Expressing Strong Commitment to Project Advancement
in Meeting with Association Members Ahead of the General Meeting on the 26th
Jung Kyunggu, CEO of HDC Hyundai Development Company, visited the Bangbae Shinsamho Apartment site on the 14th with key executives. CEO Jung met with association members and expressed a strong commitment to advancing the project.
Jung Kyunggu, CEO of HDC Hyundai Development Company (second from the left in the first row in the photo), visited the reconstruction site of Bangbae Shinsamho Apartment with executives and employees on the 14th. Photo by HDC Hyundai Development Company
CEO Jung stated, "We will focus our best capabilities on ensuring that the Bangbae Shinsamho Project THE SQUARE 270 can become a landmark representing not only Bangbae but also Banpo."
He emphasized, "We aim to go beyond a simple reconstruction and redefine the value of the area through a premium lifestyle, providing tangible benefits that association members can truly experience, based on the trust and execution capability we have built up over time."
Bangbae Shinsamho is a complex of 481 units, completed in 1981, located in 725 Bangbae-dong, Seocho-gu. After reconstruction, it will be developed into six apartment buildings with 920 units, ranging from five basement floors to a maximum of 41 above-ground floors. HDC Hyundai Development Company has been designated as the preferred negotiating partner, and a general meeting to select the contractor is scheduled for the 26th.
The SQUARE 270, designed by global architectural group SMDP, will be applied to the Bangbae Shinsamho reconstruction. The project features a unique facade structure in which two northern main buildings interlock to form a massive square gate, with an interlocking facade design that ensures no two sides are the same from any direction.
Through alternative design proposals aimed at maximizing project profitability, HDC Hyundai Development Company suggested increasing the number of units by 30, adding eight premium penthouses, and securing an additional 125 units with views of the Han River. Units with Han River views are expected to see an increase in value of approximately 1 billion KRW or more per unit, contributing to the maximization of profits for association members. The company also plans to introduce premium landscaping in collaboration with Samsung C&T Resort Division, which possesses world-class landscaping expertise.
HDC Hyundai Development Company has proposed unprecedented project terms, including a construction cost of 8.76 million KRW per 3.3 square meters, a two-year deferral on construction costs, a project financing interest rate of CD (certificate of deposit) + 0.1%, 100% payment of the association fee upon occupancy, 200 billion KRW in project promotion expenses, guaranteed completion, and contract performance guarantees.
The total value of urban renewal projects secured by HDC Hyundai Development Company stands at 2.8272 trillion KRW, nearing the 3 trillion KRW mark. After winning the redevelopment project for Yongsan Maintenance Depot Zone 1 (924.4 billion KRW) last month, the company also secured the Mia 9-2 District reconstruction (298.8 billion KRW) and Sindang 10 District redevelopment (302.2 billion KRW).
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