Hyundai E&C has secured a construction contract for the Seoul Station Hilton Hotel site worth 1 trillion won, marking its full-scale entry into the mixed investment development business.
Hyundai E&C announced on the 13th that it won the 'Seoul Station Millennium Hilton Hotel Site Development and Demolition Project' (Hilton Hotel Development Project), commissioned by YD427PFV, on the 12th.
The Hilton Hotel Development Project involves demolishing the Hilton Hotel located at 5 Namdaemun-ro, Jung-gu, Seoul, and constructing a large-scale mixed-use facility with a total floor area of 349,154 square meters, consisting of 10 underground floors and 39 above-ground floors. The total construction cost is approximately 1.1878 trillion won.
Hyundai E&C will collaborate with the world-renowned design firm 'Foster+Partners,' known for conceptualizing the Apple and Bloomberg headquarters, to construct top-tier commercial real estate known as 'Trophy Asset.' One large office building and a 6-star hotel will be newly developed on the site, with 40% of the total land area designated as public green space for citizens.
Earlier, Hyundai E&C has participated as a major shareholder in YD427PFV alongside IGIS Asset Management and Shinhan Financial Group, leading this project. Based on expertise across all phases of the development project, it is responsible for financial analysis, contract management, and negotiations, demonstrating its project management (PM) capabilities. Moving forward, it plans to fulfill its role as a mixed investment developer based on its expertise and know-how in large-scale office construction.
With the Hilton Hotel Development Project gaining momentum, Hyundai E&C's transition to strategic investor (SI) has also accelerated. Hyundai E&C is currently developing a large-scale landmark in the Gayang-dong CJ site, with a total floor area of 760,330 square meters, after recently completing project financing (PF). It is pushing ahead with the Bokjeong Station Area Development Project, which is the largest multi-use complex in the country, with a total floor area of 1,685,950 square meters.
A representative from Hyundai E&C noted, 'Seoul Station is a key transportation hub connecting all cities in Korea and the world, and it has the potential to become an international landmark as it draws high-level personnel and tourists,' adding, 'We will focus on the mixed investment development project with an emphasis on ensuring project stability and profitability by leveraging extensive development experience and construction technology.'