Hyundai E&C, Apgujeong3 District 5 trillion5610 hundred million won contract award confirmed

Hyundai E&C has been selected as the construction contractor for the Apgujeong3 District reconstruction project. The Apgujeong Apartment Zone Special Planning District3 Reconstruction and Redevelopment Association held a general meeting on 26 and approved the agenda for signing a negotiated contract with Hyundai E&C, the preferred negotiating partner. 1The 2th bidding round failed after Hyundai E&C was the only bidder, and the process was switched to a negotiated contract.

3 District includes Hyundai 1 to 7 cars in Apgujeong-dong, Gangnam-gu, 10 and 13 cars, and Daelim Villart, among other existing properties,14 covering 3,934 homes. The association proposed rebuilding the district with up to 65 floors and 5,175 homes. The construction cost proposed by the association is 5 trillion5610 hundred million won.

The proposed construction cost is 31 trillion629 hundred million won, equivalent to 17.9% of Hyundai E&C's consolidated revenue last year. With this contract, Hyundai E&C has secured construction rights in Apgujeong redevelopment, following 2 District and now 3 District. The company proposed “Apgujeong Hyundai Galleria” as the complex name.

Hyundai E&C has announced plans to introduce an unmanned shuttle exclusively for residents, premium community facilities, and a cultural space developed in collaboration with Hyundai Card. The company said the plans may change as the project progresses and that it will disclose the finalized details when the main contract is signed. Last year, Hyundai E&C 9Apgujeong2was also selected as the construction contractor for the district’s redevelopment.