Hyundai Engineering and Construction wins Yongsan Hangang-ro District redevelopment contract; construction cost: 599 billion won

[Financial News] The contract to build the Hangang-ro District redevelopment project in front of Samgakji Station in Seoul has been awarded to Hyundai Engineering and Construction. With the win, the company’s urban renewal contract total for this year has surpassed 13 trillion won.
Hyundai Engineering and Construction said on the 1st that it was selected as the final contractor at a general meeting to choose a contractor for the Hangang-ro District urban renewal redevelopment project, held on the 31st of last month.
The company is continuing its winning streak in urban renewal projects. After securing projects in Apgujeong, Yeouido and Mokdong, Hyundai Engineering and Construction has now added Yongsan, successively winning projects in prime locations across Seoul and pushing its annual contract wins above 13 trillion won for the first time this year. It had been leading the industry with 10.118 trillion won as of late September, and added around 3 trillion won in just over a month. Having also won 10.051 trillion won in urban renewal projects last year, it has become the first construction company to exceed 10 trillion won for two consecutive years.
The project site is a 41,744-square-meter redevelopment zone around No. 158, Hangangno 1-ga, Yongsan District. The development will include apartments, officetel units, and office and retail facilities, rising from five basement levels to a maximum of 36 stories above ground. Adjacent to Samgakji Station, where Seoul Subway Lines 4 and 6 meet, the site offers convenient access to central Seoul and business districts around Yongsan. The project will proceed as an integrated development combining the creation of a park in front of The War Memorial of Korea with station-area development around Samgakji Station. Its proximity to Namsan, Yongsan Park and the Han River is also considered a strength.
The design will involve UNStudio, a global architectural design group that designed the Mercedes-Benz Museum in Germany, among other projects. Hyundai Engineering and Construction has positioned the buildings to maximize views of Namsan, Yongsan Park and the Han River, and oriented all apartment units to the south. It has increased the number of slab-style buildings and three-sided-open floor plans, and widened the gaps between buildings to create a more open and pleasant environment.
The complex will be named ‘THE H Aveline (THE H AVELINE).’ The name combines ‘Avenue,’ meaning a road, and ‘Line of Nature,’ referring to the lines of nature. The company says it evokes the natural corridor stretching from Namsan through Yongsan Park to the Han River.
A Hyundai Engineering and Construction representative said, “The Hangang-ro District is a project site with an excellent location and strong future value in Yongsan. Building on THE H’s brand competitiveness and differentiated design, we will provide association members with the best possible residential environment and complete the project as a landmark representing Yongsan.”

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