Yeouido Hanyang Apartment to Be Rebuilt as 'The H'

Reconstruction with up to 56 Floors and 992 Households
Promise of Luxury and Maximizing Owner Benefits

Hyundai Engineering & Construction has won the construction rights for the reconstruction project of Hanyang Apartment in Yeouido, Seoul.

Perspective view of 'The H Yeouido First,' the Yeouido Hanyang Apartment reconstruction proposed by Hyundai Engineering & Construction / Image courtesy of Hyundai Engineering & Construction

According to the maintenance industry on the 23rd, KB Real Estate Trust held a joint promotional briefing and a general meeting at the Hana Securities Building in Yeouido, Seoul, in the afternoon to select the construction company. Among the 587 owners, 548 participated in the vote, and Hyundai Engineering & Construction was chosen as the constructor with 314 votes.

Completed in 1975, Yeouido Hanyang Apartment currently consists of 8 buildings with 588 households. Through reconstruction, it will be transformed into 5 buildings with up to 56 floors and 992 households. Four apartment buildings and one officetel building will be constructed. A 16-floor public office building will be contributed as a public benefit.

Hyundai Engineering & Construction competed against POSCO E&C in this bidding. Attention was focused on whether POSCO E&C, which recently won construction rights competing against Daewoo Engineering & Construction and Samsung C&T, would continue its momentum against the traditional powerhouse Hyundai Engineering & Construction.

Hyundai Engineering & Construction presented the best business conditions in the history of reconstruction projects to the owners. Not only did they propose applying their high-end brand 'The H', but they also offered a 100% refund of the contribution fee to all households moving into the same unit size. Additionally, they emphasized maximizing owner benefits with conditions such as 100% financing of project costs through a trust method for the first time and 100% fixed construction costs. In case of unsold units, Hyundai Engineering & Construction agreed to bear the initial general sale price instead of the construction cost. The construction cost per 3.3㎡ is 8.24 million KRW.

The complex name was proposed as 'The H Yeouido First'. They promised to maximize views of the Han River by collaborating with the global design group SMDP and the world-renowned landscape design group SWA.

Earlier, on the 13th, Yoon Young-jun, President of Hyundai Engineering & Construction, visited the site and urged employees, "Even if costs exceed estimates, ensure to uphold the project proposal that maximizes the highest quality and development benefits promised to the owners, and develop it into Hyundai Engineering & Construction’s unique hyper-end specialized product."

Meanwhile, POSCO E&C proposed conditions including their high-end brand 'Otier', lower construction costs than Hyundai Engineering & Construction, and responsible financing of the total project cost of 1 trillion KRW, but they suffered a defeat with 231 votes in the election.