A rendering of the Seongnam Taepyeong District 3 redevelopment project. [IPark Hyundai Development]
A rendering of the Seongnam Taepyeong District 3 redevelopment project. [IPark Hyundai Development]

IPark Hyundai Development announced Monday that it has been selected as the contractor for the 585.2 billion won public-participation redevelopment project in Seongnam's Taepyeong District 3.

The Taepyeong District 3 residents' representative council chose the IPark consortium — comprising IPark Hyundai Development and Kolon Global Corporation — as the final contractor at a general meeting of landowners and property holders held Sunday.

The IPark consortium received 1,038 of the 1,128 votes cast at the meeting, a 92 percent approval rate. The win marks IPark Hyundai Development's first urban redevelopment contract of the year, with a project cost of 585.2 billion won and a total contract value of 900.3 billion won.

The Taepyeong District 3 public-participation redevelopment covers roughly 124,970 square meters around 4580 Taepyeong-dong, Sujeong-gu, Seongnam, with the Korea Land and Housing Corporation (LH) serving as the project developer. IPark Hyundai Development secured owner support by proposing to apply its IPark brand exclusively across the complex and to oversee design, construction and quality management in an integrated role.

The IPark consortium unveiled a landmark design for the project — to be named "IPark The Fortress" (tentative) — inspired by medieval castle walls. The plan reduces the number of buildings from 36 to 24, a roughly 30 percent cut. The space freed up will accommodate a large central plaza of about 20,790 square meters, roughly three times the size of a soccer field.

Despite height restrictions, the design uses a deck-level structure to raise the maximum floor count from 15 to 19 stories. Other features include a sky community with 270-degree panoramic views stretching to Cheonggyesan, a 730-meter covered walkway allowing residents to move between buildings without an umbrella in the rain, and a 130-meter grand entrance gate. Each unit will also have 1.5 parking spaces and a private storage room.

The site offers access to Gangnam, Jamsil and Pangyo within roughly 20 minutes, giving it strong connectivity to Seoul from central Seongnam. It is also positioned as a primary residential base for two major nearby developments: Hyundai Motor Group's future mobility research and development complex near Bokjeong Station's transit-oriented area, and the mixed-use redevelopment of Suseo Station, which includes a GTX hub and a Shinsegae department store.

"We are grateful to the residents' representative council and all landowners for their support and encouragement," an IPark Hyundai Development official said. "The IPark consortium will bring together all the construction capabilities we have built up over the years to create the finest residential complex in Seongnam."

Meanwhile, IPark Hyundai Development posted consolidated sales of 673.9 billion won ($447 million) and operating profit of 80.1 billion won in the first quarter of this year, with its operating profit margin returning to double digits on a quarterly basis for the first time in about five years.


hope@heraldcorp.com