Nearly Half of the Project Site to Become Green Space Through Collaboration with Samsung C&T
Attracting Park Hyatt to Capture Global Business Demand
On June 20, HDC Hyundai Development Company announced that it is applying the developer model to the Yongsan Maintenance Depot Front Zone 1 'The Line 330' project.
HDC Hyundai Development Company executives and employees are pledging responsibility at the Yongsan Maintenance Depot Front Zone 1 Promotion Center. Photo by HDC Hyundai Development Company
The company aims to create a new landmark in Seoul through world-class collaboration with SMDP (architectural design), LERA (structural engineering), Samsung C&T Resort Division (landscape design), CBRE (non-residential real estate consulting), LPA (landscape lighting), and Park Hyatt (hotel).
HDC Hyundai Development Company is a domestic company capable of directly attracting and operating Park Hyatt hotels. In Korea, it currently operates hotels in two locations: Samseong-dong, Seoul, and Haeundae, Busan. Both hotels were directly developed by HDC Hyundai Development Company and are managed by its subsidiary, Hotel HDC. If Park Hyatt is confirmed for Yongsan Front Zone 1, Seoul will become a global city with two Park Hyatt hotels.
The industry expects that if Park Hyatt is established in Yongsan Maintenance Depot Front Zone 1, it will become a core facility that attracts global business and tourism demand linked to the Yongsan International Business District (YIBD).
By proposing HDC Yongsan Town, HDC Hyundai Development Company plans to enhance the value of the redevelopment project by showcasing the developer model through direct collaboration with HDC Group affiliates such as Hotel HDC and HDC I'Park Mall. The company has proposed a redevelopment plan that considers not only the construction phase but also post-occupancy, offering hotel-style amenities and customized town management services to apartment residents.
Night aerial view of the Yongsan Maintenance Depot Front Zone 1 redevelopment proposed by HDC Hyundai Development Company. Provided by HDC Hyundai Development Company.
HDC Hyundai Development Company, in collaboration with Samsung C&T Resort Division, plans to create green spaces covering approximately 44% (5,570 pyeong) of the Yongsan Maintenance Depot site (12,667 pyeong). This area is nearly twice as large as the 3,076 pyeong (about 24% of the site) of green space proposed by other companies.
The green space to be created in Front Zone 1 will consist of a Grand Park, eight private theme gardens, six central plazas, and three types of walking trails. The highlight among these is the massive 'Grand Park', which will account for 25.6% of the total site area. Expected to become one of the largest parks in Seoul, the Grand Park will connect Yongsan Park and the Han River, providing a space where people can fully experience nature within the city.
As a developer, HDC Hyundai Development Company has secured the rights to develop the underground space of the Yongsan Station Front Park using the BTO method in Yongsan. This large-scale project will connect Subway Line 1, Line 4, the Shinbundang Line, and GTX-B, and will involve complex development beneath the Yongsan Station Front Park. The strategy to increase local value by leveraging the high foot traffic of HDC I'Park Mall is linked to HDC Yongsan Town, and is expected to expand to the International Business District in the future, becoming a key axis for maximizing asset value throughout Yongsan.
An official from HDC Hyundai Development Company stated, "Hannam Zone 4 has long been considered the best in the industry, but the conditions presented by HDC Hyundai Development Company for the Yongsan Maintenance Depot project far surpass those, representing the best conditions in the history of urban redevelopment. Rather than simply focusing on cost reduction and shortening the project period, our plan is highly regarded because it resolves the structural risks of redevelopment and maximizes the feasibility of union profits."
The Yongsan Maintenance Depot Front Zone 1 redevelopment project will be carried out at 40-641 Hangangno 3-ga, Yongsan-gu, constructing 777 apartment units and 894 officetel units in 12 buildings ranging from 6 basement levels to 38 above-ground floors, as well as sales, neighborhood living, and office facilities. The general meeting to select the construction company will be held on June 22.
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