IPark Hyundai Development raises annual contract target to W10tr

IPark Hyundai Development has raised its annual contract target to 10 trillion won ($7.56 billion) — up 4 trillion won from its original 6 trillion won goal — on the back of expanding urban redevelopment wins this year.

The company said Tuesday it would broaden its contracting base across all business segments while continuing to pursue major redevelopment projects. It plans to weigh each project's feasibility, profitability and execution capacity as it expands its pipeline.

IPark Hyundai Development was recently named preferred negotiating partner for the Banghwa 2 district redevelopment project and the Sinwol 7-dong Zone 1 residential redevelopment project. The two projects carry construction costs of 293.8 billion won and 937.5 billion won, respectively, bringing their combined value to approximately 1.23 trillion won.

"Being selected as preferred negotiating partner is meaningful in that it expands our contracting base in key Seoul areas on the strength of the IPark brand and our project capabilities," a company official said. "We plan to move forward with subsequent procedures, including negotiations and contract signing."

IPark Hyundai Development has already surpassed 2 trillion won in cumulative urban redevelopment contracts this year. Starting with the 585.2 billion won Seongnam Taepyeong Zone 3 public-participation redevelopment project in July, the company has gone on to win contracts in Uijeongbu's Jangam Zone 2 (900.2 billion won), Busan's Yeonsan Zone 13 (281.2 billion won) and Gunpo's Geumjeong transit-oriented Zone 1 in Gyeonggi Province (448.2 billion won), bringing its cumulative total to 2.21 trillion won.

The company is also targeting several other major projects, including the reconstruction of Mokdong Complex 11, the reconstruction of Gwangmyeong Haean Jugong complexes 6 and 7, the redevelopment of Goyang Neunggok Zone 3, and a long-term jeonse housing redevelopment project near Sookmyung Women's University Station. It also plans to continue identifying opportunities in key Seoul districts, including Nowon and Yongsan.

Meanwhile, IPark Hyundai Development will open the Mokdong IPark Lounge on Monday, targeting the Mokdong Complex 11 reconstruction project. The company said the space is conceived around the idea of "completing Mokdong's era and meeting the pinnacle of IPark," and will showcase its residential development experience and urban planning capabilities.