Hyundai Engineering and Hyundai Construction Win Contract for Changwon Hoeweon 2 District Redevelopment Project

New Construction of 19 Apartment Buildings with 2,065 Units and Ancillary Facilities, Total Construction Cost of 493.2 Billion KRW, Basement 3 Floors to 27 Floors Above Ground
Changwon's First Two Sky Lounges, Moon Gate and Exterior Specialized Design Applied...Reborn as Changwon Landmark Residential Complex
Hyundai Engineering Achieves 1.7205 Trillion KRW Urban Renewal Project Orders, Approaching Entry into the 2 Trillion KRW Club This Year

[Asia Economy Reporter Kangwook Cho] The consortium of Hyundai Engineering and Hyundai Construction has successfully secured the 490 billion KRW-scale 'Changwon Hoeweon 2 District Housing Redevelopment Project'.

Hyundai Engineering announced on the 27th that it was selected as the final contractor at the temporary general meeting held on the 26th for the Changwon Hoeweon 2 District Housing Redevelopment Project.

This project involves constructing 19 apartment buildings with 2,065 households and ancillary facilities on a 103,621㎡ site located at 480-31, Hoeweon 2-dong, Masanhwoewon-gu, Changwon-si, Gyeongsangnam-do. The buildings will range from 3 basement floors to 27 above-ground floors. The total construction cost is approximately 493.2 billion KRW. The shareholding ratio is 55% for Hyundai Engineering and 45% for Hyundai Construction, with Hyundai Engineering acting as the lead company.

The area is actively undergoing housing redevelopment and reconstruction projects, emerging as a new residential complex in the old downtown of Changwon. Nearby, Hoeweon 1 District (999 households) and Hoeweon 3 District (1,253 households) have already been completed. Redevelopment projects in Yangdeok 2 District (956 households), Yangdeok 3 District (487 households), Yangdeok 4 District (981 households), and Hapjeong 2 District (663 households) are progressing smoothly, and the area is expected to be newly developed as a representative residential town of Changwon.

Additionally, prestigious traditional school districts such as Masan Middle School, Masan High School, and Masan Girls' High School are located nearby. Within a 2 km radius, there are excellent transportation networks including KTX Masan Station, Masan Express Bus Terminal, and Seomasan IC on the Namhae 1st Expressway branch.

A Hyundai Engineering official explained, "Among the redevelopment projects underway in Masanhwoewon-gu, Changwon, the scale of the Changwon Hoeweon 2 District Housing Redevelopment Project is the largest, and by proposing differentiated designs that satisfy the union members, we were able to succeed in securing the contract."

For the first time in Changwon, two sky lounges, symbols of luxury apartments, will be installed. The project will also feature a duplex indoor gymnasium composed of an indoor swimming pool and golf practice range, and a gatehouse with a specialized design named Grace Gate.

Meanwhile, Hyundai Engineering has secured contracts as a contractor for two redevelopment projects this month alone: the Busan Jwacheon Beomil Integrated 2 District Urban Environment Improvement Project and the Changwon Hoeweon 2 District Housing Redevelopment Project, achieving a total order amount of 1.7205 trillion KRW as of the end of September. Depending on additional orders in the remaining period of this year, it is expected to surpass 1 trillion KRW in orders for two consecutive years and join the 2 trillion KRW club for urban redevelopment projects. Hyundai Construction, with this contract, has secured 8 redevelopment projects and 2 remodeling projects this year, recording a total order amount of 2.5594 trillion KRW. It is actively participating in projects scheduled to select contractors in the fourth quarter, such as Machon 4 District in Songpa-gu, Seoul, and Dong-gu 43 District in Daegu, aiming to be the industry's first to achieve first place for three consecutive years.

A Hyundai project team official expressed, "We will do our best to make this the best landmark complex in Changwon by demonstrating the excellent construction capabilities of both companies with designs and specialized plans worthy of the Hills State single brand."