HDC Hyundai Development Company: "Yongsan Means HDC, Mobilizing All Corporate Capabilities from Development to Operation and Post-Management"

Expressing Ambitions Ahead of Contractor Selection for Jeonmyeon District 1
Proposing the Best-Ever Project Terms
"We Will Change the Paradigm of Maintenance Projects"

On June 21, the day before the general meeting to select the contractor for the Yongsan Maintenance Depot Jeonmyeon District 1 project, HDC Hyundai Development Company expressed its ambition, stating, "We will mobilize all of our corporate capabilities as a developer responsible for everything from development to operation and post-management."

Jung Kyunggu, CEO of HDC Hyundai Development Company, emphasized, "As a developer that designs and operates cities, not just a simple contractor, we will focus all our capabilities to ensure that this project becomes a choice that guarantees the future."

For the 'The Line 330' project in Yongsan Maintenance Depot Jeonmyeon District 1, HDC Hyundai Development Company has prioritized maximizing project feasibility by maximizing union members' returns and minimizing expenses.

The conditions proposed to union members include: construction cost per pyeong (3.3 m²) of 8.58 million KRW; project financing at a fixed CD+0.1% interest rate; high-value in-kind compensation for apartments, officetels, commercial, and office spaces; a minimum relocation cost of 2 billion KRW; relocation LTV of 150%; construction period of 42 months; payment of 80% of refund before move-in; clear project schedule; and allocation of additional profits to the union. The company also stated it would take responsibility for permit approvals, considering changes to the maintenance plan and the need for swift future progress.

HDC Hyundai Development Company also proposed a differentiated design for Yongsan Maintenance Depot Jeonmyeon District 1, aiming to create a top-tier complex centered on Han River views. Key elements include: partnerships with SMDP, LERA, LPA, CBRE, Park Hyatt, and Samsung C&T; the longest skybridge in Korea at 330 meters; confirmed invitation of Park Hyatt; confirmed connection to Yongsan Station; maximizing distance between buildings by reducing to three towers; securing Han River views for 600 units; maximizing views with 2.5-meter-high windows; 100% of union member units with view-oriented bathrooms; highly efficient floor plans; 5.54 pyeong of community space per household; conveniently arranged community facilities; 100% face-to-face street-level retail; and express ramps in the underground parking lot. Through these features, the company aims to present the best complex with organic town management connecting the Han River, Yongsan Station, and the International Business District.

An HDC Hyundai Development Company representative stated, "We will mobilize all the capabilities of the HDC Group to make Jeonmyeon District 1 in Yongsan a new milestone in urban development," adding, "HDC Hyundai Development Company will realize an optimized mixed-use development strategy for Jeonmyeon District 1, based on the expertise of a developer group that encompasses planning, design, construction, operation, and asset management?not just simple construction."

The redevelopment of Yongsan Maintenance Depot Jeonmyeon District 1 is a project to construct 12 buildings with 6 basement levels and 38 above-ground floors in the area of 40-641 Hangangno 3-ga, Yongsan-gu, comprising 777 apartment units, 894 officetel units, sales and neighborhood living facilities, and office spaces. The general meeting to select the contractor will be held on June 22.