Kyunggu Jung Expresses Commitment to Union Members
Samsung C&T Resort Division Executive Also Attends
Kyunggu Jung, CEO of HDC Hyundai Development Company, attended the promotional briefing for the Bangbae Shinsamho reconstruction project in Seocho-gu, Seoul, and expressed his commitment to the project.
HDC Hyundai Development Company CEO Kyunggu Jung and the executive team attended the promotional briefing for Bangbae Shinsamho held on the 19th and shared their determination. Photo by HDC Hyundai Development Company
On the 21st, HDC Hyundai Development Company announced that a promotional briefing for the selection of the Bangbae Shinsamho reconstruction contractor was held at Banpo Elluce Convention on the 19th. The event drew so many union members that the 300-seat venue was filled to capacity.
CEO Jung attended the briefing with the executive team and remained present until the end. While it is not uncommon for CEOs to appear at competitive bidding sites, it is unusual for a CEO to attend a briefing for a sole-bid project.
In his opening remarks, CEO Jung emphasized, "We highly value Bangbae Shinsamho as a premium residential complex representing Banpo, and we will take full responsibility for the entire process, from permits and construction to post-completion management."
Also present at the event was the executive in charge of landscape design from Samsung C&T Resort Division. Through strategic collaboration with HDC Hyundai Development Company, Samsung C&T Resort Division plans to introduce premium landscaping that surpasses 'One Bailey,' including an art gallery-style promenade stretching approximately 325 meters and community spaces with landscaping at the level of a luxury hotel.
In addition, union leaders from other projects built by HDC Hyundai Development Company?such as Gaepo-dong The H Firstier I-Park, Samseong-dong Central I-Park, and Gangnam Central I-Park?expressed their support through video messages.
At the briefing, HDC Hyundai Development Company unveiled concrete proposals to reduce the financial burden on union members. The company set the construction cost at 8.76 million KRW per 3.3 square meters (pyeong), which is about 1.3 million KRW lower than nearby projects, and committed to freezing construction costs for two years despite inflation.
The company also made bold financial and relocation support proposals, including a project financing rate of CD+0.1%, 100% LTV for relocation loans, and self-funding of 200 billion KRW for project promotion expenses. In addition, it presented proactive measures to address permit risks.
HDC Hyundai Development Company stated, "The company will fully cover any additional service fees that may arise during the alternative design permitting and design modification processes," and added, "We will take responsibility for the project and proceed swiftly, undeterred by external factors such as changes in Seoul’s redevelopment policies or the 2026 local elections."
A company representative said, "Even under the price ceiling system, which makes it difficult to increase profits, we have proposed the optimal alternative design to minimize the actual burden on union members. In addition to a guarantee for project completion and contract performance, we have enhanced credibility by notarizing our industry-leading proposal?surpassing competitive bids?through a major law firm."
The general meeting to select the Bangbae Shinsamho reconstruction contractor will be held on the 26th. As the preferred negotiation partner, HDC Hyundai Development Company plans to begin full-scale proposal presentations and unveil alternative design plans, starting with this promotional briefing.
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