Hyundai Engineering and Construction wins 2.6 trillion won contract to redevelop Mokdong Complex 10

[Financial News] Hyundai Engineering and Construction has won the construction contract for the redevelopment of Mokdong Complex 10 in Yangcheon-gu, Seoul, with total construction costs of 2.6136 trillion won. It will be the first complex in Mokdong New Town to be built by Hyundai Engineering and Construction, and the company’s high-end brand, THE H, will also make its debut in Mokdong. With the win, Hyundai Engineering and Construction’s cumulative contracts for urban renewal projects this year have exceeded its annual target of 12 trillion won.
According to Hyundai Engineering and Construction on the 19th, the company was officially selected as the contractor at a general meeting for the Mokdong Complex 10 redevelopment project held the previous day. A total of 1,624 people voted on the contractor-selection motion, with 1,557 (95.9%) voting in favor. Six companies, including Daewoo Engineering & Construction and POSCO E&C, attended the first site briefing, but Hyundai Engineering and Construction was the only company to submit a bid. After securing preferred-negotiator status following two failed bidding rounds, the company completed the selection process at the meeting.
This year, Hyundai Engineering and Construction has secured urban renewal projects at nine sites, including this one, with a total value of 12.7315 trillion won. Just over a month after it became the first company in the industry to exceed 10 trillion won in urban renewal contracts for two consecutive years in September, it also surpassed its annual target. Its largest single project is the redevelopment of Apgujeong District 3, which it won in May for 5.561 trillion won, followed by Mokdong Complex 10. Hyundai Engineering and Construction plans to expand to Mokdong the high-end residential expertise it has built up in the Gangnam area and offer housing products tailored to the area’s characteristics and demand.
The project site is around 311 Sinjeong-dong, Yangcheon-gu. The existing 2,160-unit apartment complex will be demolished and replaced with residential buildings of up to 40 stories, comprising 4,248 units, along with ancillary welfare facilities. The number of units will nearly double. Korea Land Trust will serve as the project implementer.
The complex’s concept is “All Life Campus.” The plan is to weave education—the value Mokdong most strongly promotes—into spaces throughout residents’ daily lives. At its core, the concept connects educational, natural and community spaces so that residents of all ages, not just students, can learn and socialize in their everyday lives. Two renowned international firms are involved in the design. Morphosis, founded by Pritzker Prize-winning architect Thom Mayne, has incorporated into its architectural design the characteristics of Mokdong New Town, which began as a planned city. Sasaki, an integrated design group that has designed campuses for universities around the world, is responsible for the landscaping and community spaces.
The name proposed by Hyundai Engineering and Construction is “THE H Mokdong Eser” (THE H MOKDONG ESER). Eser is the Hebrew word for the number ten. The name brings together the symbolism of Complex 10 and Mokdong’s identity as an education-focused city, expressing the ambition to develop the complex into a prestigious community to pass on to future generations.
A Hyundai Engineering and Construction representative said, “Mokdong Complex 10 is a meaningful project that marks Hyundai Engineering and Construction’s first step into the Mokdong New Town redevelopment market. We will bring together the company’s technical capabilities, THE H’s brand strength and global design expertise to carry forward the educational pride Mokdong has built up as a source of future residential value, and complete the project as a premium residential complex whose value will be recognized for many years to come.”

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