IPARK Hyundai Development has established a dedicated promotional lounge across from the Mokdong 11 Complex in Seoul as part of its bid for the complex's reconstruction. The company is implementing an "Only One" strategy, concentrating its efforts on this single site while aiming to overcome height restrictions through open design and specialized features.
On October 27, our team visited the press tour for the "Mokdong IPARK Lounge," which is set to officially open on November 2.
The lounge is located on Mokdongnam-ro 6 in Guro-gu, Seoul, directly facing the Mokdong 11 Complex, providing a clear view of the site targeted for reconstruction.
Upon entering the lounge, visitors are greeted by a red information desk and curved walls. The interior features distinct zones including a brand area, a model zone, a presentation area, a content zone, and a café lounge, designed to allow visitors to envision and experience future living spaces.
"Transforming a Weakness into an Opportunity"—Focusing on the 11 Complex
IPARK Hyundai Development chose the Mokdong 11 Complex due to its advantageous location connecting to nearby parks. The complex, located in the Shinjung-dong area of Yangcheon-gu, Seoul, currently consists of 1,595 units in buildings up to 15 stories high. The reconstruction plan aims to increase this to 2,679 units in buildings up to 41 stories tall. Korean Asset Trust has been designated as the project implementer for this trust-based reconstruction project.
While the Mokdong 11 Complex is relatively peripheral and faces competition from other nearby complexes planning heights of up to 49 stories, it is limited to a maximum of 41 stories. The complex includes elementary, middle, and high schools, with adjacent buildings planned to be 22 to 25 stories high under the integrated review process.
Goh Sang-soo, head of the urban maintenance team at IPARK Hyundai Development, stated, "Although the geographical location of Mokdong is seen as a weakness for the 11 Complex, we believe that with optimal design and bidding conditions, we can transform it into a gateway complex for Mokdong. This is why we are pursuing the Only One strategy for our bid."
The key focus is to maximize openness instead of competing on height. Unlike most of the Mokdong complexes, which are surrounded by other buildings, the 11 Complex is open on three sides. IPARK Hyundai Development plans to connect the complex with surrounding green spaces such as Gyeongnam Neighborhood Park, Sintree Park, and Galsan Park, and is considering specialized designs that allow for openness even from mid- and low-rise buildings. They are also working on plans to organically connect the circulation and community facilities of the two divided areas of the complex.
From Noise Reduction to AI View Experiences—A Multi-Sensory Living Space
One of the standout features of the lounge is the experiential space designed for visitors to directly feel the residential performance. IPARK Hyundai Development has recreated airplane noise typical of the Mokdong area, allowing visitors to experience the soundproofing capabilities of triple-glazed windows by opening and closing them.
Jang Hyun-wook, the overall PM of the IPARK Lounge, explained, "Mokdong is located near Gimpo Airport, which generates noise. We aim to demonstrate how external airplane sounds can be continuously heard while showing how the windows effectively block this noise."
The lounge will also showcase the insulation and soundproofing performance of window systems using single and triple glazing, along with spaces where visitors can select finishing materials such as herringbone flooring and large ceramic art walls. However, some experiential areas were still under construction ahead of the official opening.
Additionally, an AI-based view experience is being prepared, allowing visitors to virtually experience the surrounding scenery from the highest floor of 41 stories. Jang noted, "Although the maximum height is 41 stories, we are creating a space where visitors can experience the open views using AI, given the surrounding openness."
IPARK Hyundai Development is also planning a specialized strategy that leverages its experience with mixed-use commercial facilities like Yongsan IPARK Mall and Gocheok IPARK Mall. They are considering the application of AI-based parking convenience and air quality management technologies.
In the event of competitive bidding, the company aims to secure competitiveness in project conditions by reducing financial costs based on financial soundness. According to the Financial Supervisory Service's electronic disclosure system, IPARK Hyundai Development's consolidated debt ratio as of the end of June this year was 128.5%, down 8.0 percentage points from the end of last year. Their cash and cash equivalents amounted to 809.7 billion won, which includes short-term financial products totaling 908.7 billion won.
* This article has been translated by AI.
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