Hyundai Engineering & Construction was selected as the builder for the Apgujeong District 3 reconstruction project, considered the largest urban renewal project in Korea with construction costs in the 5 trillion won range. With this, Hyundai Engineering & Construction, after District 2, secured the construction rights for District 3 as well, joining both the past and future of "Apgujeong Hyundai."
According to the maintenance industry on the 25th, the reconstruction association for Apgujeong District 3 in Gangnam-gu, Seoul, held a general meeting to select the builder and chose Hyundai Engineering & Construction as the final builder. Of all association members (3,988), 2,621 members, or 65.7%, voted, and 2,332 (89.0%) approved the plan to select Hyundai Engineering & Construction as the builder.
The Apgujeong District 3 reconstruction project is a redevelopment to transform 3,934 households, including Apgujeong-dong Hyundai Apartment phases 1–7 and 10, 13, and 14, and Daelim Villat, into 5,175 households in buildings ranging from five basement levels to a maximum of 65 stories. The total construction cost is 556.1 billion won. Hyundai Engineering & Construction had previously been selected in Apr. as the preferred negotiating partner for the Apgujeong District 3 reconstruction project after two failed tenders due to a sole bid.
Apgujeong District 3 is classified as a top-tier project in Seoul's reconstruction market in terms of location. Situated along the Han River between Dongho Bridge and Seongsu Bridge, it has long been regarded as a site that will set new standards for the skyline along the Han River and the high-end residential market, as well as for the broader Apgujeong area.
The selection of Hyundai Engineering & Construction as the builder is meaningful in that the original builder that created "Apgujeong Hyundai" has returned. Hyundai Engineering & Construction, which built the Apgujeong Hyundai Apartments—established as a symbol of Korea's luxury apartments during the Gangnam development of the 1970s and 1980s—has expressed its intent to fully carry on the heritage of Apgujeong Hyundai by once again constructing the complex through the reconstruction project. As an expression of this intent, Hyundai Engineering & Construction even applied for the "Apgujeong Hyundai" trademark.
Hyundai Engineering & Construction plans to turn Apgujeong District 3 into an urban residential model based on five core values: landmark design, community, Robotics, landscaping, and residential services. In particular, Hyundai Engineering & Construction plans to modernly redesign Apgujeong District 3 with global architectural firm RAMSA.
With this contract, Hyundai Engineering & Construction has secured construction rights for two of the reconstruction projects underway in the Apgujeong area. Previously, Hyundai Engineering & Construction was selected as the builder for Apgujeong District 2.
The market is also watching the general meeting to select the builder for Apgujeong District 5, scheduled for the 30th. If Hyundai Engineering & Construction secures the construction rights for District 5, the Apgujeong area could become a premium residential axis for Hyundai Engineering & Construction.
Meanwhile, with this contract, Hyundai Engineering & Construction's cumulative orders for urban renewal projects this year have reached about 664.74 billion won.