IPARK Hyundai Industrial Development is collaborating with Samsung C&T's resort division on the landscape specialization for the Sookdae Entrance redevelopment project in Yongsan, Seoul. The company has not yet been selected as the construction firm, and its sole participation in the first bidding on October 8 did not result in a competitive auction.
On October 11, IPARK Hyundai Industrial Development announced that it has signed a business agreement with Samsung C&T's resort division to enhance the landscape design for the long-term rental housing urban renewal project at Sookdae Entrance. The plan includes creating gardens and rest areas that reflect seasonal changes and incorporating green spaces along pedestrian pathways between residential buildings and community facilities.
The Sookdae Entrance redevelopment project aims to revitalize the Galhwal-dong area in Yongsan District. It will consist of five buildings, ranging from six underground floors to a maximum of 40 above ground, with approximately 900 housing units planned. The estimated construction cost is around 550 billion won.
The project received approval from the Seoul City Integrated Review Board in August, leading to an increase in the supply plan from 885 to 900 units. The number of units available for general sale has risen from 570 to 597, and it will include 231 long-term rental units and 72 mandatory rental units.
During a site briefing held by the project implementer, Daesin Asset Trust, in August, five companies, including IPARK Hyundai Industrial Development, Dongbu Construction, Geukdong Construction, Jeil Construction, and Jinheung Enterprise, attended. The first round of bidding, which closed on October 8, saw only IPARK Hyundai Industrial Development participate, resulting in a failure to secure a bid. The bid deposit was set at 15 billion won.
This is not the first collaboration between IPARK Hyundai Industrial Development and Samsung C&T's resort division. The two companies previously worked together on the landscape aspect of the Yongsan Maintenance Depot District 1 redevelopment project. IPARK is also involved in other projects around Yongsan Station, including the development of underground park spaces and the Yongsan Railroad Hospital site.
An IPARK Hyundai Industrial Development official stated, "We will propose landscaping that adds the value of nature and relaxation to urban project sites, planning to combine our efforts with Samsung C&T's landscape expertise."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.