[Constructionin] "Hanwha, Gaining 5 Years of Practical Experience... Will Become a Leading Domestic Mixed-Use Development Developer"

Hwang Gyuheon, CEO of Seoul Station North Area Development
Seoul Station North Area to Begin Construction at Month-End
Five Buildings with Offices, Hotel, Convention Center, and Officetel
Hotel and Retail Facilities to Be Owned and Operated Directly

"Hanwha has intensively carried out numerous complex development projects over the past five years. Based on this experience, we will successfully complete the Seoul Station North Area Development and emerge as a representative complex development specialist developer in Korea, like Mori Building and Mitsui Fudosan."

Hwang Gyuheon, CEO of Seoul Station North Area Development, is being interviewed by Asia Economy at the Hanwha Building in Janggyo-dong. Photo by Hanwha

The Seoul Station North Area complex development project will break ground at the end of this month. This project is an important turning point to demonstrate Hanwha's capabilities as a developer. Hwang Gyuheon, CEO of Seoul Station North Area Development, said, "A few years ago, when participating in the complex development competition, the industry undervalued Seoul Station, considering it a boundary area of the office district and a deteriorated place," adding, "Seoul Station has transportation infrastructure including three subway lines and GTX A, B, and C lines, as well as open spaces and pedestrian infrastructure, making it sufficiently competitive and differentiated from other complex districts."

Hanwha was selected as the preferred negotiator for the Seoul Station North Area development in 2019. Afterwards, Hanwha's construction division, along with Seoul City and Korail, conducted preliminary negotiations and finalized the development plan in March 2021. Last year, the district unit plan was officially announced. The goal is to complete construction by June 2029. CEO Hwang started as the project manager in 2018 and has been serving as the CEO of the Seoul Station North Area Special Purpose Company (SPC) since June 2020, leading the project for four years.

A bird's-eye view of the Seoul Station North District Complex Development Project. Provided by Hanwha.

CEO Hwang said, "Station area complex development is highly challenging. However, it creates attractive spaces that contribute to the local community, increase asset value, and secure operational profits," adding, "Unlike general sales projects, the group will retain ownership of the assets, pour in its capabilities, and develop competitive facilities. In particular, the hotel and retail facilities will be owned and operated."

The Seoul Station North Area development project is a complex development located on a 29,000㎡ site between Seoul-ro 7017 and Yeomcheon Bridge Handmade Shoe Street, constructing convention (MICE) facilities, offices, retail spaces, and hotels. Five buildings will be constructed, ranging from six basement floors to 39 above-ground floors. The total floor area is approximately 340,000㎡. Among the five buildings, three will be offices, one will be an officetel, and the remaining one will house a hotel. Retail facilities will be located on the lower floors of the complex. The convention facilities will include a large conference hall accommodating up to 2,000 people and medium-sized meeting rooms. An observatory will be built on the top floor of the office building, and the hotel will be positioned as a five-star or higher establishment.

Hwang Gyuheon, CEO of Seoul Station North Area Development, is being interviewed by Asia Economy at the Hanwha Building in Janggyo-dong. Photo by Hanwha

Unlike Japan, which has many complex development cases such as Roppongi Hills, Midtown, and Azabudai Hills, Korea has a relatively short history of complex development. This also means that domestic developers face challenging conditions. Despite these circumstances, Hanwha has aggressively pursued station area development projects in recent years. In addition to Seoul Station, four projects including Suseo Station, Daejeon Station, and Jamsil MICE are being conducted simultaneously.

CEO Hwang said, "We have accumulated 'practical experience' through numerous projects over the past five years. Starting with a three-person task force, now more than 30 people including headquarters staff are dedicated to development projects," adding, "Our greatest strength is having intensively experienced everything from bidding, land acquisition, permits, design management, sales, to disposal. Few have achieved such results in such a short period."