IPark Hyundai Development goes all-in on Mokdong complex 11 with custom showroom

"You can hear the aircraft noise, right? When you close this triple-pane single-frame window, the noise is completely blocked. An indoor air purification system is also installed, so residents can enjoy a quiet and comfortable daily life," said Jang Hyeon-uk, deputy manager of IPark Hyundai Development's urban renewal contracting team.

At the Mokdong IPark Lounge — a tailored promotional showroom that IPark Hyundai Development set up directly across the street from Mokdong Sinsigage complex 11 in Yangcheon-gu, Seoul — visitors on Wednesday could experience firsthand how the company's windows block aircraft noise. The space offers a direct view of complex 11 through floor-to-ceiling windows and is set to officially open Monday.

Complex 11 is currently pursuing reconstruction through a trust arrangement managed by Korea Asset In Trust. The existing 1,595 units are expected to be transformed into a development of up to 41 stories with 2,679 units, with estimated construction costs of around 1.5 trillion won ($1.13 billion).

The lounge is divided into several zones: a brand exhibition area tracing IPark Hyundai Development's construction and development history, a presentation zone, and a rest area where a robotic arm brews coffee for visitors. The presentation zone features video content showing a future vision of the complex with AI robots moving throughout the grounds.

Also drawing attention were a 3D simulation allowing visitors to preview interior finishing materials and an art wall where they can touch sample finishes. Complex 11's current maximum height of 15 stories is limited by nearby airport altitude restrictions, making it difficult to appreciate the surrounding views. To address that, IPark Hyundai Development installed an AI-powered viewing zone where visitors can preview what the scenery would look like from as high as the planned 41st floor. The company plans to incorporate residents' preferred living experiences, gathered through the zone, into specialized design proposals and community space planning.

IPark Hyundai Development has adopted an "all-in" strategy focused exclusively on complex 11 among the Mokdong Sinsigage developments, signaling a strong intent to win the contract. The company is particularly drawn to the complex's unique positioning — bordered on three sides by parks, including Gaenam Neighborhood Park, Sintri Park and Galsan Park — as well as its location on the outer edge of Mokdong.

"The abundance of parks and schools surrounding complex 11 means, in other words, open views and a sense of spaciousness," said Ko Sang-su, head of IPark Hyundai Development's urban renewal team. "Our goal is to prove our construction competitiveness by transforming the complex into a landmark that serves as the gateway to Mokdong, maximizing its value in the process."

Ko added that relocation loans reflect a contractor's credit rating and debt ratio, and that IPark Hyundai Development's financial structure is far stronger than those of its competitors — a point the company plans to emphasize to union members. "Through an 'only one' principle dedicated solely to complex 11, we will show how we can turn even the complex's weaknesses into strengths," he said.

In addition to IPark Hyundai Development, Lotte Engineering & Construction, Posco E&C and GS Engineering & Construction have also expressed interest in bidding for the complex 11 reconstruction contract.

IPark Hyundai Development plans to operate the lounge through next year, when contractor bidding is scheduled for the first half and a general assembly for the second half. All residents of Mokdong Sinsigage complexes 1 through 14 — not just complex 11 — are welcome to visit, and the company is considering adding further experiential elements such as VR experiences and healthcare services.

Meanwhile, IPark Hyundai Development recently announced it has raised its annual contracting target from 6 trillion won to 10 trillion won, an increase of 4 trillion won, on the back of recent urban renewal project wins. Since July, the company has secured contracts including the Seongnam Taepyeong District 3 public-participation redevelopment project worth 585.2 billion won, followed by the Uijeongbu Jangam District 2 project (900.2 billion won), the Busan Yeonsan District 13 project (281.2 billion won) and the Gunpo Geumjeong transit-oriented zone 1 project in Gyeonggi Province (448.2 billion won), bringing its cumulative contract total to 2.21 trillion won.