"You can't create a new Apgujeong with a rival's Banpo-style premiumization from 10 years ago."Park Seong-ha, Hyundai Engineering & Construction Apgujeong reconstruction project Head of Team
On the morning of the 18th, 3rd floor of Taeseung Building in Sinsa-dong, Gangnam-gu, Seoul. When the elevator doors opened, a large exhibition space implementing a futuristic Apgujeong residence appeared under red lighting. An extra-large regional model that miniaturized the entirety of Apgujeong district 5 came into view at a glance, and the ultra-high-rise skyline along the Han River, the community layout, and the connection route to Galleria Department Store were rendered three-dimensionally through video and lighting.
Hyundai Engineering & Construction unveiled the Apgujeong district 5 promotion hall to the media for the first time that day. As it is the only redevelopment zone in Apgujeong where competitive bidding was realized, it put the "future residential platform" and product strength at the forefront beyond simple competition on construction costs and financial terms.
The promotion hall tour begins with an experience zone for demand-responsive transport (DRT). On four screens, an unmanned shuttle departs Apgujeong district 5 and travels to Apgujeong Rodeo Station, Galleria Department Store, and around Cheongdam-dong. The immersion felt as if riding in an actual vehicle.
An official at the Hyundai Engineering & Construction Apgujeong district 5 promotion hall said, "We plan to operate not only a fixed route consolidating districts 2 and 3, but also flexible routes that move according to demand to Singu Elementary School, Dosan Park, and the Cheongdam luxury street," adding, "We will turn residents' mobility itself into a service."
In the model unveiled next, a design specialized for Han River views stood out. Protruding balconies were applied to all units in the three buildings along the river, and the rounded corner windows and the upper structures shaped like pillars of light completed a futuristic landmark. A promotion hall official emphasized, "We will restore the value of Apgujeong Hyundai with the highest-grade natural stone used for Eterno Cheongdam and the design by world-renowned architectural firm RSHP."
In particular, the complex development with Galleria Department Store emerged as a key differentiator. The model clearly marked a route directly connecting the complex's underground shopping area with Galleria. A promotion hall official said, "Only the Hyundai project team can realize a concept that consolidates Galleria, Rodeo, and the Han River into a single living zone through collaboration with Hanwha."
At the center of the complex, a large community is arranged around the 420-meter circular promenade "The Circle 420," integrating fitness, golf, spa, sauna, and a greenhouse-style atrium. Private communities for each building and a guesthouse in collaboration with The Plaza Hotel will also be created. A total of nine spaces, including a sky lounge in Building 105 and a Sky River Suite in Building 107, are planned.
In the window experience zone, the "ZERO WALL 240-degree panoramic view" was implemented as if real. The plan is to maximize openness with a 2.9-meter ceiling height and extra-wide windows up to 13 meters long. Robotics technology linked with Hyundai Motor Group was also introduced. A video screened scenarios for robot services handling patrols, food delivery, and recycling collection.
During the Q&A, remarks reining in rival DL E&C continued. Park Seong-ha, Head of Team for Hyundai Engineering & Construction's Apgujeong reconstruction project, directly took aim at DL E&C, refuting its construction period, financial terms, and product strength.
Regarding the 57-month construction period proposed by DL E&C, Park said, "District 5 has a rock ratio over 50% and six underground floors," adding, "Unlike districts 2 and 3, which are mostly ordinary earth, considering blasting constraints and the 68-story ultra-high-rise construction, 67 months is realistic." Park added, "The rival may present a short schedule to win the project and then attempt to extend it later."
On financial terms, Park said, "The project cost interest rate emphasized by DL E&C applies only to a portion of the union's essential project costs," adding, "Hyundai Engineering & Construction applied COFIX (Cost of Funds Index)+0.49% to a much broader range of project costs."
Hyundai Engineering & Construction ultimately sees "product competitiveness" as the core of this bidding war. Park said, "Apgujeong district 5 has a good location, but its prices have been lower than districts 2 and 3," adding, "We determined that the Banpo-style premiumization DL is touting alone cannot create Apgujeong's symbolism and future value."
Park added, "We invested in future value with a column-type structure, 240-degree panoramic windows, private communities for each building, and Robotics," adding, "Hyundai Engineering & Construction's strategy is to set a new standard for Apgujeong Hyundai."
Meanwhile, Apgujeong district 5 is a project to reconstruct the Hanyang Phase 1 and 2 apartments, to be built with six underground floors to 68 aboveground floors, eight buildings, and 1,397 units. The total construction cost is about 1.5 trillion won. Currently, it is the only Apgujeong reconstruction zone where competitive bidding is underway between Hyundai Engineering & Construction and DL E&C.