Hyundai GBFMS, an affiliate of Hyundai Group, has changed its name to "Hyundai Property" and announced a fresh start in its bid to become a comprehensive real estate asset management company.
Hyundai GBFMS said Thursday that its annual general shareholders' meeting held on the day approved the new company name, Hyundai Property. The new name combines "Hyundai," symbolizing trust, with "Property," a term encompassing real estate assets. The name reflects the company's ambition to expand its business scope beyond simple facility management into a total real estate service platform covering real estate, facilities and asset management.
Hyundai Property was established in 2015 as an affiliate of Hyundai Group, led by Chairwoman Hyun Jeong-eun, alongside other group companies such as Hyundai Elevator (017800.KS) and Hyundai Movex (319400.KQ). The company has provided customized facility management services and maintenance, repair and operations (MRO) supply services primarily for mixed-use and commercial complexes including offices, knowledge industry centers and retail facilities across Korea.
Recently, the company has secured consecutive contracts for the "Page Myeongdong" office building in Seoul, "Woolim Lions Valley Phase 2" knowledge industry center in Gasan-dong and "SK Rent-a-Car Auto Auction" in Cheonan. It is also expanding its portfolio to multi-use facilities by managing facility operations for Megabox cinema theaters nationwide.
The company has also demonstrated strength in integrated facility management (IFM) for foreign companies operating in Korea. It provides IFM services to a range of global clients including ABB's Cheonan factory, the power and automation solutions company, as well as premium fragrance retail brand TAMBURINS and other leading international pharmaceutical firms.
"This name change will serve as a starting point for expanding and leaping from a fragmented facility management-focused business to a total real estate service platform," Hyundai Property said. "We will build a sophisticated asset management system based on our accumulated data and operational know-how."
