[Click eStock] "HDC Hyundai Development Company, Seoulwon I-Park Sales Begin in Earnest"

NH Investment & Securities forecasted that HDC Hyundai Development Company's sales recognition from the development of 'Seoul One I-Park' will become full-fledged this year. The investment rating was maintained as 'Buy.'

Lee Eun-sang, a researcher at NH Investment & Securities, stated, "Seoul One I-Park recorded a sales rate of 90% based on the number of units as of the end of December last year," adding, "The amount recognized based on the final contract rate, which will be tallied by the end of March, the first interim payment date, will be determined for the next four years of progress."

He further explained, "Since medium-to-large-sized units are expected to take some time to sell, out of the total sales amount of 2.9 trillion KRW, approximately 2.5 trillion KRW, excluding the portion corresponding to medium-to-large-sized units, is expected to be recognized as progress revenue."

The researcher anticipated that HDC Hyundai Development Company will see both top-line growth and profitability improvement this year. He explained, "In the housing sector itself, factors include sales recognition from Seoul One I-Park, expanded sales contributions from Cheongju Gagyeong Complex 6 and Seosan Central, and stabilization of cost ratios in the housing outsourcing sector."

He also said, "The sufficient in-house project pipeline, such as the Paju Medical Cluster (scheduled to begin construction at the end of 2025) and Bokjeong Station Area Development (scheduled to begin construction in the first half of 2026), is also positive."