HDC Hyundai Development, together with Kolon Global, has won a public redevelopment project in the Taepyeong 3 district of Seongnam, Gyeonggi Province, with a total construction contract value of 900.3 billion won. Of this amount, HDC Hyundai Development's share is 585.2 billion won.
HDC Hyundai Development said on the 13th that the "IPARK Project Group," a consortium of HDC Hyundai Development and Kolon Global, was selected as the final contractor at a general meeting of landowners and other stakeholders held on the 12th to choose the builder for the Taepyeong 3 district. The IPARK Project Group received 1,038 of the 1,128 votes cast that day, recording a 92% approval rate. This marks HDC Hyundai Development's first urban redevelopment project win this year.
The Taepyeong 3 public redevelopment is a project to build approximately 2,480 apartment units on a site of about 125,000 square meters around 4580 Taepyeong-dong, Sujeong-gu, Seongnam. The Korea Land and Housing Corporation (LH) is participating as the project operator, handling permits, resident relocation, and financing.
Although this is a consortium project, HDC Hyundai Development proposed to apply the single "IPARK" brand to the complex and to oversee design, construction, and quality management. It presented "IPARK The Fortress" as the name of the complex.
The design plan includes reducing the number of buildings from 36 under the existing improvement plan to 24, widening the distances between buildings and enhancing the openness of the complex. In the space secured by reducing the number of buildings, a mixed-use central plaza of 6,300 pyeong, about three times the size of a soccer field, will be created.
The consortium proposed raising the maximum number of floors from the existing 15 to 19 by utilizing a deck level. It also planned a 270-degree panoramic sky community with views of Cheonggyesan Mountain, a 730-meter-long corridor, and a 130-meter large entrance gate.
The project site is close to Gachon University Station and offers convenient access to Gangnam, Jamsil, and Pangyo. In the nearby Bokjeong Station area, Hyundai Motor Group's future mobility research and development complex project is underway, and a mixed-use development of the Suseo Station transfer center is also planned. An HDC Hyundai Development official said, "Based on our accumulated construction capabilities, we will create a residential complex that represents Seongnam."
