[2020 Asia Construction Awards] HDC Hyundai Development Company, Leading Developer in Development Projects 'Standing Tall'

Asia Construction Awards Minister of Land, Infrastructure and Transport Commendation

[Asia Economy Reporter Moon Jiwon] HDC Hyundai Development Company (hereinafter HDC Hyundai Development) is a representative construction company that has successfully transformed from a general construction firm into a developer. In the 1970s, it pioneered a new chapter in urban culture development by entering the country's first urban development project and has established itself as a leader in the developer industry by consistently achieving results in architecture and civil engineering. Leveraging its long-accumulated technology and know-how, HDC Hyundai Development is currently promoting large-scale development projects such as the Seoul Kwangwoon University Station area development and the Incheon Yonghyeon-Hakik urban development project.

The Kwangwoon University Station area development project is the largest development project in the northeastern part of Seoul. It is a project promoted by securing stability and public interest through pre-negotiations between public and private developers to establish development plans. It is a large-scale project to create residential, office, retail, and cultural facilities on 150,000㎡ within the Kwangwoon University Station area in Wolgye-dong 85-7, Nowon-gu, Seoul. The total project cost amounts to 2.5 trillion KRW.

So far, HDC Hyundai Development has been recognized for consistently achieving results by conducting projects on large-scale sites with potential value. The Kwangwoon University Station area is also evaluated as a location with potential due to its role as a central hub for regional development in northeastern Seoul, the ability to improve large-scale residential environments, and excellent transportation networks such as the Metropolitan Area Express Train (GTX).

HDC Hyundai Development plans to incorporate its rich developer experience from projects like Suwon I-Park City, Haeundae I-Park, and Yongsan I-Park Mall. It signed a business promotion agreement with Korea Railroad Corporation in December 2017 and began pre-negotiations with Seoul City in April last year. Having completed pre-negotiations with Seoul City in the first half of this year, the project is expected to gain momentum going forward.

The core site is a mixed-use retail facility on the district center land. The mixed-use building, planned to be 40 stories high with an area of about 19,000㎡, will include a cinema and retail facilities that can be used by visitors and residents of the northeastern region. High-quality office facilities and a convention center will also be established to provide convenience as a vibrant mixed-use space and contribute to revitalizing the local economy. The mixed-use retail facility is expected to become an urban space connecting residents of the residential area south of the logistics complex, local residents, and Kwangwoon University students. HDC Hyundai Development expects this to become a landmark tower in northeastern Seoul.

HDC Hyundai Development is also progressing with the Yonghyeon-Hakik district urban development project, which involves land development of about 1.55 million㎡ and the construction of approximately 12,000 apartment units in Hakik-dong 587-1, Michuhol-gu, Incheon. This large-scale urban development is equivalent to a mini-new town, with a total construction cost of 2.8 trillion KRW. The HDC Hyundai Development consortium, in cooperation with Hyundai Engineering & Construction and POSCO Engineering & Construction, is responsible for contract construction and other tasks.

Starting with land development construction this year, the apartment complexes are scheduled to be completed sequentially by 2025. In the second half of this year, apartments and office facilities will be supplied in Yonghyeon-Hakik apartment Block 1-1 and office complex Blocks 1 and 2. An HDC Hyundai Development official emphasized, "We plan to create a stable profit model utilizing the capital market and share investment returns not only with institutions but also with individual investors. We will also establish a foundation for continuous growth by introducing new services involving HDC Group affiliates."