Hyundai Engineering & Construction announced on May 30 that it has signed a business agreement with Hana Bank for the Apgujeong District 2 reconstruction and maintenance project. The company also plans to collaborate with other major domestic banks, including KB Kookmin Bank, Shinhan Bank, Woori Bank, and NH Nonghyup Bank, as well as foreign banks and large securities firms.
Hyundai Engineering & Construction explained that this agreement is intended to proactively address potential financial risks for association members that may arise during the reconstruction project. The company stated that it will focus on reducing the financial burden on the association and its members.
Under the agreement, Hyundai Engineering & Construction will request financial proposals from the bank for various needs related to the reconstruction, including project costs, relocation expenses (including additional relocation expenses), interim payments, association member contributions, and final payments upon move-in. The company will actively review and cooperate with the proposals provided by the bank. Hyundai Engineering & Construction and the bank also announced that they will jointly develop optimal financial products and work together to maximize the benefits for association members.
A representative from Hyundai Engineering & Construction stated, "This agreement reflects our commitment not only to simple financial support, but also to ensuring housing stability for association members and successfully advancing the project." Hana Bank commented, "We will actively seek practical solutions to ease the financial burden on association members."
Apgujeong District 2 consists of 1,924 units in the Sinhyundai Apartment complex (9th, 11th, and 12th phases), which was completed in 1982. Through the reconstruction, it will be transformed into a 65-story complex with 2,571 units. Although it is considered a highly profitable reconstruction site, the company explained that this agreement was pursued to provide optimal financial conditions for association members.
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