IPARK HYUNDAI DEVELOPMENT Submits Sole Bid for Neunggok District 3, Expanding Its Urban Renewal Footprint in the Seoul Metropolitan Area

[Financial News] IPARK HYUNDAI DEVELOPMENT submitted the only bid to become the construction contractor for the Neunggok District 3 redevelopment project in Goyang City, Gyeonggi Province. The company plans to create an 'IPARK brand town' with approximately 4,000 households in Goyang's old downtown area by linking the project with the neighboring Neunggok District 5.
According to industry sources on the 2nd, IPARK HYUNDAI DEVELOPMENT submitted the sole bid proposal on the 1st for the contractor selection of the Neunggok District 3 redevelopment project. The association plans to select the contractor in November after completing subsequent procedures.
The Neunggok District 3 redevelopment project covers 89,271 square meters around Lot 26 in Todang-dong, Deogyang-gu, Goyang City. It is currently planned to comprise 16 buildings, with two basement levels and up to 36 floors above ground, totaling 1,258 households.
IPARK HYUNDAI DEVELOPMENT plans to work with the association to pursue a station-area mixed-use development and changes to the redevelopment plan. Through these efforts, it aims to expand the project into a landmark complex of approximately 2,000 households.
IPARK HYUNDAI DEVELOPMENT proposed 'IPARK Daegok Centrov' as the name of the complex and presented an eco-friendly development strategy to organically connect it with nearby Jido Park. By linking the living zones of the adjacent Neunggok District 5, the company plans to create a residential belt of approximately 4,000 households called 'IPARK Forest Town' and develop a leading large-scale premium residential complex with exceptional access to green space in the Seoul metropolitan area.
The project site has access to Daegok Station and Neunggok Station on the Gyeongui-Jungang Line. Daegok Station, in particular, is a transportation hub served by Metropolitan Area Rapid Transit Line A (GTX-A), Subway Line 3, the Seohae Line, the Gyeongui-Jungang Line and the Gyoe Line. Additional transportation networks, including the Goyang-Eunpyeong Line and GTX-F, are also planned. Surrounding development projects, such as the Daegok Station multimodal transfer center, the Knowledge Convergence Complex and Changneung New Town, are also being pursued.
An IPARK HYUNDAI DEVELOPMENT official said, "IPARK HYUNDAI DEVELOPMENT is a specialized developer that injects new vitality into cities and enhances residents' quality of life. We will complete a premium landmark by combining a Forest Town-specific design that maximizes the area's extensive transportation network and the pristine natural environment of Jido Park."
Meanwhile, IPARK HYUNDAI DEVELOPMENT secured construction rights in a series of Seoul metropolitan-area urban renewal projects during the second half of this year, including Seongnam Taepyeong District 3 and Uijeongbu Jangam District 2. The project costs for Taepyeong District 3 and Jangam District 2 are KRW 900.3 billion and KRW 900.2 billion, respectively.

[email protected] Choi A-young Reporter