Mixed Complex with Office, Hotel, and Officetel
Construction Begins After 3 Years Since 2021 Preliminary Negotiations
Completion of KRW 2.1 Trillion Main PF Conversion
Plans for Asset Ownership and Operation After Completion
Hanwha Construction Division announced on the 28th that it has completed the permits and financial procedures for the 'Seoul Station North Area Complex Development Project' and will begin construction next month.
The Hanwha consortium secured a bridge loan worth 740 billion KRW last October for land acquisition, and after about a year, completed the conversion to a main project financing (PF) of 2.105 trillion KRW. The Hanwha consortium successfully finalized the related permits about three years after completing preliminary public contribution negotiations with the Seoul Metropolitan Government in 2021 and confirming the development plan.
The Seoul Station North Area Complex Development is a large-scale mixed-use complex project located in Bongnae-dong 2-ga, Jung-gu, Seoul, combining MICE facilities, offices, hotels, and officetels. On the former vacant railway idle land, five buildings ranging from six basement floors to 39 above-ground floors with a total floor area of approximately 340,000 square meters will be constructed.
The project site in the northern area of Seoul Station is close to famous tourist attractions such as Namsan, Myeongdong, and Gyeongbokgung, and has excellent accessibility to major areas including Jongno, Euljiro, and Yongsan. It is accessible via Seoul Metropolitan Subway Lines 1 and 4, the Gyeongui-Jungang Line, and the Airport Railroad, with future connections planned to GTX-A and the Shinansan Line.
The project implementation is entrusted to Seoul Station North Area Development, funded by Hanwha Impact, Hanwha, Hanwha Connect, and Hanwha Hotels & Resorts, while construction is handled by Hanwha Construction Division. Hanwha Group affiliates are leading the project, successfully raising over 2 trillion KRW in funding based on the creditworthiness and strengths of the group affiliates.
The Hanwha consortium plans to establish and promote a long-term business plan based on the competitiveness of its affiliates across all sectors of the complex development project, including construction, service and leisure, asset management, and investment. Instead of selling the assets after completion, the consortium intends to retain and operate the assets to continuously increase their value.
Kim Seung-mo, CEO of Hanwha Construction Division, said, "Hanwha Construction Division has successfully completed prestigious complex development projects such as the Inspire Entertainment Resort with a 5-star hotel, multipurpose arena, and shopping facilities, as well as the Suwon MICE complex combining a department store, aquarium, and hotel. We will also successfully complete the Seoul Station North Area project, which will break ground soon."
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