HDC Hyundai Development Company has been selected as the contractor for the redevelopment project in Busan’s Gwang-an 4 district, recording an urban revitalization project order amount of 856.5 billion KRW this year.
At the contractor selection meeting for the Gwang-an 4 district redevelopment project held at Shin Busan Church on the 22nd, HDC Hyundai Development Company was confirmed as the contractor through a private contract method, receiving approval from 497 out of 546 members.
The Gwang-an 4 district redevelopment project, located in 92-3 Gwang-an-dong, Suyeong-gu, Busan, is a large-scale project involving the construction of 966 new apartment units across six towers, with basement levels up to four stories and above-ground levels reaching 37 stories. The exclusive building area spans 34,122 square meters, with a total business area of approximately 49,754 square meters and a gross floor area of approximately 195,619 square meters. The construction cost is estimated at 419.6 billion KRW.
The project site is close to key business and tourist areas such as Centum City and Gwangalli Beach, and is well-connected with transportation hubs like Suyeong Station on Busan Metro Lines 2 and 3 as well as the Suyeong intersection and road, providing excellent transportation accessibility. Additionally, the area boasts abundant green spaces like Suyeong River Promenade and Baeksan Neighborhood Park, as well as ample lifestyle and educational infrastructure such as Costco Korea Busan, BHS Hanseo Hospital, and the Namcheon-dong Academy area.
HDC Hyundai Development Company has incorporated the unique geographical features where mountains, rivers, and the sea coexist into the design. They proposed a complex that maximizes scenery, lighting, and openness through landscaping that embodies the flow of the Suyeong River and building arrangements inspired by Mt. Geumryun.
This order in the Gwang-an 4 district follows the successful bid for the redevelopment of the Wonju Dan-Gyejugong Apartments on the 15th, worth approximately 436.9 billion KRW, marking the second urban revitalization project success of the year. HDC Hyundai Development Company plans to develop the site into a premium complex, leveraging AI and digital transformation (DX) technology, to match the likes of Haeundae I’Park.