Hyundai Construction Wins 'Beomcheon 1-1' Contract "Will Make Hillstate Iconic a Symbol of Busan"

[Asia Economy Reporter Yuri Kim] Hyundai Engineering & Construction announced on the 29th that it has secured the construction rights for the Busan Beomcheon 1-1 District Urban Environment Improvement Project.

The Beomcheon 1-1 District association held a general meeting to select the construction company at the parking lot of a nearby driving school the day before and chose Hyundai Engineering & Construction as the contractor. Hyundai Engineering & Construction won the bid by obtaining 238 votes (52.9%) out of a total of 471 association members.

The Beomcheon 1-1 District is an urban redevelopment project with a total budget of 416 billion KRW, located in Beomcheon-dong 850-1, Jin-gu, Busan. It involves constructing 8 buildings ranging from 6 basement floors to 49 above-ground floors, totaling 1,511 households (1,323 apartments and 188 officetels), along with retail facilities and auxiliary welfare facilities. The construction period is 47 months after groundbreaking. The Beomcheon 1-1 District has attracted attention as a residential complex featuring double subway station access and "Chopuma" (apartments near elementary schools).

Hyundai Engineering & Construction stated, "In this bid, we proposed 'Hillstate Iconic' with the meaning of creating the one and only apartment complex symbolizing Busan," adding, "The financially solid structure enabled us to propose the 'Golden Time Sale System (association general sale timing is coordinated by the association)', which was effective." They further emphasized, "The irregular curved exterior and landscaping design, as well as the privacy strategy of increasing the floor slab thickness to 240mm, are comparable to the highest-end apartments in Gangnam."

A Hyundai Engineering & Construction official said, "Allowing association members to coordinate the general sale timing themselves maximized added value and enabled stable project progress, which moved the members," and added, "We will diligently carry out the project so that Hillstate Iconic becomes a landmark of Busan."