Total 718.3 Billion KRW, 6 Basement Floors to 57 Above Ground Floors, 8 Buildings, 1,937 Apartment Units, 703 Officetel Units
Hyundai Engineering has been selected as the construction company for the Busan Jwacheon·Beomil Integrated District 2 Urban Environment Improvement Project in a consortium with GS Engineering & Construction.
The Hyundai Engineering·GS E&C consortium announced on the 13th that it was finally selected as the construction company at the extraordinary general meeting of the ‘Busan Jwacheon·Beomil Integrated District 2 Urban Environment Improvement Project’ held on the 12th.
The Busan Jwacheon·Beomil Integrated District 2 Urban Environment Improvement Project is a development project on a 46,610.5㎡ site at 68-119 Jwacheon-dong, Dong-gu, Busan, consisting of eight apartment buildings with 1,937 households ranging from six basement floors to 57 above-ground floors, 703 officetel units, and retail facilities, with a construction cost of approximately 718.3 billion KRW.
The Busan Jwacheon·Beomil Integrated District 2 is located within a 250m radius of Jwacheon Station on Busan Metro Line 1, offering excellent transportation conditions. With numerous development benefits around the project site, including the nearby North Port redevelopment project and the relocation of the US military’s 55th Supply Depot, it is expected to become a landmark complex near Busan Station in the future.
The Hyundai Engineering·GS E&C consortium is evaluated to have succeeded in winning the bid by presenting optimal project conditions that meet the needs of the association and its members, enabling the association to proceed with the project stably amid various government real estate regulations.
Since entering the urban redevelopment market, Hyundai Engineering secured orders worth 1.4166 trillion KRW last year, achieving over 1 trillion KRW in urban redevelopment orders for the first time. This year, including this urban environment improvement project, it has achieved performance of approximately 1.45 trillion KRW, surpassing last year’s results.
GS Engineering & Construction recorded approximately 2.64 trillion KRW in orders this year with this project, maintaining an average annual urban redevelopment order amount exceeding 2.2 trillion KRW over the past five years. Especially this year, it is focusing heavily on urban redevelopment projects in provincial areas such as Daegu Seomun District, Changwon Sinwol District 1, Daejeon Domabyeon-dong 12, Busan Seogeumsa District 5, and Daejeon Seongnam-dong District 3 redevelopment.
A representative of the Hyundai Engineering·GS E&C consortium said, "We will mobilize all our capabilities to create Busan Jwacheon·Beomil Integrated District 2 as a landmark complex representing the Busan Station area by leveraging the business experience and outstanding construction capabilities of both companies."
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