"Starting from Yongsan Rail Yard Front Zone 1, we will build an 'IPARK Town' stretching to Sookmyung Women's University Station, Huam-dong and Hyochang-dong."
Bae Chi-sung, executive director and head of sales at HDC Hyundai Development (294870.KS), said in a recent interview with The Seoul Economic Daily, "Through the Yongsan Station area development and the successful operation of IPARK Mall, a perception has been built that 'HDC Hyundai Development can be trusted.'" He stressed, "Within the broader trend of developing northern Seoul, we will take full responsibility for the Yongsan development we secured ahead of others."
HDC Hyundai Development is planning to turn the entire Yongsan district into an IPARK Town, with the Yongsan Rail Yard Front Zone 1, which it won last year, as the central axis. The plan spans from the Sookmyung Women's University Station redevelopment (about 900 units, with a contract value of 520 billion won) to redevelopment projects in Huam-dong, Hyochang-dong and Samgakji. "Yongsan Rail Yard Front Zone 1 is adjacent to Yongsan IPARK Mall, so we can activate connected commercial facilities by building a passageway linking the two," Bae said. "If we succeed in attracting the Park Hyatt Hotel as well, a high-end residential ecosystem will be completed."
The mid- to long-term project is the Jungnangcheon belt. The vision is to build an IPARK Town of more than 10,000 units by connecting a line that runs from Jangam Zone 2 in Uijeongbu through Seoul One IPARK in Wolgye-dong to Myeonmok-dong and Seongsu-dong, and linking it with the so-called "Mimisam" redevelopment project (the Miryung, Miseong and Samho 3rd apartment complexes in Wolgye-dong, Nowon-gu).
HDC Hyundai Development's new orders target for this year is 6.5 trillion won ($4.8 billion). Urban renewal projects, including reconstruction and redevelopment, account for more than half of the total. The company plans to supply 13,000 units this year, 1,000 more than last year. "The main supply will come from 'Seoul One Parkroche,' a high-end wellness residence to be built within Seoul One IPARK," Bae said.
