[Asia Economy Reporter Oh Hyung-gil] HDC Hyundai Development Company, which caused a series of major collapse accidents in Gwangju, is withdrawing from the Unam 3 Complex reconstruction project in Buk-gu, Gwangju.
The Unam 3 Complex Housing Reconstruction Maintenance Project Association in Gwangju announced on the 25th that Hyundai Development Company has expressed its intention to delegate all construction authority to the joint contractors GS Construction and Hanwha Construction.
The consortium of GS Construction, Hanwha Construction, and Hyundai Development Company agreed to change the lead contractor to GS Construction and not to use the Hyundai Development brand after construction.
Unam 3 Complex, which is scheduled to house 3,214 households, originally planned to announce general sales in May this year and move-in notifications by the end of 2024. If the project resumes according to the agreement, general sales are expected around July this year, with move-in in spring or summer of 2025.
Hyundai Development Company is stepping back from construction but still holds shares, so it is not completely exiting the project.
A Hyundai Development Company official explained, "We agreed to withdraw from construction as a measure of responsibility for the Gwangju accident and the delays in smooth progress of construction. However, since we still hold shares, we decided to remain in the project group by reducing our share ratio to a level that does not hinder the project."
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