[Construction in] "Sincere about Gwangwoon University Station Area... HDC Hyundai Development Company Considering Headquarters Relocation to Enhance Local Value"

Lee Jeong-eun, Head of Product Strategy Team at HDC Hyundai Development Company
Commercial facilities, apartments, offices, and hotel to be developed near Gwangwoon University Station
Station-area project named 'H1', new brand under review
"Will present a lifestyle where nature and healthy living coexist"

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"We are sincere about the region. We are even actively considering relocating our headquarters to enhance the value of the area. We want to make the Gwangwoon University Station area a place that, even 20 years from now, people will think ‘a great decision was made’."

Lee Jeong-eun, General Manager (Executive Director) of the Product Strategy Team at HDC Hyundai Development Company, is being interviewed by Asia Economy on the outdoor terrace of Yongsan I'Park Mall. Photo by Jo Yong-jun jun21@

‘H1’ is the project name for the Gwangwoon University Station area development. It signifies the utmost importance to HDC Hyundai Development Company. After winning the bid for this project, HDC Hyundai Development Company conducted more than 10 preliminary negotiations with the permitting authority, Seoul City, and will begin construction this October. The project covers approximately 150,000㎡ of railway facility land around Gwangwoon University Station in Wolgye-dong, Nowon-gu, Seoul, where commercial facilities, apartments, a hotel, offices, and a wellness center will be built.

Lee Jeong-eun, General Manager of the Product Strategy Team in the Development Headquarters, said, "Through the Gwangwoon University Station area project, we will showcase a future urban lifestyle where nature and healthy living coexist. By directly owning and operating the complex facilities, we will contemplate the city and create a sustainable profit model. The entire group company is making every effort to build the value chain."

The building on the commercial land, the core of the Gwangwoon University Station area, will be a cube-shaped structure with an open center in the shape of ‘ㅁ’. A courtyard will be created in the center. The lower floors will house commercial facilities, with offices and a hotel above. The building was designed by ‘UNStudio’, who also designed the Apgujeong Galleria Department Store. Lee said, "The commercial facility will become a landmark and form a single complex centered here. A landmark should be a space that gives a sense of ‘specialness’ to those who stay. The courtyard will be a space for interaction and connection with nature."

HDC Hyundai Development Company will directly operate the commercial facilities, offices, and hotel here. Lee emphasized, "Unlike typical sales, complex development requires a model that maintains profitability from a long-term perspective. Considering the end users, it is more important to build properly rather than obsess over novelty."

Lee Jung-eun, Executive Director and Head of Product Strategy Team at HDC Hyundai Development Company, is being interviewed by Asia Economy at a cafe in Yongsan I'Park Mall. Photo by Jo Yong-jun jun21@

HDC Hyundai Development Company will also directly own and operate the street mall located on the apartment complex land. Since street malls are more difficult to operate than indoor shopping malls, the design considers connectivity with the surrounding area.

Lee said, "36% of Seoul’s population is concentrated in the northeastern area, with 2 million people within a 5km radius, including 200,000 students. However, the proportion of complex malls or street malls in Seoul is only about 15%. We judged that offline consumption spaces are needed and planned a street mall connected to the shopping mall."

HDC Hyundai Development Company plans to apply a new brand to the Gwangwoon University Station area complex project. They are reviewing several alternatives such as ‘Seoul One’ and ‘Next’. Lee said, "We are carefully considering a brand that reflects a city model incorporating various elements of life."

Among the eight apartment buildings in the complex land, two will be operated by HDC Hyundai Development Company as ‘Premium Wellness Residences’. Lee said, "We plan to provide 24-hour medical care, health checkups, and diet management linked to a sports center. There will be no age restrictions, and it will be operated as a residence for people who pursue a wellness lifestyle."

HDC Hyundai Development Company aims to make the Gwangwoon University Station area a representative hub of Seoul. Lee said, "Through this project, we will create another heart of Seoul and contribute to enhancing Seoul’s competitiveness."