IPARK Hyundai Industrial Development has secured the construction rights for the Yeonsan 13 District redevelopment project in Busan, continuing its momentum in winning redevelopment contracts this second half of the year.
On October 6, IPARK Hyundai Industrial Development announced that it was selected as the construction company during the general assembly for the Yeonsan 13 District housing redevelopment project. The company received 208 out of 249 votes, achieving an 84% approval rate during the assembly held on October 3. This win grants them a construction contract worth 281.2 billion won.
The Yeonsan 13 District redevelopment project involves the construction of residential buildings with a maximum height of 34 floors and various community facilities in the Yeonsan-dong area of Busan. The site is conveniently located within walking distance of the Busan Metro Line 1 City Hall Station and Line 3 Mulmangol Station, providing easy access to major areas via Central Road, World Cup Road, and Yeonsan Road.
Key administrative institutions, including the Busan City Hall, Yeonje District Office, and Busan Police Agency, are nearby, along with schools such as Yeonsan Elementary, Yeonje Middle, and Yeonje High School, as well as essential amenities like E-Mart.
Considering the location and the needs of the project members, IPARK Hyundai Industrial Development proposed a specialized design. The design features a 'Loop Line Link Facade' that connects the upper structures and side walls in a unified line, along with a 'Continuous Scape' that extends the design to the ground deck, emphasizing the coherence of the complex's exterior.
Compared to the previous proposal, the number of main buildings has been reduced by two, allowing for the creation of a central plaza of approximately 5,001 square meters, along with six themed gardens and a circular walking path connecting to the plaza.
On the top floor, the 34th level will feature a sky community offering views of Mount Hwangryeong, the surrounding mountains, and downtown Busan. The design includes south-facing units with a four-bay flat layout, approximately 5,950 square meters of community facilities, and parking spaces for 1.5 vehicles per unit. Additionally, facilities for the disposal of food waste will be introduced within the units.
An IPARK Hyundai Industrial Development representative expressed gratitude to the Yeonsan 13 District project members for their trust in the company's differentiated design and sincere project proposal, stating, "We will pursue a linked contract with the adjacent Yeonsan 16 District to secure a premium for a large complex of over 1,200 units and complete Yeonsan 13 District as a landmark in Yeonje District."
The representative added, "We prioritize whether IPARK can lead the local market over company profits."
Meanwhile, IPARK Hyundai Industrial Development is accelerating its efforts to expand its redevelopment contracts this second half of the year, having participated alone in the bidding for the redevelopment of the Neunggok 3 District in Goyang City on October 2. The company plans to negotiate with the Neunggok 3 District project members to promote mixed-use development near the station and changes to the redevelopment plan, aiming to expand the project scale to approximately 2,000 housing units.
With the recent acquisition of the Yeonsan 13 District construction rights, IPARK Hyundai Industrial Development has now secured contracts for the public participation redevelopment of the Seongnam Taepyeong 3 District worth 585.2 billion won in July and the redevelopment of the Uijeongbu Jangam 2 District worth 900.2 billion won in August. This brings the total cumulative amount of redevelopment contracts won this year to 1.7666 trillion won.
* This article has been translated by AI.
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