Hyundai E&C, DL E&C tout design and financing in Seoul Apgujeong 5 redevelopment bid

Hyundai E&C said April 23 it proposed the name “Apgujeong Hyundai Galleria” for the complex.

The company said the name combines “Apgujeong Hyundai,” long seen as a symbol of top-tier housing, with “Galleria,” a department store it described as a landmark for upscale lifestyle in the area.

Hyundai E&C said it will work with Hyundai Motor Group to apply advanced robotics across the site, including demand-responsive transport, or DRT.

It said residents would be able to call an unmanned DRT shuttle from their homes as part of a mobility system linking Apgujeong “like a single city.” The proposal also includes nano-mobility support, porter robots and robo-stations for contactless deliveries, parking and EV-charging robots for a smart parking system, and unmanned firefighting robots.

On design, Hyundai E&C said it would go beyond 100% Han River views for all units by offering “Zero Wall” wide panoramic views extending up to 240 degrees, and apply a 3-meter coffered ceiling height to enhance openness.

It also proposed upscale amenities, including a large community facility called “Club Apgujeong,” described as 12 pyeong per household, and a “The Circle 420” loop-style community space it said would be the first of its kind in Korea. Hyundai E&C said it plans to work with Hanwha so residents can access services through a dedicated membership, including use of VIP lounges at Galleria’s luxury store, shopping benefits and exclusive programs.

A Hyundai E&C official said Apgujeong is an area where preference and expectations for “Apgujeong Hyundai” are high beyond Districts 2 and 3, where the existing complex stands. The official said the company will carry forward District 5’s identity while completing “Apgujeong Hanyang” as a new “Apgujeong Hyundai.”
 


DL E&C proposed the name “ACRO Apgujeong,” applying its high-end ACRO brand, and highlighted what it described as more predictable and stable construction and financing terms.

It said it made a firm offer of 11.39 million won per 3.3 square meters, more than 1 million won below the estimated construction cost presented by the association, and offered a “zero burden from price increases” solution aimed at insulating the project from inflation spikes.

DL E&C said it proposed a “zero added margin” rate for essential project financing, calling it among the lowest rates in recent redevelopment projects. It also set a construction period of 57 months, four months shorter than Apgujeong District 2, to reduce interest costs on members’ relocation loans and project financing, it said.

The company also proposed an unusual loan-to-value ratio of 150% for relocation financing, saying it was a response to tighter lending rules and higher borrowing costs that have made relocation funding harder to secure.

On profitability, DL E&C proposed “zero” construction costs for commercial facilities and offered to expand retail space to 5,069 pyeong (about 16,730 square meters) from the association’s original plan. It said that would increase commercial sales revenue by 660 million won per household. It also said it would increase usable area per household by 1,535 pyeong (about 5,065 square meters) to maximize members’ asset value.

A DL E&C official said the company included multiple fixed terms to minimize members’ burden and risk, calling them conditions rarely seen in other redevelopment projects. The official said DL E&C also concentrated its product design capabilities to deliver Apgujeong District 5 as a high-end residential complex aiming to be the best in South Korea.

Apgujeong District 5, a redevelopment of Apgujeong Hanyang Apartments Phases 1 and 2, is being 추진되고 있다 under Seoul’s fast-track integrated planning program. Once completed, it is set to include 1,397 households across eight buildings, from five basement levels to 68 stories above ground. It is the only Apgujeong redevelopment project being contested through competitive bidding.