Hyundai Engineering & Construction announced Thursday it has secured a 1 trillion won ($687 million) contract to redevelop the former Millennium Hilton Seoul site into a premier mixed-use landmark in the capital.
The redevelopment, estimated at 1.18 trillion won in total construction costs, will transform the site near Namsan and Seoul Station into a large-scale mixed-use complex spanning 349,000 square meters, featuring high-end office towers and a six-star hotel, with 40 percent of the total land allocated as public green space.
The hotel was sold to local real estate asset manager Igis Asset Management for 1.06 trillion won in 2021.
Hyundai E&C is partnering with world-renowned architectural firm Foster+Partners to build a top-tier commercial property, which those in the real estate industry refer to as a "trophy asset," a company official said.
As a major shareholder in YD427 PFV, the project entity, Hyundai E&C has been working alongside Igis Asset Management and Shinhan Financial Group, using its expertise across all development stages and demonstrating its capabilities in project management and contract oversight.
With the redevelopment project gaining momentum, the company is accelerating its transition into a strategic investor. Recently, Hyundai E&C completed project financing for the development of a large-scale business and knowledge industry complex at the CJ plant site in Gayang-dong, with a total floor area of 760,330 square meters.
Looking ahead, the company hopes to maximize profitability by launching additional mixed-use investment development projects, including the Bokjeong Station area development, which is set to become the country’s largest business complex.
"Seoul Station has the potential to become a global landmark as a transportation hub for talent and tourists," the official said. "We aim to set a new paradigm for mixed-use development projects by leveraging our extensive experience and construction expertise while prioritizing project stability and profitability."
minmin@heraldcorp.com
