Hyundai E&C announced on the 30th that it signed a mutual business agreement with its main bank, Hana Bank, regarding the 'Apgujeong District 2 Reconstruction Maintenance Project' on the 29th. Hyundai E&C is also in the process of signing business agreements with major large banks such as KB Kookmin Bank, Shinhan Bank, Woori Bank, and NH Nonghyup Bank, planning to expand the scope of collaboration to foreign banks and large securities companies.
Under this agreement, Hyundai E&C will request financial proposals necessary for the reconstruction from the bank, including ▲project costs ▲relocation costs (including additional relocation costs) ▲interim payments ▲members' contributions ▲final payments upon occupancy, and will actively review and cooperate with the financial proposals provided by the bank.
Commercial banks will prepare and present the necessary financial proposals at the request of Hyundai E&C as financial advisors and intermediaries, actively participating in the process. Additionally, Hyundai E&C and commercial banks will collaboratively develop optimal financial products and solutions to maximize member benefits.
A Hyundai E&C official noted, 'Apgujeong District 2 is a representative site for reconstruction, and since the expectations and trust of the members are paramount, we have meticulously prepared in the financial sector.' He emphasized that 'this agreement contains Hyundai E&C's commitment to ensuring housing stability for the members and successfully advancing the project, beyond mere financial support cooperation.'
A Hana Bank official said, 'Recognizing the symbolism and value of Apgujeong District 2 in the financial sector, we will actively seek practical measures to alleviate the financial burden on the members,' and noted, 'Based on Hyundai E&C's expertise, we will create a model case for new financial cooperation.'
Apgujeong District 2 consists of 1,924 units in Shin-Hyundai Apartments (9th, 11th, and 12th phases) completed in 1982 and is set to transform into a scale of up to 65 floors and 2,571 units through reconstruction.