IPARK Hyundai Development Company Raises Annual Order Target to KRW 10 Trillion This Year

Bird's-eye view of the Geumjeong Station Area District 1 redevelopment project (Image courtesy of IPARK Hyundai Development Company)

IPARK Hyundai Development Company has raised its annual order target to KRW 10 trillion, buoyed by its recent consecutive selections as preferred bidder for major urban redevelopment projects in Seoul.

IPARK Hyundai Development Company announced on October 27 that it had recently been selected as the preferred bidder for the redevelopment of the Banghwa 2 Redevelopment Promotion District and the Sinwol 7-dong Section 1 housing redevelopment project.

The Banghwa 2 Redevelopment Promotion District project is valued at approximately KRW 293.8 billion. It involves building 740 apartment units across 10 buildings, along with auxiliary and community facilities, in the area of Gangseo-gu, Seoul. The buildings will have three basement levels and 16 floors above ground.

The Sinwol 7-dong Section 1 redevelopment project is valued at approximately KRW 937.5 billion. It involves building 2,681 apartment units across 18 buildings, along with auxiliary and community facilities. The buildings will have four basement levels and 15 floors above ground. The two projects have a combined construction value of approximately KRW 1.2313 trillion.

IPARK Hyundai Development Company plans to proceed with the projects following negotiations, contract signings and other subsequent steps.

IPARK Hyundai Development Company has surpassed KRW 2 trillion in cumulative orders for urban redevelopment projects this year.

Starting with the public-participation redevelopment project in Seongnam Taepyeong Section 3, valued at KRW 585.2 billion, in July, it secured contracts for the Jangam Section 2 project in Uijeongbu (KRW 900.2 billion), the Yeonsan Section 13 project in Busan (KRW 281.2 billion), and the Geumjeong Station Area Section 1 project in Gunpo, Gyeonggi Province (KRW 448.2 billion). Its cumulative order total stands at KRW 2.2148 trillion.

IPARK Hyundai Development Company is also pursuing projects including the reconstruction of Mok-dong Complex 11, the reconstruction of Gwangmyeong Haan Jugong Complexes 6 and 7, the redevelopment of Goyang Neunggok Section 3, and a long-term rental housing redevelopment project in the area around Sookmyung Women's University Station.

Building on these achievements, IPARK Hyundai Development Company raised its annual order target to KRW 10 trillion.

The company plans to build trust with housing cooperatives and project owners by leveraging its brand competitiveness and accumulated project execution experience. It also aims to emphasize differentiated proposals from the initial stages of projects and its ability to execute them reliably.

An IPARK Hyundai Development Company official said, "We will select projects where we can demonstrate our competitiveness, strengthen our position in urban redevelopment, and work to achieve our annual order target."

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