HanmiGlobal to Oversee PM for Hannam 3rd Zone Redevelopment... Largest Project in Hannam New Town

Selected as Top-Ranked Bidder in the Union’s General Meeting

HanmiGlobal, a company specializing in construction project management (PM), announced on June 19 that it has been selected as the preferred bidder for the PM contract for the Hannam 3rd Redevelopment Zone project, the largest site within Seoul’s Yongsan-gu Hannam New Town and often referred to as the "largest redevelopment since Dangun."

The Hannam 3rd Zone is located in Hannam-dong, Yongsan-gu, Seoul, and spans an area of 386,395 square meters. This is a large-scale project to construct approximately 5,800 apartment units in the area. Among the five zones of the "Hannam New Town" redevelopment project, which divides 1.11 million square meters across Hannam-dong, Bogwang-dong, Itaewon-dong, and Dongbinggo-dong, the Hannam 3rd Zone is the largest.

The union held a bidding process in April to select a construction project management company, with three firms participating in total. At the union’s general meeting held this month, HanmiGlobal was chosen as the preferred negotiation partner. HanmiGlobal is also in charge of the PM for the adjacent Hannam 4th Zone.

Perspective view of Hannam 3rd Redevelopment Promotion Zone. Provided by union members and HanmiGlobal.

This contract covers the pre-construction phase, which includes design review, schedule coordination, construction cost verification, development of cost-saving measures, and support for the selection of partner companies.

It is rare for the same company to be selected for adjacent zones. However, the union reportedly gave high marks to HanmiGlobal for its stable management of the Hannam 4th Zone and for achieving approximately 39 billion won in construction cost savings in the past Yongsan International Building 4th Zone project (now Yongsan Central Park).

Recently, the importance of PM companies has grown in urban redevelopment projects, as they mediate and provide checks and balances between unions, who are not construction experts, and construction companies. As a result, more large-scale redevelopment and reconstruction unions are introducing PM services.

PM companies review design, manage construction costs, and examine contract terms with construction firms from an expert perspective, which is difficult for non-experts to assess, and they help prevent conflicts in advance. PM companies protect the interests of the many union members who are the owners in redevelopment and reconstruction projects, facilitate rational decision-making, and ensure smooth project progress, resulting in high satisfaction among stakeholders.

In addition to Hannam 3rd and 4th Zones, HanmiGlobal is also responsible for PM services at major redevelopment sites in Seoul, including Bangbae 5th Zone, Cheongdam Samik, Hangang Mansion, and Yongsan Maintenance Depot Zone 1.