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Hyundai Engineering & Construction. (Photo=Hyundai E&C) |
[Alpha Biz= Paul Lee] Hyundai Engineering & Construction (Hyundai E&C) has signed a construction contract worth approximately 1.19 trillion won ($890 million) for the redevelopment of the Millennium Hilton Hotel site near Seoul Station, bolstering its position in the mixed-use investment development sector.
On Wednesday, Hyundai E&C announced that it had won the bid for the "Hilton Hotel Redevelopment and Demolition Project," commissioned by YD427 PFV.
The project involves demolishing the existing Hilton Hotel in Jung-gu, Seoul, and constructing a large-scale mixed-use complex with 10 underground floors and 39 above-ground floors, spanning a total floor area of 349,066 square meters. The total construction cost is estimated at 1.19 trillion won.
Hyundai E&C will collaborate with globally renowned architectural firm Foster + Partners, known for designing Apple and Bloomberg headquarters, to create a 'Trophy Asset,' a premium commercial real estate landmark. The development will feature a large office tower and a six-star luxury hotel, with 40% of the land dedicated to public green space.
Hyundai E&C has played a leading role in the project as a major shareholder of YD427 PFV, alongside IGIS Asset Management and Shinhan Financial Group. The company has demonstrated its project management (PM) capabilities through financial analysis, contract management, and negotiations. It plans to leverage its expertise in large-scale office construction to oversee the successful completion of the project.
With the Hilton Hotel redevelopment moving forward, Hyundai E&C’s transition into a strategic investor (SI) is gaining momentum. The company is also advancing other large-scale development projects, including a landmark transit-oriented development on the former CJ site in Gayang-dong, covering 760,000 square meters, and the Bokjeong Station development project, set to become Korea’s largest office complex, spanning 1.68 million square meters.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
