IPARK Hyundai Development wins 448.2 billion won redevelopment contract for Geumjeong Station Area 1 in Gunpo

[Financial News] IPARK Hyundai Development has secured the construction contract for the redevelopment project in Geumjeong Station Area 1, Gunpo, Gyeonggi Province. With the contract win, the company's cumulative orders for urban renewal projects have topped 2 trillion won.
According to IPARK Hyundai Development on the 26th, the company was selected as the contractor at a meeting to select a contractor for the Geumjeong Station Area 1 redevelopment project, held on the 24th at the auditorium of Hansei University in Gunpo. Of the 381 union members in attendance, 333 voted in favor, for an approval rate of 87.4%.
The project will comprise 10 buildings, with up to 35 floors above ground and four basement levels, and a total of 1,137 homes with exclusive-use areas of 39–135 square meters, as well as ancillary and community facilities. It will be built in the area around 727 Geumjeong-dong, Gunpo. Construction costs are approximately 448.2 billion won, and the total floor area is about 207,521 square meters.
Geumjeong Station Area 1 is located near Geumjeong Station, a transfer station for Seoul Metropolitan Subway Lines 1 and 4. The GTX-C line is also planned to serve Geumjeong Station, and is expected to improve access to major business districts in Seoul.
The area also has well-developed everyday amenities. Shopping facilities such as AK Plaza and Emart, as well as nearby medical and educational facilities, are convenient to access. Green spaces, including Surisan Mountain, are also close by.
An IPARK Hyundai Development representative said, “To live up to the trust of the union members, we will draw on distinctive design and outstanding construction capabilities to turn Geumjeong Station Area 1 into a new landmark for Gunpo. Building on IPARK Hyundai Development’s distinctive business capabilities and brand competitiveness, we will expand our urban renewal project wins and continue to strengthen our competitiveness.”
IPARK Hyundai Development has been expanding its urban renewal project wins this year. Starting with the 585.2 billion won Seongnam Taepyeong District 3 public-participation redevelopment project in July, it has secured contracts for projects including Uijeongbu Jangam District 2, worth 900.2 billion won, and Busan Yeonsan District 13, worth 281.2 billion won. Its total orders for urban renewal projects now stand at 2.2148 trillion won.
IPARK Hyundai Development plans to continue pursuing contracts by exploring opportunities in major areas of Seoul, including Nowon and Yongsan, as well as projects such as the reconstruction of Mok-dong Complex 11; reconstruction of Gwangmyeong Haan Jugong Complexes 6 and 7; redevelopment of Goyang Neunggok District 3 and Banghwa District 2; and an urban-renewal-type redevelopment project for long-term rental housing in the Sookmyung Women's University Station area.

[email protected] Choi A-young Reporter