- Awarded the redevelopment project for Yongdu 1 District 6
Zone, achieving a cumulative contract amount of 1.307 trillion KRW in 2022
urban regeneration projects
- Continues to secure contracts for projects like Yongdu 1
District 6 Zone, Anyang Gwanyang Hyundai Apartment, and Seoul Wolgye-dong Shin
Apartment
- Committed to repaying customers with utmost efforts for
safety and quality improvement
On the 27th of last month, Hyundai Development Company was
selected as the construction company for the Yongdu 1 District 6 Zone public
redevelopment project, surpassing 1 trillion KRW in cumulative contract amounts
for urban regeneration projects this year.
The Dongdaemun District Yongdu 1 District 6 Zone
redevelopment project, awarded to the consortium of Hyundai Engineering and Hyundai
Development Company, is the first public redevelopment project (No. 1)
undertaken by the Seoul Housing and Communities Corporation (SH). The project
consists of four buildings, spanning from the 8th underground floor to the 61st
above-ground floor, with 999 apartment units and 85 officetels. The total
construction cost amounts to 661.4 billion KRW, with both companies sharing a
50% stake in the project. Through collaboration with renowned international
architectural firm SMDP, Hyundai Development Company plans to incorporate
distinct and specialized exterior designs. They are also set to collaborate
with LERA, a globally recognized structural design company, for safety
evaluation of the 61-story super-tall structure.
Before this, Hyundai Development Company independently
secured two urban regeneration projects in the first half of this year. The
first project was the reconstruction of Gwanyang Hyundai Apartment in
Dongan-gu, Anyang City, Gyeonggi Province, which was awarded on February 5th.
The project comprises 15 buildings with a total of 1,305 units, spanning from
the 3rd underground floor to the 32nd above-ground floor, and has an overall project
cost of 417.4 billion KRW. On the same day, Hyundai Development Company was
chosen as the constructor for the Wolgye Dongshin Apartment reconstruction
project, which spans from the 4th underground floor to the maximum 25th
above-ground floor with a total of 14 buildings. The total project cost amounts
to 282.6 billion KRW.
The cumulative contract amount of 1.307 trillion KRW up to
now this year surpasses the contract amount during the same period last year. Hyundai
Development Company is not only dedicated to new contract acquisitions but is
also prioritizing cooperative efforts with stakeholders. For instance, in June,
during the interim general meeting of the Haktong 4 Zone Housing Redevelopment
Cooperative, they secured nearly 90% reaffirmation of trust from cooperative
members. They have since resumed demolition work from this month onwards,
placing cooperative members as their top priority and striving to regain market
trust through their commitment to safety and quality improvement.
Hyundai Development Company stated, "We aim to complete
spaces with the highest safety and quality, alongside stable project execution,
as a way to repay our cooperative members. We actively participate in various
public redevelopment projects and plan to enhance urban competitiveness,
promoting symbiosis with local communities through diverse development
projects."
Additionally, Hyundai Development Company established a
Chief Safety Officer (CSO) organization to strengthen safety and quality
management. This year, they extended the structural safety guarantee period for
all buildings to 30 years. Recently, they launched the Construction Innovation
Team led by Professor Park Hong-geun, a top expert in domestic architectural
structural engineering at Seoul National University. They also entered into a
cooperative agreement with the Korea Institute of Construction and Living
Environment Test Research, the largest testing and certification institution in
Korea, and further enhanced concrete quality management. Through various
efforts, they are dedicated to safety and quality improvement.
Hyundai Development Company and Hyundai Engineering
Consortium's Yongdu 1 District 6 Zone Public Redevelopment Project Rendering
Hyundai Development Company Continues to Promote Cooperative
Efforts, Including Financial Support for Partner Companies Ahead of Chuseok
- In anticipation of the Chuseok holiday, plans to disburse
over 270 billion KRW in advance payments to alleviate financial difficulties
for partner companies before the holiday.
- Will further strengthen fair trade and cooperative
collaboration, growing together with partner companies.
Hyundai Development Company (CEO Choi Ik-hoon) continues to
promote fair trade and cooperative collaboration, taking steps to provide
financial support to alleviate the financial difficulties of partner companies
ahead of the Chuseok holiday.
To foster mutual growth with its partners, Hyundai
Development Company will expedite payment dates for partner companies before
the Chuseok holiday. Financial support of over 270 billion KRW will be provided
through early payment on September 7th, before the holiday. Additionally,
interest-free loans will be offered to partner companies. This financial
support program, totaling 1.5 billion KRW across five companies, will be
executed on September 2nd, a week before the Chuseok holiday.
Hyundai Development Company aims to provide substantial
assistance to partner companies ahead of each holiday, including moving up
payment dates to ensure timely funds disbursement and offering special
financial support in the form of interest-free loans. This initiative helps
partner companies navigate the challenges posed by interest rate hikes and
uncertain market conditions for effective fund management. Alongside this, Hyundai
Development Company continues its efforts to support partner companies by
providing cash payments for construction fees to enhance their liquidity and
focusing on technology development and quality improvement. Educational support
programs for partner company employees, as well as ongoing efforts in fair
trade and cooperative initiatives, are also consistently pursued.
A representative from Hyundai Development Company stated,
"We will continue to promote cooperative collaboration with our partners
and build trust, striving to become a company that fosters mutual growth."
They further expressed their commitment to enhancing fair trade and cooperative
collaboration in the future, fostering shared growth with partner companies.