Hanwha Construction to Start Northern Station Area Development in 2022
Developing MICE Complex with Seoul City and Korail
Hanwha Engineering & Construction announced on the 29th that it will officially begin the development process targeting the start of construction in 2022 for the 'Seoul Station Northern Station Area Development Project,' for which it was selected as the preferred negotiator in 2019.
Earlier, on the 28th, the Seoul Metropolitan Government confirmed the development plan for the Seoul Station Northern Station Area after preliminary negotiations with Korail and the Hanwha consortium, and announced that it will proceed with follow-up procedures such as urban planning changes and building permits. Accordingly, a 'Gangbuk version of COEX' equipped with an international conference center, office facilities, and a hotel is expected to be established right next to Seoul Station.
Hanwha Engineering & Construction has been conducting various discussions through continuous consultations with the Seoul Metropolitan Government and others to expand the functions of the Seoul Station historic city center, secure public interest, and promote integrated regional regeneration.
The Seoul Station Northern Station Area Development Project involves the complex development of idle railway land behind Seoul Station (located at 122 Bongnae-dong 2-ga, Jung-gu, Seoul) linked with Seoul Station, with a total project cost reaching approximately 2 trillion KRW. The project will feature five buildings up to 40 stories high, including MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities of international conference standards, hotels, retail, and office spaces, establishing a landmark in the Seoul Station area.
Hanwha Engineering & Construction stated, "We plan to fully leverage the capabilities of Hanwha Group affiliates included in the consortium to complete Seoul Station befitting its status and position as the nation's gateway," adding, "We will also actively contribute to revitalizing the local economy."
Hanwha Engineering & Construction is distinguished in large-scale complex development projects such as MICE complexes and station area development projects. Large-scale complex development goes beyond simple apartments or office buildings by linking various facilities for different purposes and considering synergy, requiring development capabilities that reflect the needs of multiple stakeholders and customers.
Earlier this year, Hanwha Engineering & Construction completed the 'Suwon MICE Complex' development project near Gwanggyo Lake Park and plans to actively apply this know-how to the Seoul Station Northern Station Area Development Project. The Suwon MICE Complex, which transformed the face of Gwanggyo New Town, is regarded as one of the most successful public offering development projects.
From the early stages of the project, Hanwha Engineering & Construction closely collaborated with Suwon City in public-private partnerships, sequentially completing the Suwon Convention Center in 2019, Galleria Gwanggyo Department Store, Courtyard Marriott Hotel, Aqua Planet Gwanggyo, and Forena Gwanggyo Officetel.
Additionally, Hanwha Engineering & Construction demonstrates its capabilities in station area development projects, which require high design skills as well as public interest, business feasibility, and operational capacity.
Last year, Hanwha Engineering & Construction was selected as the preferred negotiator as the lead consortium member in the Daejeon Station Area Development Project public offering, with a total project cost of 900 billion KRW. This large-scale project involves constructing a complex facility with a total floor area of 350,000㎡ for residential, retail, office, cultural, and accommodation uses on commercial complex land in Complex 2-1 adjacent to Daejeon Station.
Hanwha Engineering & Construction stated, "This year, we plan to expand our focus on complex development projects and actively promote station area development projects, where we have differentiated capabilities and proven track records."
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