Proposal for Organic Linkage with Yongsan Station Development Project Proves Effective
Hyundai Development Company: “We Will Complete Zone 1 as a Landmark of Seoul”,
A model of a residential complex is on display at the HDC Hyundai Development Company promotion center located in Bergamo, Yongsan-gu, Seoul. / News1, ⓒ News1 Lee Dong-hae,
,
, “(Seoul = News1) Reporter Hwang Bo-jun-yup = HDC Hyundai Development Company has won the construction rights for Zone 1 in the Yongsan Maintenance Depot project, a project with a total budget of 1 trillion won. The strategy to organically link with the Yongsan Station development project to create ‘HDC Yongsan Town’ proved effective.”,
,
, ‘According to the maintenance industry on the 22nd, the redevelopment association for Zone 1 of Yongsan Maintenance Depot held a general meeting at the Bergamo Wedding Hall in Hangangro 3-ga, Yongsan-gu, Seoul, and selected HDC Hyundai Development Company as the contractor.’,
,
, ‘HDC Hyundai Development Company secured 250 votes (63.1%) out of 396, while POSCO E&C received 143 votes (36.1%). There were 3 abstentions or invalid votes (0.8%).’,
,
, ‘The redevelopment of Zone 1 at Yongsan Maintenance Depot involves the construction of 12 high-rise buildings ranging from underground 6 floors to above-ground 38 floors, including 777 apartment units, 894 officetel units, and commercial and neighborhood facilities.’,
,
, ‘The project budget amounts to approximately 1 trillion won. While not exceptionally large in scale, it is considered highly symbolic due to its proximity to the Yongsan International Business District project site, particularly given its location along the high-demand Han River area.’,
,
, ‘As a result, the conditions proposed by both companies were bold. Notably, they suggested reducing the construction cost by 45.9 billion won to lessen the financial burden on the association members.’,
,
, ‘HDC Hyundai Development proposed a minimum relocation fee of 2 billion won (LTV 150%) per member household. It set the construction cost at 8.58 million won per 3.3 square meters (pyong), more than 1 million won lower than the association’s expected cost (9.6 million won).’,
,
, ‘They also pledged to compensate with real estate at the initial general sales price or the appraised value upon completion, whichever is higher, in case of unsold units.’,
,
, ‘POSCO E&C proposed financing 4 trillion won for the project and preparing 1.5 trillion won in project facilitation funds, among other financial terms.’,
,
, ‘They also focused on design. Hyundai Development proposed features such as the longest sky bridge in the country at 330 meters, attracting Park Hyatt, connection to Yongsan Station, optimizing distance between fewer buildings, securing views of the Han River for 600 households, maximizing views with 2.5m windows, and designing bathrooms with views for all association members.’,
,
, ‘POSCO E&C partnered with UNStudio, a global design firm and the architectural partner overseeing Seoul, to specialize the exterior and landscaping of the complex.’,
,
, ‘Additionally, they collaborated with AI view analysis specialist TeniLeven to analyze over 12,000 view placement simulations to maximize Han River views.’,
,
, ‘However, the final choice of the association members was HDC Hyundai Development. It was assessed that HDC Hyundai Development’s involvement as the developer of Yongsan Station increased the potential for organic linkage with various future development projects.’,
,
, “Hyundai Development Company committed to connecting Zone 1 with the Yongsan Station front park’s underground space and the railroad hospital site development to create ‘HDC Town.'”,
,
, ‘A representative from Hyundai Development said, “The differentiated proposal to enhance the value of Zone 1 of Yongsan Maintenance Depot was chosen by the association members,” emphasizing, “We will complete Zone 1 of Yongsan Maintenance Depot as a landmark of Seoul with the best technology and capability.”‘,
,
, ‘The representative added, “We will continue to strive to construct iPark landmarks not only in Zone 1 but also in major key areas of Seoul and other major cities nationwide so that the association members can be proud of their choice.”\n’]