IPark Hyundai Development will collaborate with US-based global architecture firm Gensler to transform the Gwangmyeong Haan Jugong 6·7 complex reconstruction project into a landmark development. [Provided by IPark Hyundai Development]
IPark Hyundai Development will collaborate with US-based global architecture firm Gensler to transform the Gwangmyeong Haan Jugong 6·7 complex reconstruction project into a landmark development. [Provided by IPark Hyundai Development]

IPark Hyundai Development announced Thursday that it has decided to collaborate with US-based global architecture firm Gensler on the Gwangmyeong Haan Jugong 6·7 complex reconstruction project.

The project will redevelop the existing roughly 2,600 households into a complex of 20 buildings ranging from three below-ground floors to a maximum of 44 above-ground floors, with construction costs estimated at around 1 trillion won ($662 million).

Gensler, headquartered in San Francisco, is the firm behind globally recognized mega-projects including Nvidia's headquarters, Incheon International Airport's Terminal 2 and the 632-meter Shanghai Tower in China. Key members of Gensler's design team will visit the site alongside IPark Hyundai Development officials Wednesday through Friday to kick off the collaboration.

The visiting team plans to conduct an on-site survey to closely analyze the complex's characteristics and map out a concrete blueprint for what would be Gwangmyeong's first project to incorporate overseas architectural design.

"The integrated reconstruction of the Haan Jugong 6·7 complex, with its mammoth scale of 3,263 households, is where we can most clearly demonstrate the competitiveness of the IPark brand in the Haandong area in terms of project scale and symbolic value," a company official said. "We will deliver a consistent brand experience and present a residential environment of higher value."

Meanwhile, IPark Hyundai Development posted sales of 673.9 billion won and an operating profit of 80.1 billion won on a consolidated basis in the first quarter of this year, with its operating profit margin recovering to double digits on a quarterly basis for the first time in about five years.


hope@heraldcorp.com