Hyundai E&C wins Yongsan Han River-ro redevelopment, pushing annual urban renewal contracts past W13tr

Hyundai Engineering & Construction has secured the Han River-ro zone redevelopment project in Yongsan-gu, Seoul, pushing its cumulative urban renewal contracts this year past 13 trillion won ($9.74 billion).

Hyundai E&C announced Monday that it was selected as the final contractor at a general assembly held Saturday to choose a builder for the Han River-ro urban renewal redevelopment project.

The project will transform a 41,744-square-meter improvement zone around 158 Han River-ro 1-ga in Yongsan-gu into a mixed-use complex with up to 36 above-ground floors and five below-ground floors, comprising 456 residential units, 125 officetel units, and office and retail facilities. Hyundai E&C proposed a total construction cost of 599 billion won.

The site sits adjacent to Samgakji Station, a transfer hub for subway lines 4 and 6, offering strong access to central Seoul and the major business districts around Yongsan. The project will proceed as a combined development linking the creation of a park at the front of the War Memorial of Korea with transit-oriented development around Samgakji Station, while also benefiting from its proximity to Namsan, Yongsan Park and the Han River.

Hyundai E&C plans to apply its high-end residential brand "The H" to the Han River-ro zone and has proposed "The H Aveline" as the complex name. Aveline combines "Avenue," meaning a path, with "Line of Nature," reflecting the natural corridor that runs from Namsan through Yongsan Park to the Han River.

Global architectural design group UNStudio — known for landmark projects including the Mercedes-Benz Museum in Germany — will take part in designing the complex. Hyundai E&C plans to present a design that reflects the locational character of Yongsan through the collaboration with UNStudio.

Residential buildings will be positioned to maximize views of Namsan, Yongsan Park and the Han River, with all units oriented to face south. The company proposed a specialized design featuring expanded flat-plate and three-sided open floor plans, as well as wider spacing between buildings, to enhance openness and residential comfort.

The complex will also include a high-end community facility called Club Aveline, along with a range of specialized amenities for residents' health and leisure. A street mall connecting Samgakji Station and Yongni-dan-gil will be developed to strengthen ties with surrounding commercial areas, with the overall complex designed to harmonize residential and commercial functions.

"The Han River-ro zone is a project site with outstanding locational advantages and strong future value in Yongsan," a Hyundai E&C official said. "We will deliver the best residential environment to association members based on The H brand's competitiveness and differentiated design, and complete a landmark that defines Yongsan."

Meanwhile, Hyundai E&C posted consolidated sales of 6.24 trillion won and operating profit of 221.7 billion won in the third quarter. Sales fell 20.3 percent from the same period a year earlier, while operating profit surged 114.2 percent. The company said the rise in operating profit despite lower sales reflected tighter cost management and a higher share of revenue from projects with secured profitability.