On the 20th, HDC Hyundai Development Company announced that it will establish a 'retail comprehensive master plan' to develop the front section 1 area of the Yongsan Maintenance Depot into a premium global complex commercial area in collaboration with the global real estate consulting corporation CBRE Korea.
CBRE Korea is a global commercial real estate consulting corporation that has participated in landmark projects in Korea, including the Yongsan International Business District, Magok One Grove Mall, Yeouido TP Tower, Pangyo Kakao Silo, Lotte World Tower, and COEX Mall. In the front section 1 area of the Yongsan Maintenance Depot, it will analyze the characteristics of a mixed-use development project that combines residential, office, commercial, and cultural facilities.
The front section 1 area of the Yongsan Maintenance Depot is adjacent to the eco-friendly future city of the Yongsan International Business District, necessitating synergy effects through strategic linkage. CBRE Korea was selected as the urban development project contractor for the Yongsan International Business District last year and is currently working on the development of a global project master plan valued at 51 trillion won and strategic marketing tasks.
HDC Hyundai Development Company expects to enhance the potential value of the front section 1 area along with the ongoing development of the underground space of the front park at Yongsan Station and the development of the Yongsan Railway Hospital site. HDC Hyundai Development Company aims to transform Yongsan into a global complex commercial area with high-rise buildings and premium retail and cultural facilities, similar to Hudson Yards in New York and Roppongi Hills and Azabudai Hills in Tokyo through this project.
An official from HDC Hyundai Development Company noted, "Through exclusive cooperation with CBRE Korea, we will regenerate the Yongsan area into a global complex commercial area that transcends Gangnam," adding, "We plan to prove ourselves as a partner that provides asset value suitable for the global commercial area to association members."
The redevelopment of the front section 1 area of the Yongsan Maintenance Depot is a city maintenance project valued at 9.558 billion won, being promoted in the Hangan-ro 3-ga area of Yongsan District. It includes 12 buildings reaching up to 38 floors above ground and 6 underground floors, with 777 apartments, 894 officetels, and commercial and neighborhood living facilities.