HDC Hyundai Development Company Wins Busan Oncheon 5 District Contract, Surpasses 4 Trillion Won in Urban Renewal Orders [Real Estate AtoZ]

Urban Renewal Orders Reach 4.1651 Trillion Won This Year

HDC Hyundai Development Company has surpassed 4 trillion won in urban renewal project orders this year by winning the Busan Oncheon 5 District redevelopment project.

Perspective view of the Busan Oncheon District 5 redevelopment project. Provided by HDC Hyundai Development Company

HDC Hyundai Development Company announced on December 22 that it has been selected as the contractor for the Busan Oncheon 5 District redevelopment project. At the general meeting for Oncheon 5 District held on December 20, 342 union members participated, and the company secured the construction contract with 323 votes (94.4%).

The Oncheon 5 District redevelopment project involves building a total of 902 residential units across six buildings, with three basement levels and up to 39 floors above ground, at 1462-30 Oncheon-dong, Dongnae-gu, Busan. The total project cost is 377.7 billion won.

Within a 1-kilometer radius of Busan Oncheon 5 District, there are key subway stations such as Minam Station (Lines 3 and 4), Sajik Station (Line 3), and Dongnae Station (Lines 1 and 4), providing convenient access to major downtown areas. The area also boasts an excellent educational environment with nearby schools such as Minam Elementary School, Geumgang Elementary School, Naeseong Middle School, Yeomyeong Middle School, and Isabel High School. In addition, robust living infrastructure facilities are in place, including Homeplus, Busan Sajik Sports Complex, Busan Medical Center, and the Sajik Station academy district.

Perspective view of the redevelopment project in Oncheon 5 District, Busan. Provided by HDC Hyundai Development Company

For the Busan Oncheon 5 District redevelopment project, HDC Hyundai Development Company proposed a distinctive exterior design inspired by Mount Geumjeong and the Oncheon Stream, as well as a community design emphasizing educational facilities such as a library and reading rooms, which received positive feedback from union members.

A representative from HDC Hyundai Development Company stated, "We will create a landmark complex based on the technology and expertise accumulated through supplying over 500,000 households with IPARK, in gratitude for the support we have received. Going forward, we will continue to expand our influence in the urban renewal sector by selectively winning projects not only in the Seoul metropolitan area but also across the country."

Including the Oncheon 5 District, HDC Hyundai Development Company's total urban renewal project orders for this year have reached 4.1651 trillion won. This is nearly four times higher than last year's order volume of 1.3332 trillion won.

Major projects secured this year include: the reconstruction of the Dangye Jugong complex in Wonju in March (436.9 billion won); the redevelopment of Busan Gwang-an 4 District (419.6 billion won); the redevelopment of Busan Yeonsan 10 District in May (445.3 billion won); the redevelopment of Yongsan Jeongbichang Zone 1 in June (924.4 billion won); the Mia 9-2 reconstruction (298.8 billion won); the redevelopment of Sindang 10 District in July (302.2 billion won); and the redevelopment of Daejeon Byeondong A District in September (960.2 billion won).