IPark Hyundai Development wins W517.4b Goyang redevelopment contract

IPark Hyundai Development announced Monday that it secured the construction contract for the Goyang Neunggok District 3 housing redevelopment project.

At a contractor selection meeting held Saturday, the company won 565 of 634 votes — an approval rate of 89.1 percent — to claim the 517.4 billion won ($381 million) contract.

The project will replace an approximately 89,000-square-meter site at 26 Todang-dong, Deogyang-gu, Goyang, Gyeonggi Province with a residential complex of 16 buildings rising up to 36 floors above three below-ground levels, totaling 1,258 units, along with supporting amenities. The site has convenient access to two stations on the Gyeongui-Jungang Line — Neunggok and Daegok. Daegok Station is a major transit hub served by five lines: the GTX-A, Seoul Metro Line 3, the Gyeongui-Jungang Line, the Seohaean Line and the Gyooe Line. The area also offers strong educational infrastructure, with Neunggok Elementary, Neunggok Middle and Neunggok High schools nearby, and the complex will border Jido Park, which spans roughly 175,000 square meters.

IPark Hyundai Development has proposed developing the site as a "forest town" connecting residential areas, green space and the surrounding neighborhood. Working with the residents' association, the company plans to pursue transit-oriented mixed-use development and revisions to the improvement plan to expand District 3 into a large complex of about 2,000 units. The developer also envisions linking the project with the adjacent Neunggok District 5 — a 2,560-unit development — and connecting the landscaping of both districts to Jido Park to create a brand town of roughly 4,000 units.

IPark Hyundai Development has proposed an "Ipark in Park" concept that brings the natural environment of Jido Park into the complex, securing a 30-meter-wide view corridor and creating a 2,750-meter circular walking trail connected to the park. A landmark tower rising up to 36 floors is planned for the side facing Jido Park, completing what the company describes as a skyline representative of the area.

The proposal also incorporates amenities and technology designed to boost resident satisfaction. Highlights include a community facility offering 42 programs across a space equivalent to 5.9 square meters per unit, a 300-meter-long retail strip to improve access, fully expandable parking at 1.37 spaces per unit, and 177 electric vehicle charging stations. A smart security service integrating patrol robots and facial recognition at shared entrances through a unified control system will be installed, along with per-unit air quality sensors and walk-in closet ventilation systems.

"We are deeply grateful to the members of the Goyang Neunggok District 3 association for trusting and choosing Ipark's differentiated design and sincere project proposal," an IPark Hyundai Development official said. "We will connect Jido Park and the neighboring districts into one and complete an Ipark brand town that represents Goyang's old city center."

Meanwhile, IPark Hyundai Development said it has raised its annual contract target from 6 trillion won to 10 trillion won, an increase of 4 trillion won, on the back of recent urban renewal project wins. The company has been on a winning streak since July, securing contracts for the Seongnam Taepyeong District 3 public-participation redevelopment project at 585.2 billion won, followed by Uijeongbu Jangam District 2 at 900.2 billion won, Busan Yeonsan District 13 at 281.2 billion won, and the Gunpo Geumjeong transit-oriented area District 1 project in Gyeonggi Province at 448.2 billion won.