With a construction cost of 1 trillion won, the redevelopment project for Zone 1 of the Yongsan Maintenance Depot is expected to see fierce competition as POSCO Engineering & Construction and HDC Hyundai Development Company enter the bidding war.
According to the maintenance industry on the 15th, the Yongsan Maintenance Depot Zone 1 redevelopment association concluded the bidding at 2 p.m. that day, with POSCO Engineering & Construction and HDC Hyundai Development Company each submitting a bid guarantee of about 100 billion won.
A representative of the Yongsan Maintenance Depot Zone 1 redevelopment association noted, "POSCO Engineering & Construction participated in the bidding that morning, and HDC Hyundai Development Company responded at around 1:40 p.m.," adding, "With more than two construction companies participating, a competitive bidding process will take place, and we plan to select the final construction company through the association's general meeting after a briefing session." The general meeting is scheduled to be held in mid-June.
The redevelopment project for Zone 1 of the Yongsan Maintenance Depot is a mixed-use development project being established on a site of approximately 71,901 square meters at 40-641 Hangang-ro 3-ga, Yongsan District, Seoul. The project will consist of 12 buildings with 6 underground floors and 38 above-ground floors, 777 apartments, 894 officetels, and commercial and office facilities. The expected construction cost is 955.8 billion won, with the construction cost per 3.3 square meters being about 960 million won.
POSCO Engineering & Construction and HDC Hyundai Development Company have already shown their intent to win the contract well before the bidding began, starting a quiet competition.
POSCO Engineering & Construction emphasized its experience in constructing high-rise buildings such as 'Haeundae LCT' in Busan and 'Yeouido Park One' and 'The Hyundai Seoul' in Seoul. The company also highlighted its development experience of the Incheon 'Songdo International Business District' with a business cost of 24 trillion won and being selected as the preferred negotiator for the 'Sewoon District redevelopment project' and the 'Seoripul mixed-use project.'
POSCO Engineering & Construction plans to apply its high-end brand 'Otier' to Zone 1 of the Yongsan Maintenance Depot and propose differentiated business conditions.
HDC Hyundai Development Company claimed it would transform the Yongsan area into 'HDC Yongsan Town' by leveraging its diverse development experience in Yongsan. The strategy aims to create a global mixed-use business district akin to Hudson Yards in New York and Roppongi Hills in Tokyo.
HDC Hyundai Development Company has begun collaborating with global consulting and design corporations, such as CBRE and LERA, and recently partnered with Samsung C&T’s resort division to create landscaping suitable for a global landmark.
The project site is adjacent to the Yongsan International Business District and is within walking distance of the Yongsan Station on Subway Line 1 and the Sin Yongsan Station on Line 4. Currently, the area around Yongsan Station is expected to transform into a business hub following the confirmation of the master plan for the Yongsan International Business District by the Seoul city government.
The Yongsan International Business District is a development project that aims to create the world's largest vertical city with a scale of 495,000 square meters for the railway maintenance depot site behind Yongsan Station, combining business, residential, and leisure facilities.