South Korean company Hyundai Engineering & Construction (E&C) has secured a significant contract worth Won1.2tn ($829m) to develop the Hilton Hotel site in Seoul Station.
The contract entails the demolition of the existing Hilton Hotel at Namdaemun-ro 5-ga, Jung-gu, and the construction of a “large-scale” complex.
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Spanning 349,154m², the new facility features ten underground levels and 39 above-ground floors, with a total construction cost of Won1.18tn.
In collaboration with design company Foster + Partners, who have worked on the Apple and Bloomberg headquarters, Hyundai E&C aims to construct a ‘Trophy Asset’ of high-end commercial real estate.
The development will include a new “super-large” office building and a hotel, with 40% of the total land area dedicated to open green spaces for public use.
Hyundai E&C has played a role in this project, acting as a shareholder in YD427 PFV alongside Aegis Asset Management and Shinhan Financial Group.
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By GlobalDataThe company has leveraged its project management capabilities, handling financial analysis, contract management, and negotiation.
The commencement of the Hilton Hotel development project marks a significant stride in Hyundai E&C’s transformation into a strategic investor.
The company is also developing other major projects, including a station-area complex on the CJ site in Gayang-dong and the Bokjeong Station area development project, set to be Korea’s largest office complex.
A Hyundai Engineering & Construction official said: “Seoul Station has the potential to become an international landmark that attracts high-level human resources and tourists as a key transportation hub connecting all cities in Korea and the world.
“Hyundai Engineering & Construction will do its best to present a new paradigm for complex investment and development projects by focusing on securing project stability and profitability by investing its extensive development project experience and construction technology.”
