HS Hwaseong expands Myeongmokbon-dong Zone 3 project in Seoul

HS Hwaseong has expanded its project zone in Myeongmokbon-dong, Jungnang-gu, Seoul, by absorbing the adjacent Zone 4 into its existing Zone 3 contract.

HS Hwaseong announced Tuesday that incorporating the former Zone 4 into the Zone 3 project area has more than doubled the development's scale, from 247 units to 512 units. The contract value rose accordingly, from approximately 77.3 billion won ($56.2 million) to about 162.5 billion won — an increase of roughly 85.2 billion won.

The project is located in the Myeongmok-dong area of Jungnang-gu, Seoul, on a total site area of approximately 16,535 square meters. The development will consist of an apartment complex with ancillary welfare facilities, rising from three below-ground floors to 27 above-ground floors, for a total of 512 residential units.

The expansion is particularly significant because it strengthens the continuity of the urban renewal projects HS Hwaseong has been pursuing across the Myeongmokbon-dong area.

HS Hwaseong had previously secured contracts for Zones 5, 2 and 3 in Myeongmokbon-dong in succession. With the former Zone 4 site now folded into Zone 3, the company's project scope has extended to cover that area as well.

As a result, HS Hwaseong now holds construction rights for Zones 2, 3 and 5 within the Myeongmokbon-dong Moa Town development — all zones except Zone 1.

"Through this expansion of the Zone 3 project area, we have grown the scale of the development and further strengthened the continuity of the urban renewal work we have been carrying out across Myeongmokbon-dong," said Lee Eun-chung, head of HS Hwaseong's urban renewal project team.