Banpo Jugong Complex 1 picks ‘THE H BANPO 124,’ drops ‘Classest’ name

[Financial News] THE H BANPO 124, which received 58.78% of the vote, has been selected as the new name for Sections 1, 2 and 4 of Banpo Jugong Complex 1 in Seocho-gu, Seoul. The complex, which is being redeveloped into a total of 5,007 homes, will drop the name THE H Classest, which it has carried for about 10 years. Ahead of the general sale, the association plans to clarify the complex’s identity by combining the construction brand with the place name and section numbers.
According to industry sources on the 13th, the redevelopment association for Sections 1, 2 and 4 of Banpo Jugong Complex 1 approved a motion to change the complex’s name at a general meeting on the 9th, selecting THE H BANPO 124 from six candidates. The final ballot also included Banpo Hangang, Banpo River, Banpo Classic, Classest and Cleos. Since the contractor’s brand, THE H, had already been fixed under the agreement, the vote was essentially to choose the name to follow it. After disagreements continued among association members, the association held a naming contest early this year, and the winning entry was also chosen at the general meeting.
The former name, THE H Classest, was proposed by Hyundai Engineering and Construction when it was selected as the contractor in September 2017. At the general meeting that year, Hyundai Engineering and Construction beat GS Engineering & Construction to win the project, with construction costs totaling 2.6 trillion won. The name was explained as combining “Class” and “est” to convey a superlative, but it has commonly been shortened to “Bandicl” in the market. Some association members had called for a name change, saying it sounded awkward and did not reflect Banpo’s local character. With calls to boost the complex’s profile and competitiveness ahead of the imminent sale also growing, the association gathered various opinions and put the matter to a vote at a general meeting.
The complex will comprise 50 buildings, with five basement levels and up to 35 floors above ground. Of these, 1,832 homes will be offered for general sale, and Hyundai Engineering and Construction is working to bring them to market in November. As the project is subject to the price cap system, industry observers expect fierce competition among applicants. The association plans to capitalize on the riverside location and large scale of the complex, with distinctive exterior design, premium finishing materials and specialized landscaping. Large water features and community facilities spanning about 23,000 pyeong will also be built. The aim is to go beyond the outward appearance of a luxury apartment complex and improve residents’ quality of life and the property’s long-term asset value.
The target move-in date is the end of 2027. The association is working to improve the project’s overall quality ahead of the general sale.
“An apartment’s name is an important symbol that will represent our complex for decades to come and affect residents’ pride and asset values. Although members have held a range of views about the name, now that it has been finalized through a democratic process at this general meeting, I hope this will be an opportunity for us to move beyond our differing views and unite as one,” a representative of the association said. “What matters most is for all association members to join forces under the new name, THE H BANPO 124, and complete the finest apartment complex in South Korea. What matters now is not the debate over the name, but delivering the highest quality and distinction, as well as the asset value worthy of that name,” the representative added.

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