HDC Hyundai Development Company said on the 5th that it signed a construction contract with the association for the Yongsan rail yard front zone 1 redevelopment project for the Yongsan rail yard front zone 1 redevelopment.
The construction contract signing ceremony held that day took place at the association office in Yongsan rail yard front zone 1, with attendees including Yoon Woo-jin, head of urban renewal at HDC Hyundai Development Company, and Kim Young-sik, head of the Yongsan rail yard front zone 1 association. The contract follows a June vote last year in which HDC Hyundai Development Company secured the construction rights with 63.1% of the vote.
To win the Yongsan rail yard front zone 1 project, HDC Hyundai Development Company proposed conditions that encapsulated its urban development know-how accumulated over more than 50 years. In particular, leveraging business sites near Yongsan rail yard front zone 1, such as development of the Yongsan Station area where its headquarters is located and the Yongsan Railway Hospital site, HDC Hyundai Development Company proposed creating HDC Yongsan Town and rolled out various strategies to drive up urban value.
In the process, HDC Hyundai Development Company proposed building the nation's longest sky bridge, a three-dimensional connection to the underground space of Yongsan Station, and attracting the global hotel Park Hyatt to shape Yongsan rail yard front zone 1 into a differentiated mixed-use complex. It also proposed terms to ease the burden on association members, including construction costs of 8.58 million won per 3.3㎡, a minimum relocation loan of 2 billion won per household, and a 30-month grace period on price fluctuations.
An HDC Hyundai Development Company official said, "We will carry out the project as a developer responsible from planning to operation, so that we can raise not only asset value but also the city's symbolism," adding, "Yongsan rail yard front zone 1 will be linked to the future Yongsan International Business District (YIBD) and become a core axis of downtown Seoul. We will mobilize all capabilities at the group level to establish it as a landmark of Seoul, beyond Yongsan."
The Yongsan rail yard front zone 1 redevelopment is a large-scale project to build 780 apartment units and 651 officetel units, along with large office and commercial facilities, in 12 buildings ranging from six basement levels to 38 stories above ground in Hangangno 3-ga, Yongsan-gu, Seoul.