[Asia Economy Reporter Yuri Kim] Hyundai Engineering has succeeded in securing the first urban renewal project contract of 2020.
Hyundai Engineering announced on the 19th that it was selected as the construction company at the contractor selection meeting for the Ulsan Jung-gu B-05 District Housing Redevelopment Project held on the 18th at Ulsan Church in Boksan-dong, Jung-gu, Ulsan.
The Ulsan Jung-gu B-05 District Housing Redevelopment Project is a redevelopment project of a 200,000㎡ area at 460-72 Boksan-dong, Jung-gu, Ulsan, consisting of 29 apartment buildings ranging from 3 basement floors to 25 above-ground floors, with 2,625 households and auxiliary welfare facilities. Among the 2,625 households sized 40~85㎡, 1,646 households, accounting for 63%, will be sold to the general public.
Hyundai Engineering formed a consortium with Lotte Construction, Hyosung Heavy Industries, and Jinheung Enterprise to win this contract. Of the total construction cost of 533.8 billion KRW, Hyundai Engineering's share is 160.1 billion KRW (30%).
The Ulsan Jung-gu B-05 redevelopment district is evaluated as a project site equipped with industrial infrastructure, educational infrastructure, and transportation infrastructure. It is located in the residential center of Jung-gu and is adjacent to Ulsan Ujeong Innovation City, where many public institutions such as Korea National Oil Corporation, Korea Workers' Compensation and Welfare Service, Korea Energy Agency, and Korea East-West Power are located. Boksan Elementary School is planned to be built within the complex, and within a 1km radius, there are 13 educational facilities including Ulsan Middle School, Seongsin High School, and Ulsan High School, with the Haksadong academy district nearby.
To the north of the project site is the Northern Circular Road connecting Ujeong Innovation City and Buk-gu, Ulsan, and to the south is Beonyeong-ro, a key road network connecting Jung-gu and Nam-gu, Ulsan.
Hyundai Engineering previously sold 'Hillstate Suam,' a reconstruction of the Yaeum Jugong 2nd Complex in Nam-gu, Ulsan, in 2016, achieving the highest subscription competition rate in the Ulsan region with a peak of 426.33 to 1 and an average of 110.17 to 1.
A Hyundai Engineering official said, "The high trust Hyundai Engineering has built in the Ulsan area through the Hillstate Suam reconstruction project and the recognition of Lotte Construction, which is currently carrying out the redevelopment project in Ulsan Jung-gu B-04 area, played a key role in winning this project," adding, "We will do our best to supply high-quality apartments through close cooperation with the consortium companies in the Ulsan B-05 redevelopment project as well."
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