Shinhan Bank has completed project financing totaling 2.28 trillion won (approximately $2.28 billion) for the Bokjeong Station area development project in Seongnam, Gyeonggi Province.
On October 9, Shinhan Bank announced that it has finalized the second phase of the main project financing, amounting to 380 billion won, following the first phase loan of 1.9 trillion won.
This large-scale development project aims to create residential, office, and commercial facilities around Bokjeong Station, which connects Seoul and the surrounding metropolitan area. The project will consist of three blocks, featuring approximately 310,000 square meters of office space, 80,000 square meters for knowledge industry centers, 80,000 square meters of officetels, and 30,000 square meters of commercial space, totaling around 500,000 square meters of mixed-use facilities.
In July 2023, Shinhan Bank participated as the lead financial investor in a consortium with Hyundai Construction for the project bidding. The bank has since been responsible for the overall financing process, including project feasibility assessments, financial structure design, recruitment of financial institutions, and fundraising.
Notably, Block 2 of the development will feature the 'HMG Future Complex,' which will integrate artificial intelligence (AI), software (SW), and research and development (R&D) functions. Residential facilities will be supplied in phases, with 1,393 officetel units planned for Block 3 this month and an additional 180 units in Block 1 in the future, totaling 1,573 units.
Recently, Shinhan Bank also completed project financing of 689 billion won for the Bongnae 3 District office development project in collaboration with Hyundai Motor Securities, with 584 billion won provided directly by Shinhan Bank.
A Shinhan Bank official stated, "We have secured stable funding for this large-scale mixed-use development project through strategic collaboration with Hyundai Construction. We will continue to identify development projects with strong business potential and future value to enhance our role in productive finance."
* This article has been translated by AI.
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