IPARK Hyundai Development Expands Urban-Renewal Project Wins, Raises This Year’s Target to 10 Trillion Won

[Financial News] IPARK Hyundai Development has raised its annual order target for this year to 10 trillion won. The move comes as the company broadens its footing in urban-renewal projects, including being selected as preferred bidder for redevelopment and reconstruction projects in major areas of Seoul.
According to IPARK Hyundai Development on the 27th, the company was recently selected as preferred bidder for redevelopment projects in the Banghwa 2 Renewal Promotion Zone in Gangseo District, Seoul, and Zone 1 of Sinwol 7-dong in Yangcheon District, Seoul. The two projects have a combined construction cost of 1.2313 trillion won.
The redevelopment project in the Banghwa 2 Renewal Promotion Zone has a construction cost of about 293.8 billion won. It will create 740 apartments and auxiliary facilities in 10 buildings, rising from three basement levels to a maximum of 16 above-ground floors, in the Gangseo District area.
The housing-renewal redevelopment project in Zone 1 of Sinwol 7-dong has a construction cost of about 937.5 billion won. It is planned to include 2,681 homes in 18 buildings, rising from four basement levels to a maximum of 15 above-ground floors, along with auxiliary facilities. Together, the two projects will provide a total of 3,421 homes in Seoul.
The preferred-bidder selections are significant because they expand the company’s project-winning base in major areas of Seoul, drawing on the IPARK brand and its project capabilities. IPARK Hyundai Development plans to proceed with the projects through follow-up steps, including negotiations and contract signing.
IPARK Hyundai Development has continued to post strong results in urban-renewal projects this year, securing orders worth a total of 2.2148 trillion won. Beginning with the public-participation redevelopment project in Taepyeong 3 Zone, Seongnam, in July (585.2 billion won), it has secured construction rights for four projects: Jangan 2 Zone in Uijeongbu (900.2 billion won), Yeonsan 13 Zone in Busan (281.2 billion won), and Geumjeong Station Area Zone 1 in Gunpo, Gyeonggi Province (448.2 billion won).
If the two latest preferred-bidder selections lead to the company being chosen as contractor, its urban-renewal project orders could rise to 3.4461 trillion won.
IPARK Hyundai Development also plans to pursue additional contracts for major urban-renewal projects in Seoul. Projects under consideration include reconstruction of Mok-dong Complex 11; urban-renewal redevelopment for long-term jeonse housing near Sookmyung Women’s University Station; reconstruction of Haan Jugong Complexes 6 and 7 in Gwangmyeong-si, Gyeonggi Province; and redevelopment of Neunggok 3 Zone in Goyang. The company also plans to identify new project sites in Nowon and Yongsan in Seoul.
IPARK Hyundai Development has raised its annual order target to 10 trillion won on the back of its expanded urban-renewal project wins. Its new-order target announced at the start of the year was 6.5331 trillion won, making the increase from this revision 3.4669 trillion won. The new target is about 53.1% higher than the previous one.
The higher target is seen as part of a strategy to expand the company’s footing in both housing-renewal projects and other construction projects as competition for contracts intensifies in South Korea’s construction industry. The company plans to keep securing major urban-renewal projects while comprehensively assessing each project’s prospects, profitability and construction capabilities to broaden its order base.
In particular, the company aims to strengthen trust with project associations and owners by leveraging the strength of the IPARK brand and its accumulated project experience. Its plan is to expand its presence in urban-renewal projects by presenting distinctive proposals and demonstrating reliable execution from the early stages, while continuously identifying new opportunities to build a foundation for medium- to long-term growth.
An IPARK Hyundai Development official said, “We will select and secure projects where we can demonstrate our strengths, drawing on our distinctive project capabilities and the competitive strength of the IPARK brand, and further reinforce our competitiveness in urban-renewal projects.” The official added, “Building on market confidence in the IPARK brand and the support of association members, we will strengthen our competitiveness in bidding for major projects and work to meet our annual order target.”

[email protected] Choi A-young Reporter