MOU with Hyundai Livart Furniture to cover both common areas and private units

Partners to design and develop specialized products for common and private spaces

Customized interior services to be offered to interested households

Lee In-gi (from left), head of Hyundai Engineering & Construction's architectural housing business division, Kwon Tae-jin, head of Hyundai Livart Furniture's lifestyle division, and Kang Min-su, head of Hyundai Livart Furniture's business solutions division, pose after signing a memorandum of understanding. [Hyundai Engineering & Construction]
Lee In-gi (from left), head of Hyundai Engineering & Construction's architectural housing business division, Kwon Tae-jin, head of Hyundai Livart Furniture's lifestyle division, and Kang Min-su, head of Hyundai Livart Furniture's business solutions division, pose after signing a memorandum of understanding. [Hyundai Engineering & Construction]

Hyundai Engineering & Construction announced Friday that it is partnering with Hyundai Livart Furniture to extend its residential improvement program into individual apartment units.

Hyundai Engineering & Construction (Hyundai E&C) signed a memorandum of understanding with Hyundai Livart Furniture on Thursday at the DH Gallery in Sinsa-dong, Gangnam-gu, Seoul, formalizing cooperation on "mutual collaboration for total residential environment improvement of common areas and individual units under The New House."

The agreement is aimed at strengthening the competitiveness of The New House program and expanding customer satisfaction.

The New House is a comprehensive residential improvement project that Hyundai E&C launched in June last year to enhance the value of aging apartment complexes. Targeting apartments completed in the 2000s, the program upgrades common areas — including exteriors, landscaping, community facilities and smart systems — by conducting a comprehensive analysis of each complex's location, structure and degree of deterioration to propose tailored improvement plans.

The program also upgrades exterior design and develops community spaces and landscaping that reflect residents' lifestyles. Because the work proceeds without requiring residents to relocate, construction costs are expected to be about 70 percent lower than conventional remodeling, with the construction period cut roughly in half. The program is also distinguished from traditional remodeling in that residents' representative councils can lead it under the Multi-Family Housing Management Act.

Through the MOU with Hyundai Livart Furniture, Hyundai E&C plans to broaden the scope of The New House to cover private units. Because the degree of aging and interior preferences vary from unit to unit, individual households will be able to apply for renovation work on an opt-in basis, allowing the program to address both the collective improvement of common areas and the individual needs of each unit at the same time.

Under the agreement, the two companies will collaborate on project execution for The New House, design and development of specialized products for common and private spaces, and interior consultations for interested households. Hyundai E&C will oversee the overall project and establish plans and implementation strategies for each complex, while Hyundai Livart Furniture will carry out unit-by-unit interior work drawing on the design and construction experience of its interior brand "Jipterior."

"Interest in renewal projects as an alternative to reconstruction and remodeling has been growing recently, driven by high interest rates, rising construction costs and prolonged redevelopment timelines," a Hyundai E&C official said. "The New House will continue to deliver customized residential improvement solutions that reflect residents' tastes and lifestyles, built on the convenience of proceeding without relocation, streamlined procedures and optimized processes."


lucky@heraldcorp.com