. The total construction cost is 90.1 billion KRW. This project secured stability by combining a ‘loan-type land trust project,’ where the trustee directly finances the construction with a guarantee from the Korea Housing Finance Corporation (HF) covering 90% of the guarantee ratio.

Aerial view of the new apartment construction in Hoesandong, Gangneung. Photo by Kumho Construction

Kumho Construction plans to supply 329 apartment units across three buildings, ranging from two basement floors to 28 above-ground floors, on a 17,461㎡ site. The unit sizes range from 84㎡ to 166㎡ of exclusive area, offering various types for each size. The highly preferred 84㎡ units make up 78% of the total, and all units are oriented southward.

The complex will be located in the ‘Hoisan District,’ which offers convenient transportation networks and living infrastructure. It is adjacent to the Donghae Expressway Gangneung IC, making travel to Seoul and other metropolitan areas convenient. Using National Road No. 35, residents can access living infrastructure such as Gangneung City Hall, the Express Bus Terminal, Gangneung Medical Center, and large supermarkets. Natural spaces such as the ‘Neoul Garden,’ ‘Wave Garden,’ and ‘Four Seasons Walkway’ will also be arranged within the complex.

A Kumho Construction official stated, “Following the successful sale of ‘Gangneung Gyodong Kumho Eoullim Olympic Park’ last year, we are once again able to introduce Kumho Construction apartments in Gangneung. Based on Kumho Construction’s experience and technical expertise, we will do our best to create a residential space that satisfies all residents.”