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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.
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.
The 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.”
"Hyundai E&C wins contract to build Hilton Hotel site in Seoul Station" was originally created and published by Hotel Management Network, a GlobalData owned brand.
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