Hyundai Engineering and Construction signs final contract for Apgujeong District 5; ‘Hyundai Town’ gathers pace

[Financial News] In the ‘Apgujeong Hyundai’ reconstruction project, Hyundai Engineering and Construction has secured the final contract for District 5, following District 2.
Hyundai Engineering and Construction said on the 29th that it had signed a construction contract with the association for the Apgujeong Apartment District Special Planning Zone 5 Reconstruction Project. The company said finalizing the contract has reduced the risk of disruption to the project and laid a solid foundation for proceeding with the subsequent permitting and approval process.
District 5 was the first Apgujeong reconstruction district where companies competed for the right to carry out the construction. At the association’s general meeting on May 30, Hyundai Engineering and Construction defeated DL E&C, which received just 398 votes, securing 599 votes (58.9%) from the 1,016 association members who voted. The association and Hyundai Engineering and Construction have since worked together on contract terms and preparations for permits and approvals, culminating in this final contract.
The project site is the Hanyang 1st and 2nd Apartment Complexes around lot 490 in Apgujeong-dong, Gangnam-gu, Seoul. The development will include residential buildings and ancillary welfare facilities, with up to 68 above-ground floors and six basement levels across eight buildings, comprising 1,397 households. When it won the project, Hyundai Engineering and Construction proposed ‘Apgujeong Hyundai Galleria’ as the complex’s name and also unveiled plans to connect nearby facilities in partnership with Hanwha Corporation, which operates Galleria Department Store. Hanwha Corporation representatives also attended the contract signing ceremony that day.
Permits and approvals remain the key challenge. Since being selected, Hyundai Engineering and Construction has worked with the association to prepare for major procedures, including revisions to the redevelopment plan and an integrated review. The company plans to continue working with the association and relevant agencies to identify issues that may arise during the permitting process in advance and help keep the schedule on track.
A Hyundai Engineering and Construction official said, “Given the outstanding location and symbolic significance of the Apgujeong reconstruction project, the pace of execution and stable project management are key factors that will determine its future value.” The official added, “We will maximize the project experience and technical expertise we have built up in the Apgujeong area, as well as synergies between the districts, to improve not only the efficiency of project execution but also the future value and brand competitiveness of Apgujeong Hyundai.”

[email protected] Jung Kyung-soo Reporter