New CEO Hanwoo Lee Attends Joint Briefing on the 4th
Samsung C&T CEO Also Considering On-site Visit
Showdown of Pride Between Both CEOs
Hanwoo Lee, CEO of Hyundai Engineering & Construction, attended the joint briefing session for the Hannam 4 District redevelopment project in Yongsan-gu, Seoul, on the 4th as his first external schedule of the year. In Hannam 4 District, the top two domestic companies, Samsung C&T and Hyundai Engineering & Construction, are competing against each other. Lee, who was officially appointed at the shareholders' meeting on the 3rd, expressed his determination to win the contract by stating, "From now on, together with Hyundai Engineering & Construction, is the true beginning of Hannam 4 District."
At Samsung C&T, Sang-guk Kim, Vice President and Head of the Housing Development Division, attended the joint briefing session that day. It is also known that Se-cheol Oh, CEO of Samsung C&T, is considering a site visit. The two CEOs are senior and junior alumni of Seoul National University's Department of Architecture. In the industry, the Hannam 4 District contract is also seen as a battle of pride between the two company heads.
Hannam 4 District is a redevelopment project of the Bogwang-dong area in Yongsan-gu, Seoul, involving the construction of 2,331 apartment units across 51 buildings. The project cost proposed by the association amounts to approximately 1.5723 trillion KRW, making it a large-scale project. Among the Hannam New Town redevelopment projects, it is evaluated as having the best profitability considering its location and the number of general sale units.
Samsung C&T, leading with its 'Raemian' brand, would mark its entry into the Hannam New Town redevelopment project if it wins this contract. Hyundai Engineering & Construction can create the 'The H Town' by securing contracts for both District 3 and District 4.
CEO Lee mentioned that Hyundai Engineering & Construction has ranked first in urban maintenance project contracts for six consecutive years, stating, "The key to success is accurately understanding and perfectly fulfilling the needs of the association members."
Regarding Hyundai Engineering & Construction's The H brand, he said, "It has led the local market prices and proven its competitiveness." About Hyundai Engineering & Construction's technological capabilities, he introduced, "We were the first in the industry to apply first-class floor noise reduction technology on actual sites and are leading healthy residential environments through the research and development of 'All Life Care House.'"
Hyundai Engineering & Construction plans to showcase exterior designs in collaboration with the world-renowned architectural firm Zaha Hadid Architects. From a business perspective, CEO Lee promised to maximize the benefits for association members by offering optimal construction costs that save about 80 billion KRW compared to competitors, shortening the construction period by eight months, and reducing financial costs with the lowest interest rates ever.
He told the association members, "Among the many complexes along the Han River, we will provide the unique value of 'The H Hangang' exclusively to the Hannam 4 District association members."
Meanwhile, the developer for the Hannam 4 District redevelopment project is expected to be decided at the association members' general meeting scheduled for the 18th of this month.
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