Hyundai Construction Surpasses 3 Trillion Won in Urban Renewal Project Orders in the First Half of the Year

Won 634.1 Billion KRW Contract for Songpa Garak Samik Mansion Reconstruction Project in One Day
Achieved Order Volume of 3.306 Trillion KRW from 5 Projects in the First Half of the Year

Perspective view of Songpa Garak Samik Mansion

Hyundai Construction has won the contract for the reconstruction project of Songpa Garak Samik Mansion. With this project, Hyundai Construction's urban renewal project orders in the first half of the year have exceeded 3 trillion won. The Garak Samik Mansion Apartment Reconstruction Maintenance Association in Songpa-gu held a general meeting on the 1st to select a construction company. At this meeting, a vote was held among the association members on Hyundai Construction's sole bid, and it was finally selected as the construction company.

The Garak Samik Mansion reconstruction targets the area of 166 Songpa-dong, Songpa-gu, Seoul. The complex, currently a 12-story building with 936 apartment units, is planned to be transformed into 16 apartment buildings ranging from 3 basement floors to 30 above-ground floors, with a total of 1,531 units. The construction cost is approximately 634.1 billion won.

Hyundai Construction proposed the complex name "The H Songpa Center Mark" for the Garak Samik Mansion reconstruction project and promised to make it the best residential landmark in Songpa by collaborating with Arcadis, which managed the project of the world's tallest building, Dubai Burj Khalifa, and Anthony Browne, a famous British children's book author.

Meanwhile, Hyundai Construction has ranked first in urban renewal project orders for five consecutive years, achieving 2.8322 trillion won in 2019, followed by ▲4.7383 trillion won in 2020 ▲5.5499 trillion won in 2021 ▲9.3395 trillion won in 2022 ▲4.6122 trillion won in 2023.

This year, starting with the Seongnam Jung 2 District Urban Environment Maintenance Project, Hyundai Construction has recorded orders worth 3.306 trillion won from a total of five projects including ▲Yeouido Hanyang Apartment Reconstruction ▲Incheon Bugae 5 District Redevelopment ▲Daejeon Doma·Byeondong 16 District Redevelopment ▲Songpa Garak Samik Mansion Reconstruction, achieving more than 70% of last year's order amount in just the first half of the year.

A Hyundai Construction official stated, "In the second half of the year, we are striving to secure additional projects such as Sinbanpo 2nd, Hannam 4 District, Mia 9-2 District, and Busan Yeonsan 5 District, and plan to preoccupy landmark projects focusing on brand value and profitability."