IPARK Hyundai Development has secured a contract worth 2.45 trillion won ($2.45 billion) for the construction of a 683-unit multi-family housing project in Jorye-dong, Suncheon, South Jeolla Province.
The company announced on the 19th that it has been awarded the contract for the Suncheon Jorye-dong IPARK project, commissioned by Youngrim Development. The project will consist of 11 buildings, ranging from four underground floors to 22 above ground, located at 60-16 Jorye-dong. The units will include 491 apartments of 84 square meters, 144 apartments of 116 square meters, and 48 apartments of 143 square meters. Construction is set to begin by the end of this year, with a target completion date in the second half of 2029.
The development is strategically located in the city center of Suncheon, providing access to essential living, transportation, and educational infrastructure. It is conveniently situated near Suncheon Station, which serves KTX and SRT trains, and the Dong-Suncheon IC. The area also features industrial complexes, enhancing the proximity of workplaces and residences. Nearby amenities include Suncheon First Hospital, large supermarkets, and a vibrant commercial district, along with schools such as Wangji Elementary and Wangui Middle School. Green spaces, including Wangui Mountain and parks, are also in close proximity.
The project will feature a south-facing layout, specialized exterior design, landscaping, and community facilities. Plans include creating a harmonious environment that integrates with the surrounding landscape through the use of three-dimensional facades, canopies, and entrance features.
An IPARK Hyundai Development representative stated, "As we undertake this project in Jorye-dong, an area with high residential preference in Suncheon, we will strive to create a landmark that represents the region. Based on our experience supplying over 500,000 housing units, we will ensure the stable execution of this project as well."
In addition to the Suncheon Jorye-dong IPARK project, the company has also secured new contracts for various projects, including the construction of the third section of the Southern Inland Railway, the second section of the Gyeongchun National Road, and the expansion of the heavy ion therapy center at Asan Medical Center.
Looking ahead, the company plans to continue its bidding activities across the country, including projects in Mokdong District 11 and Gwangmyeong Ha-an Housing Complexes 6 and 7, aiming to meet its contract goals for the year.
Meanwhile, IPARK Hyundai Development is expanding its mixed-use development projects centered around Seoul. The company aims to enhance its competitiveness by applying the experience gained from developing and operating the Yongsan IPARK Mall to large-scale projects.
* This article has been translated by AI.
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