Construction Cost of 955.7 Billion KRW
General Meeting Scheduled for June
HDC Hyundai Development Company and POSCO E&C are set to compete head-to-head for the construction rights of Yongsan Maintenance Depot Front Zone 1.
Perspective view of Yongsan Maintenance Depot Front Zone 1 proposed by HDC Hyundai Development Company. Provided by HDC Hyundai Development Company
On the 15th, the redevelopment association of Yongsan Maintenance Depot Front Zone 1 closed the bidding for selecting a construction company, with both HDC Hyundai Development Company and POSCO E&C participating. The Front Zone 1 association plans to hold a joint briefing session on the 31st of next month and select the construction company at the general meeting scheduled for June.
The redevelopment of Yongsan Maintenance Depot Front Zone 1 is a project to build 777 apartment units and 894 officetel units, along with retail, neighborhood living facilities, and office spaces, across 12 buildings ranging from 6 basement floors to 38 above-ground floors at 40-641 Hangang-ro 3-ga, Yongsan-gu. The total construction cost is 955.7 billion KRW, with a construction cost of 9.6 million KRW per 3.3㎡.
Both companies have expressed their determination to win the Front Zone 1 contract by proposing business conditions and design plans even before the bidding deadline for selecting the construction company.
HDC Hyundai Development Company announced plans to attract the global hotel brand 'Park Hyatt' to Front Zone 1. Park Hyatt is the top-tier hotel brand of the Hyatt Group, currently operating in two locations in Korea: Samseong-dong, Seoul, and Haeundae, Busan. Both locations were developed by HDC Hyundai Development Company and are operated by its subsidiary, Hotel HDC. The plan is to build a Park Hyatt hotel in Front Zone 1 to capture global business and tourism demand linked to the Yongsan International Business District.
HDC Hyundai Development Company also revealed plans to establish Front Zone 1 as a global landmark through partnerships with domestic and international companies in landscaping, design, and commercial facilities. They intend to collaborate with the U.S. architectural design group SMDP, U.S. structural engineering firm LERA, Samsung C&T Resort Division for landscaping, and global real estate consulting firm CBRE Korea for retail master planning. HDC Hyundai Development Company, headquartered in Yongsan I'Park Mall, plans to develop the area into HDC Yongsan Town, integrating projects such as the undergrounding of Yongsan Station Front Park and the development of the Yongsan Railroad Hospital site.
A bird's-eye view of Yongsan Maintenance Depot Front Zone 1 proposed by POSCO E&C. Provided by POSCO E&C
POSCO E&C announced plans to apply its high-end brand 'OTIER' to Front Zone 1 and collaborate with the global architectural design firm 'UN Studio' to present differentiated designs. UN Studio has executed numerous global projects, including the Mercedes-Benz Museum in Germany and a mixed-use business complex in Singapore, and has also participated in projects such as Hannam District 4 and Apgujeong District 3.
POSCO E&C plans to design Front Zone 1 with the concept of a 'stage for future generations' lives,' integrating views, community spaces, commercial facilities, and public circulation in a three-dimensional manner. POSCO E&C also highlights its experience in high-rise buildings and complex development projects such as Haeundae LCT, Yeouido Park One, and Songdo International Business District as a strength.
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