IPARK Hyundai Development Targets Redevelopment Near Sookmyung Women's University Station, Signs Landscaping Pact with Samsung C&T

Long-term lease housing redevelopment project worth 550 billion won
Sole bidder in first round held the previous day... "Create a landmark"

IPARK Hyundai Development has signed a memorandum of understanding (MOU) with Samsung C&T's Resort Group to specialize in landscaping for the redevelopment project near Sukdaeipgu Station in Yongsan-gu, Seoul. (Photo by IPARK Hyundai Development)

IPARK Hyundai Development Company and Samsung C&T's Resort Group have signed a memorandum of understanding (MOU) to specialize the landscaping for a long-term lease housing redevelopment project near Sookmyung Women's University Station in Yongsan-gu, Seoul.

The project will create buildings with six basement levels and up to 40 above-ground floors, totaling five buildings, as well as ancillary and welfare facilities. It will be built on and around 52-6 Galwol-dong, Yongsan-gu. Of the approximately 900 homes, 231 will be long-term lease homes and 72 will be mandatory rental homes under the redevelopment project.

The construction cost is estimated at 550 billion won. The first bidding round, held on October 8, was declared unsuccessful after IPARK Hyundai Development Company was the sole bidder. If two bidding rounds fail, the project will proceed through a negotiated contract.

Through this MOU, IPARK Hyundai Development Company plans to offer a residential environment that connects nature in the city with living spaces, going beyond construction alone. The company previously pursued collaboration with Samsung C&T's Resort Group on the Yongsan Railway Depot Frontage Zone 1 redevelopment project.

IPARK Hyundai Development Company is expected to pursue integrated development linked to its projects across Yongsan, including the Yongsan Railway Depot Frontage Zone 1 redevelopment, underground space development beneath the park in front of Yongsan Station, and development of the former Yongsan Railway Hospital site.

An IPARK Hyundai Development Company official said, "We will propose landscaping that brings the value of nature and relaxation enjoyed in everyday life to our urban project site," adding, "We will create a Yongsan landmark by combining our proven development capabilities in Yongsan with the landscaping expertise of Samsung C&T's Resort Group."

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