IPARK Hyundai Development teams with Samsung C&T on Yongsan redevelopment landscaping
In short
IPARK Hyundai Development (IPARK현대산업개발) said on October 9 it had signed a memorandum of understanding with Samsung C&T's resort division to specialise the landscaping of the Sookdae-ipgu (숙대입구) station-area redevelopment in Yongsan District, Seoul. The project plans five buildings of up to 40 floors with about 900 households, at a construction cost of about 550 billion won. The first contractor tender on October 8 failed because IPARK Hyundai Development was the only bidder.
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IPARK Hyundai Development (IPARK현대산업개발) said on October 9 that it had signed a memorandum of understanding (MOU) with the resort division of Samsung C&T to specialise the landscaping of the long-term jeonse housing urban redevelopment project in the Sookdae-ipgu (숙대입구) station area of Yongsan District, Seoul. A Seoul Shinmun photo caption said the MOU was signed on the 30th of last month. Yonhap reported that the company said it is bidding for the project and has pledged landscaping-specialised construction there. [ 1 , 2 , 3 ]
The project covers the area around 52-6 Galwol-dong in Yongsan District and plans six basement levels and up to 40 floors above ground in five buildings, with about 900 households and amenity facilities. The construction cost is about 550 billion won. Yonhap reported that 231 of the units are long-term jeonse housing and 72 are mandatory rental units for the redevelopment. [ 1 , 2 , 3 ]
The first round of contractor bidding on October 8 failed because IPARK Hyundai Development was the only bidder. Seoul Shinmun and Maeil Business reported that the company said it would continue to take an active part in the project and pursue various strategies to build the best complex. [ 1 , 2 , 3 ]
According to the company, the agreement is meant to go beyond simple construction and combine Samsung C&T's resort division's landscaping know-how to build spaces suited to the site. Walking paths and gardens that show the change of seasons are to be linked with rest areas, extending residents' living space outdoors, and natural elements are to be placed along routes between residential buildings and community facilities. [ 1 , 3 ]
An IPARK Hyundai Development official told Seoul Shinmun that, as the complex sits in the city centre, it would offer differentiated landscaping, and that combining the company's development capability with the resort division's landscaping expertise would complete a 'resort-type landmark' representing Yongsan. [ 1 ]
Yonhap reported that the company plans comprehensive development linking the site with its other projects in Yongsan: the redevelopment of Yongsan Maintenance Depot Front District 1 (정비창전면 제1구역), the development of the underground space beneath the park in front of Yongsan Station, and the development of the Yongsan Railway Hospital site. [ 2 ]
Why it matters
The agreement is part of IPARK Hyundai Development's effort to win the contract for the project after the first tender failed with a single bidder. Yonhap reported the company plans to link the site with other projects it is pursuing in Yongsan.
Key facts
- IPARK Hyundai Development signed an MOU with Samsung C&T's resort division on landscaping for the Sookdae-ipgu station-area redevelopment, the company said on October 9. [ 1 , 2 , 3 ]
- The project at 52-6 Galwol-dong, Yongsan District, plans six basement levels, up to 40 floors above ground, five buildings and about 900 households plus amenity facilities. [ 1 , 2 , 3 ]
- Total construction cost is about 550 billion won. [ 1 , 2 , 3 ]
- The first contractor tender on October 8 failed because IPARK Hyundai Development was the only bidder. [ 1 , 2 , 3 ]
- Yonhap reported that 231 units are long-term jeonse housing and 72 are mandatory rental units. [ 2 ]
- The landscaping plan links walking paths and gardens that show the change of seasons with rest areas in the complex. [ 1 , 3 ]
Confirmed by several sources
- IPARK Hyundai Development signed an MOU with Samsung C&T's resort division to specialise the project's landscaping. [ 1 , 2 , 3 ]
- The project covers five buildings, up to 40 floors above ground and six below, with about 900 households at 52-6 Galwol-dong, Yongsan District. [ 1 , 2 , 3 ]
- The first tender on October 8 failed with IPARK Hyundai Development as the sole bidder. [ 1 , 2 , 3 ]
- The project's construction cost is about 550 billion won. [ 1 , 2 , 3 ]
Still unclear
- When the MOU was signed. Only a Seoul Shinmun photo caption gives a date, the 30th of last month; the other outlets do not say.
- What happens next in the contractor selection. The documents do not say when or how the next tender round will take place.