"We have an advantage over competitors in every aspect."
On the morning of May 18, Park Seong-ha, head of Hyundai Engineering's Apgujeong redevelopment team, expressed confidence ahead of the upcoming construction company selection meeting at the promotional center near Apgujeong Station in Gangnam, Seoul.
The Apgujeong 5 District will be rebuilt through the redevelopment of the Hanyang 1st and 2nd apartments, featuring six underground floors and 68 above-ground floors, comprising eight buildings with a total of 1,397 units. The total construction cost is estimated at approximately 1.496 trillion won. As the construction company selection meeting approaches on May 30, the competition is expected to be primarily between Hyundai Engineering and DL E&C, the only two bidders among the five districts in Apgujeong.
Hyundai Engineering claims that while competitors may appear to have advantages in construction duration and financial conditions, the practical differences are negligible, asserting that their company holds the upper hand.
Hyundai Engineering proposed a construction period of 67 months, while DL E&C suggested 57 months. Park explained that the Apgujeong 5 District has over 50% bedrock, which limits blasting operations, and that the project involves four more floors than the Apgujeong 2 District. He also cited Samsung C&T's proposal of 68 months for the Apgujeong 4 District as further justification.
"Competitors have a low understanding of the construction timeline for high-rise buildings," Park stated, adding that the examples they cite of other high-rise projects were built before the implementation of the 52-hour workweek and the Serious Accident Punishment Act.
He emphasized that Hyundai Engineering offers broader financial guarantees for construction and relocation costs. The company proposed a fixed interest rate of 'COFIX + 0.49%' for the total project cost, which applies to essential project expenses, including additional relocation costs. In contrast, competitors offer a 0% margin on COFIX but limit it to essential project costs. Park noted, "Competitors explicitly excluded additional relocation financing costs that members apply for individually, which only accounts for about 20% of the total project cost."
Regarding the construction cost per 3.3 square meters (pyeong), he stated, "Competitors claimed they would cover the construction costs for commercial buildings but calculated the cost per pyeong including commercial space. Excluding the commercial construction costs, the evaluation construction cost exceeds 1.08 million won, making their claim of lower per-pyeong costs completely false."
Despite its prime location near the Galleria Department Store and Rodeo Street, the Apgujeong 5 District has lower market prices compared to other areas. Hyundai Engineering stated that it focused on high-end design to align with market prices.
To enhance the Han River view, the windows are designed to be 2.9 meters high and 13 meters wide. The promotional center includes a 'Schüco window experience area' that combines curved windows with a rear LED screen, allowing visitors to experience the panoramic view.
Hyundai Engineering is proposing Korea's first custom-made units, allowing for flexible interior arrangements based on residents' preferences through a column-style structure. This includes private spaces for one- or two-person households and tailored spaces for families of three or four.
The entire basement level is dedicated to community spaces, excluding parking, to enhance the luxury living experience. The basement will be connected to the Galleria Department Store through a collaboration with Hanwha. Each of the eight buildings will feature a guesthouse, and the top floor will include a sky guesthouse managed by Hanwha Group's Hotel and Resort Plaza Hotel.
Hyundai Engineering has invested over 10 billion won in landscaping. Notably, a forest covering over 3,800 pyeong surrounds the complex, providing complete privacy, while an elevated walkway to the Han River is closely connected to each building.
The company is actively utilizing advanced robotics technology from Hyundai Motor Group in the residential complex. This includes a 'Spot Safety Service Robot' capable of patrolling the area 24/7, as well as 'Mobed' and 'Sharing Mobility' for food delivery and recycling waste disposal, along with an 'unmanned firefighting robot.'
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.