Hyundai Engineering & Construction said on the 5th that it will work with 17 financial institutions to ensure stable funding for the Apgujeong Districts 3 and 5 reconstruction and to ease the financial burden on association members.
Hyundai Engineering & Construction recently signed a financial cooperation memorandum of understanding covering the Apgujeong Districts 3 and 5 reconstruction with 17 financial institutions, including its main bank, Hana Bank.
Through this agreement, the company plans to establish the H-Finance Solution, an end-to-end financial support program, to proactively manage financial risks that may arise during the project and to reduce concerns about association members' financial burdens and market volatility.
Under the agreement, Hyundai Engineering & Construction will ask participating financial institutions for the optimal financial products for each reconstruction stage—such as project costs, relocation loans (including additional relocation loans), interim payments, association members' contributions, and the remaining balance at move-in—and the financial institutions will present tailored financial products and support programs.
Both sides also plan to cooperate on the joint development of new financial solutions that can improve customer convenience.
The Apgujeong reconstruction is one of the largest core projects among Seoul's redevelopment projects, and securing financial stability is considered a key factor for success.
Hyundai Engineering & Construction built a large-scale financial cooperation framework in Apgujeong District 2 and plans to expand the financial safety net to Districts 3 and 5, with the idea of managing Apgujeong Hyundai as a single, organic project zone.
A Hyundai Engineering & Construction official said, "We will expand the financial cooperation model that began in District 2 to Districts 3 and 5 to reduce the uncertainty and burden customers feel," adding, "We will build Hyundai Engineering & Construction's unique '安心 finance system' that takes responsibility for financial stability as well as construction."