Hyundai Engineering & Construction (000720), which became the first in the industry to surpass 10 trillion won in urban redevelopment orders last year, has kicked off its bid for an eighth consecutive year atop the industry rankings by winning the Geumjeong 2 District redevelopment project in Gunpo.
Kyobo Asset Trust, the project operator for Geumjeong 2 District, announced on January 9 that it has selected Hyundai E&C as the construction contractor for the redevelopment.
The Geumjeong 2 District redevelopment project will construct a residential complex comprising 1,028 units in buildings ranging from four basement levels to 35 stories above ground, with a floor area ratio of 299.97%, in the Geumjeong-dong 762-11 area of Gunpo, Gyeonggi Province. Total construction costs are approximately 425.8 billion won ($312 million).
Hyundai E&C proposed building "Hillstate Geumjeong Centerpoint," a landmark embodying the city's future value at a central location that integrates Gunpo's transportation and natural infrastructure.
The company achieved seven consecutive years as the top contractor in urban redevelopment last year, becoming the first in the industry to exceed 10 trillion won in orders. This year's order target is set at over 12 trillion won, with plans to continue a selective bidding strategy focused on key areas in Seoul and the greater metropolitan region.
"We will use Geumjeong 2 District as the starting point for this year's urban redevelopment orders and continue our record of eight consecutive years at the top," a Hyundai E&C official said. "We will develop this into a landmark complex representing Gunpo."