IPARK wins 281.2 bn won Busan Yeonsan 13-gu redevelopment contract
In short
IPARK Hyundai Industrial Development said it won the construction contract for the Yeonsan 13-gu housing redevelopment project in Busan’s Yeonje district, a deal worth about 281.2 billion won. The company said it took 208 of 249 votes, an 84% share, at the contractor selection meeting held on October 3. The project covers five buildings of three underground to 34 above-ground floors near two subway lines, and brings the company’s 2026 urban improvement orders to 1.7666 trillion won.
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IPARK Hyundai Industrial Development, part of HDC Group, said on October 6 that it had won the construction contract for the Yeonsan 13-gu housing redevelopment project in Yeonje-gu, Busan. The company put the contract at about 281.2 billion won. [ 2 , 3 , 4 , 6 ]
The company said it was picked at the contractor selection meeting held on October 3, receiving 208 of the 249 votes cast, an 84% share, according to its announcement as reported by several outlets. [ 2 , 3 , 5 , 6 ]
The project is to build housing and neighbourhood living facilities on a site in Yeonsan-dong, running from three underground floors to a maximum of 34 above-ground floors. Yonhap reported the scale as five buildings and 720 households; other outlets described the floor range and the facilities but did not give a household count. Outlets reported that the site is within walking distance of Busan metro Line 1 City Hall station and Line 3 Mulmangol station, and that schools, E-Mart and public and administrative offices including Busan City Hall, Yeonje-gu Office and the Busan Police Agency are nearby. [ 2 , 3 , 4 , 5 , 6 ]
The company said its proposal cut two residential blocks from the earlier union plan and added a central plaza of about 5,001 square metres, six themed gardens, a loopline link facade design, a sky community on the 34th floor, south-facing layouts and community facilities of about 5,950 square metres. It also said parking would be provided at about 1.5 spaces per household. These details come from company statements reported by Newsis. [ 3 ]
The order follows the company’s Seongnam Taepyeong 3-gu public-participation redevelopment, valued at 585.2 billion won, and the Uijeongbu Jangam 2-gu redevelopment, valued at 900.2 billion won. Including Yeonsan 13-gu, the company said its urban improvement orders for the year total about 1.7666 trillion won. Seoul Economic Daily also reported the company recently entered the bidding for the Neunggok 3-gu district in Goyang as the sole participant. [ 2 , 3 , 4 ]
An IPARK Hyundai Industrial Development official said the company thanked the Yeonsan 13-gu union members for choosing it, and said it would pursue the adjacent Yeonsan 16-gu district to secure what it described as a large-complex premium of about 1,200 households, adding that it would make Yeonsan 13-gu a landmark for Yeonje-gu. [ 2 , 3 , 6 ]
Why it matters
The order adds a large Busan redevelopment site to IPARK Hyundai Industrial Development’s 2026 pipeline and, by the company’s account, could be combined with the neighbouring Yeonsan 16-gu district into a roughly 1,200-household complex. For Busan’s Yeonje district, it moves a long-planned redevelopment of the Yeonsan-dong area toward construction. The documents give no start or completion dates.
Key facts
- IPARK Hyundai Industrial Development said it won the construction contract for the Yeonsan 13-gu housing redevelopment project in Yeonje-gu, Busan, worth about 281.2 billion won. [ 2 , 3 , 4 , 5 , 6 ]
- The company said the selection was decided on October 3 at a contractor selection meeting, where it received 208 of 249 votes, or 84%. [ 2 , 3 , 5 , 6 ]
- The project calls for five buildings from three underground floors to 34 above-ground floors, with community and neighbourhood living facilities, on a site within walking distance of Busan metro Line 1 City Hall station and Line 3 Mulmangol station. [ 2 , 3 , 4 , 5 , 6 ]
- Yonhap reported the project as 720 households in five buildings; other outlets described the scale by floor area and design but did not give a household count. [ 4 ]
- The company said its cumulative urban improvement orders for the year reached 1.7666 trillion won, after the Seongnam Taepyeong 3-gu project (585.2 billion won) and the Uijeongbu Jangam 2-gu project (900.2 billion won). [ 3 , 4 ]
- The company said it plans to pursue the adjacent Yeonsan 16-gu district as well, which it said could form a complex of about 1,200 households. [ 2 , 3 , 6 ]
Confirmed by several sources
- IPARK Hyundai Industrial Development announced it won the Yeonsan 13-gu redevelopment construction contract, worth about 281.2 billion won. [ 2 , 3 , 4 , 5 , 6 ]
- The company was selected at the contractor selection meeting on October 3 with 208 of 249 votes, an 84% share. [ 2 , 3 , 5 , 6 ]
- The site sits within walking distance of Busan metro Line 1 City Hall station and Line 3 Mulmangol station. [ 2 , 3 , 4 , 5 , 6 ]
- The project was described as underground three floors to 34 above-ground floors with community and neighbourhood living facilities. [ 2 , 3 , 4 , 5 , 6 ]
- The company’s cumulative urban improvement orders for 2026 reached about 1.7666 trillion won, including the Seongnam Taepyeong 3-gu and Uijeongbu Jangam 2-gu projects. [ 3 , 4 ]
Still unclear
- The number of households in the Yeonsan 13-gu project. Yonhap reported 720 households and five buildings, while the other outlets did not give a household count, so the figure rests on one outlet.
- Whether IPARK Hyundai Industrial Development will also win the adjacent Yeonsan 16-gu district. The company described the linked order and the roughly 1,200-household complex as a plan it will pursue, not as a completed deal.
- Construction and completion dates for the project. No outlet in the documents states a start or completion schedule.
- The article text carried under one outlet’s headline about the order. The body text of one item about the contract concerns an unrelated parliamentary audit of the Supreme Court, so it could not be used for details of this event.
What local media are saying
Timeline, local time
- IPARK Hyundai Industrial Development is selected as contractor at the Yeonsan 13-gu redevelopment selection meeting, taking 208 of 249 votes, or 84%. [ 2 , 3 , 5 , 6 ]
- Newsis reports the selection of the contractor for the approximately 281.2 billion won redevelopment project. [ 1 ]
- Seoul Economic Daily reports the order win and the company’s plans for the site. [ 2 ]
- Yonhap reports the company’s announcement of the 281.2 billion won order. [ 4 ]
- Maeil Business reports the award and the company’s cumulative 2026 order total. [ 6 ]