[Issue] Hakdong 4 District in Gwangju Nears General Sale...Construction Costs and Complex Name Taking Shape

All Nine Agenda Items Approved at Regular General Meeting, Including Changes to Construction Contract

Construction Cost Set at 6,198,000 Won per 3.3㎡—110,000 Won Lower Than Verified Amount

'Mudeungsan Skyforet IPARK' Receives Most Votes for Complex Name

General Sales Targeted for October, Completion Scheduled for May 2029

The redevelopment project of Hakdong 4 District in Dong-gu, Gwangju, which is preparing for public sale, has addressed key issues such as construction costs, complex naming, and changes in project implementation all at once. Having approved all major agenda items at the regular general meeting, the association is expediting final preparations with the aim of launching the general sale in October.

According to coverage by The Asia Business Daily on July 28, the Hakdong 4 District Housing Redevelopment Maintenance Business Association approved all nine agenda items as originally proposed at the 2026 regular general meeting held at Namgwang Church in Dong-gu, Gwangju, on July 25.

At the general meeting, an agenda item on changing the construction contract (signing the second contract), reflecting Korea Real Estate Board’s construction cost verification results, was passed first. This was followed by approval of design changes and application to amend the project implementation plan to enhance safety and product value, project financing (PF) refinancing and capital borrowing to improve the project funding structure, and selection of apartment complex name candidates.

Additionally, proposals to reaffirm the intentions of association members for operational stabilization of the association, procedures for handling landfill waste and contaminated soil at the project site, the basic plan and delegation of authority for the general sale process, and the 2026 project and operating budget drafts were all approved as originally proposed.

Perspective view of the redevelopment project for Hakdong 4 District, Dong-gu, Gwangju. Provided by IPARK Hyundai Engineering & Construction

Construction cost set at 6,198,000 won per 3.3㎡—110,000 won below the verified amount

The association decided to maintain the contract terms approved in last year’s general meeting regarding construction costs. At that time, the association approved IPARK Hyundai Development Company’s proposed construction cost of 6,198,000 won per 3.3㎡ and requested Korea Real Estate Board to verify the appropriateness of the construction cost.

The verification set the appropriate construction cost at 6,308,000 won per 3.3㎡. However, based on the agreement signed between the association and the construction company on July 31 last year, the contract was finalized at the previously agreed amount of 6,198,000 won per 3.3㎡, regardless of the verification result, and this was officially approved at the recent general meeting.

Narrowed down to 45 proposals—'Mudeungsan Skyforet IPARK' receives the most votes

Progress has also been made in the process of naming the complex. To incorporate the opinions of association members, a public call for names was held that resulted in 45 submissions. After review by the board of directors, these were narrowed down to six candidates. At the general meeting, the list was further reduced to two candidates, with 'Mudeungsan Skyforet IPARK' receiving the highest number of votes. However, the name is not yet confirmed, as final discussions with the construction company are still pending.

On the morning of January 28, construction workers are busy at the redevelopment site of Hakdong 4 District in Dong-gu, Gwangju. Photo by The Asia Business Daily

The Hakdong 4 District redevelopment project will create 2,299 units in buildings ranging from three basement levels to 29 above-ground floors, on a land area of 126,433㎡ at 633-3 Hakdong, Dong-gu, Gwangju. The project, which had been halted for an extended period after the demolition building collapse disaster in 2021, started construction again on December 24 last year. With a planned construction period of 41 months, completion is aimed for May 2029.

Attention on sale price and market conditions amid expectations for Honam Semiconductor Cluster

The association is currently proceeding with follow-up procedures targeting general sales in October. An association official commented, "We decided to maintain the existing contract at a level below the construction cost verified by the Korea Real Estate Board. We are working to finalize the naming and all procedures without delay, aiming for a general sale in October."

Real estate industry players in the area believe that the planned establishment of a semiconductor cluster could boost expectations in the Gwangju housing market overall. However, actual sales performance at Hakdong 4 District will depend on the sale price and market conditions at the time of launch.

According to an industry insider, "Hakdong 4 District is attracting much attention as it is a large complex with existing amenities such as Mount Mudeungsan, a university hospital, and Subway Line 1. Although anticipation for local development driven by the semiconductor cluster is a positive factor, actual sales outcomes will depend on sale price levels and the prevailing market situation at the time."

This content was produced with the assistance of AI translation services.