Hyundai Engineering Wins 188 Billion KRW Contract for 'Gongpyeong 15·16 Urban Maintenance-Type Redevelopment'

Public-Private Partnership 'Urban and Architectural Innovation Plan' Project No. 1
"Establishing an Innovative Plan Harmonizing Maintenance and Preservation"

[Asia Economy Reporter Yuri Kim] Hyundai Engineering announced on the 8th that it has signed a contract worth 188 billion KRW for the "Jongno-gu Gongpyeong 15, 16 District Urban Maintenance-type Redevelopment New Construction Project."

The Gongpyeong 15, 16 District Urban Maintenance-type Redevelopment New Construction Project involves constructing two office and commercial buildings ranging from 8 basement floors to a maximum of 17 floors above ground on a 9,277㎡ (approximately 2,800 pyeong) site located at 87 Insadong, Jongno-gu, Seoul. The construction period is 31 months from the start of work.

The Gongpyeong 15, 16 District site is located within the office district extending from Gwanghwamun, known as the Central Business District (CBD), to Seoul Station. Hyundai Engineering explained that the area has favorable conditions for office buildings due to abundant foot traffic based on Tapgol Park, Pimatgol, and Insadong Street.

In particular, this project is the first under the "Urban and Architectural Innovation Plan," where the public and private sectors participate together throughout the entire maintenance project process. To preserve the area's historical significance and create a creative urban landscape, a mixed maintenance method is introduced. A plan and guidelines harmonizing preserved buildings with those under redevelopment have been established and applied. The building's lower floors will be opened to the public, and rooftop gardens will be created to breathe new life into the area.

By winning this construction contract, Hyundai Engineering recorded 1.2782 trillion KRW in urban maintenance project performance this year. A company official stated, "This is one of the top performances among major domestic construction companies," and added, "It is the result of recognized architectural capabilities."

Hyundai Engineering is expanding its business scope across various construction types, from residential facilities such as apartments and officetels to knowledge industry centers, office facilities, and commercial facilities.