Hyundai Engineering and Construction Co. will name its apartments “The H,” which is in line with Hyundai Motor Group’s huge plan to build a 105-floor Global Business Center in Samsung-dong, southern Seoul, at the old site of Korea Electric Power Corp.
The construction arm of the group plans to turn the plush commercial and residential district into the so-called “The H” belt. The projected belt will include Jamwon Subway Station in Seocho District on one side and on the other, Shina Subway Station, Dogok Subway Station, the Daechi Subway Station and Hakyeowool Subway Station. Yongdong Boulevard in Samsung-dong will connect the two areas.
The construction company will build deluxe-brand apartments on the former site of Kaepo Korea Housing 3rd Reconstruction Complex and the Banpo 3rd Garden Reconstruction Complex.
Hyundai E&C also plans to bid for the Seocho Banpo Nos. 1, 2 and 4 Apartment Complexes which are up for reconstruction, the New Banpo 15, the New Banpo Palace, and the Daechi Ssangyong 2nd Apt. Complex in Gangnam District. Hyundai E&C also hopes to build deluxe apartments there as well. They would be among the most expensive in Korea.
The Hyundai Apartment in Apkujeong-dong and the Jamsil No. 5 Complex are also on the list of “core apartment complexes” up for reconstruction in Seoul.
Hyundai Construction kicked off public relations campaigns by setting up a model house in the Housing Exhibition Hall in Dogok-dong, Seoul, to display The H name brand. The company did the same at the 3rd Samho Garden Apartment Complex model house.
Hyundai E&C plans to use high-quality construction materials for The H apartments. The ceilings for those apartments will be higher than average apartments and consist of 240 mm thick slabs to provide more openness and other expensive materials to espouse a look of luxury.
Terraces will be added to the 3rd Samho Garden Apartment Complex.
Manager Cho Hyun-wook, of the Housing Marketing Team, said The H apartments will sell for among the highest prices in the area. They will cost in the neighborhood of 35 million won per 3.3 sq. meters.
Hyundai Construction has not been eager to build apartments in the past, but the builder has changed its focus to inside Korea because of sluggish overseas operations. The company’s domestic apartment share rose to 18 percent this year from 10 percent last year to catch up with rival builders including Samsung C&T, whose brand name for apartments is “the Prestige.” Daewoo Construction has been using the name “The Summit” for its apartments, while Daelim Industrial has been naming its apartment complexes “Achro.”
Hyundai E&C is expanding its apartment reconstruction projects in the Seoul area and other large cities in Korea, such as Busan and Daegu.
Hyundai Engineering and Construction Co., Ltd. is a major construction company in South Korea, which has carried out projects not only in Korea but around the world. The company was founded by Chung Ju-yung in 1947 as the Hyundai Civil Works Company, and was a major component of the Hyundai Group.
Hyundai Construction and Hyundai Engineering merged in 1999.
Hyundai Construction played a major role in the importation of Korean laborers to the Middle East to work on construction projects there in the 1970s and 1980s; in the decade following 1975, when Hyundai signed their first contract in the region, for construction of a shipyard for the Iranian Navy near Bandar-e Abbas, 800,000 Koreans went to work in Saudi Arabia, and another 25,000 went to Iran; Hyundai was their largest employer.
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An artist’s conception shows the 3rd Samho Garden Apartments, to be built by Hyundai E&C under its premium brand “The H.”
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