Latest news with #HyundaiE&C
Korea Herald
29-05-2025
- Business
- Korea Herald
Hyundai E&C's Hillstate Yongin complex sees strong demand
Hyundai Engineering and Construction is seeing rapid sales at its latest residential project, Hillstate Yongin Markvalley. Located in Yongin, Gyeonggi Province, the complex consists of seven buildings with up to 27 floors and offers 660 units ranging from 84 to 182 square meters. Buyers can freely select their preferred unit and floor without the need for a housing subscription savings account or local residency, thereby preserving eligibility for future housing lotteries. One key factor driving demand is the upcoming tightening of mortgage regulations under the government's third phase of its stressed debt service ratio rules, which take effect in July. However, units contracted before June 30 will still fall under the more favorable Phase 2 regulations, allowing for more flexible financing. To further ease the financial burden on buyers, the initial down payment has been lowered to just 10 million won ($7,200). The development is strategically located near Samsung Electronics' planned 360 trillion won investment in a national advanced semiconductor complex, and is expected to benefit from significant long-term value appreciation. The area is also being boosted by improving transportation links, including the Seoul-Sejong Expressway and upcoming rail and road infrastructure projects. Residents will enjoy premium amenities, along with Hyundai E&C's "my HILLS" platform, which offers services such as maintenance requests, energy usage tracking and visitor scheduling. A Hyundai E&C official noted, 'We have seen a strong response due to the project's favorable financing conditions, strategic location and long-term growth potential.'
Korea Herald
30-04-2025
- Business
- Korea Herald
[Editorial] Anticipated setback
Politically motivated project to build airport on island of Gadeokdo hits snag A state project to open a new airport early on Gadeokdo, an island in Busan, has run into a glitch. A consortium led by Hyundai Engineering & Construction, the preferred bidder for the project, submitted the basic design plan to the Ministry of Land, Infrastructure and Transport on Monday. The key point of the plan is that the construction period needs to be extended to nine years from the seven years the government required in the notice of tender. It also said that the 10.5 trillion won ($7.3 billion) budget for site construction should be increased by 1 trillion won. The government demanded in its notice of tender that a runway and a terminal should be built first to open the airport by December 2029 and that the whole project should be completed within seven years after the start of construction. The consortium effectively said those goals are impossible to achieve. This was anticipated to some extent. In 2016, when the Park Geun-hye administration was looking for a new airport site in the southeastern region of the country, Gadeokdo was appraised as the least suitable among three candidate sites and was thrown out. But a plan to build a new airport on the island was resurrected thanks to political populism. In 2021, ahead of the Busan mayoral by-election, the two main political parties utilized the Gadeokdo New Airport project as a means to win the hearts of voters. The then-ruling Democratic Party of Korea pushed for a special law to build the airport. Though the island had been evaluated as unsuitable for an airport, the then-opposition People Power Party went along with the ruling party so as not to lose votes. A special law fraught with favors including exemptions from preliminary feasibility tests was enacted. The Yoon Suk Yeol administration moved the target date of the airport opening up to December 2029 from June 2035 in a bid to win the race to host the 2030 World Expo in Busan. The construction period was reduced by as much as five years and six months. The curtailment was excessive in view of common sense. The Land Ministry modified the airport construction plan to meet the drastically advanced deadline. It originally planned to build the whole airport on land reclaimed from the sea, but revised the plan to build part of the airport on the island and part of it on the reclaimed area. The government revived a method that it had excluded out of concerns that a foundation that stretches across land and sea risks settling unevenly. Bidding failed several times last year due to a lack of interest. Difficult construction involving reclamation works and the tight schedule discouraged builders from tendering bids. Hyundai E&C was selected as the preferred bidder without competition, but it is demanding what amounts to a renegotiation of the construction period and budget. Hyundai E&C might forfeit its preferred bidder status. But if its bid fails, it would still be difficult to find an alternative. The possibility of the Gadeokdo New Airport project being protracted or drifting cannot be excluded. From now on, government officials and legislators should set aside political considerations and face reality. Korea lost the bid to host the World Expo. The reason to hasten the construction has vanished. Unless the special law is abolished or revised, the airport must be built as stipulated by the law. Experts' opinions and judgment should be prioritized in any circumstance. The conditions of the site and the capabilities of construction companies should be reviewed. The construction period and method also need to be reconsidered. Steps to ensure the safety of air passengers, among other factors, should be examined again to prevent the recurrence of an accident like last year's deadly airplane crash at Muan International Airport in South Jeolla Province. The likely delay of the Gadeokdo airport opening is a consequence of overturning a conclusion merely for political gain. It reminds us that national infrastructure projects should not be swayed by political populism.
Korea Herald
30-04-2025
- Automotive
- Korea Herald
Hyundai E&C recognized as No. 1 overseas builder with $140b milestone
Hyundai Engineering & Construction announced Wednesday that it received the highest honor in overseas construction from the Korean government, recognizing its cumulative overseas orders exceeding $140 billion. The award was presented at a ceremony celebrating the landmark achievement of $1 trillion in total overseas construction contracts secured by Korean companies. Hosted by the International Contractors Association of Korea and sponsored by the Ministry of Land, Infrastructure and Transport, the event was held Tuesday at the Construction Association of Korea headquarters in Gangnam, southern Seoul. There, Hyundai E&C was recognized as the only company to have surpassed $100 billion in overseas contracts. Korea's construction industry first entered the global market in 1965 when Hyundai E&C won the Pattani–Narathiwat Highway project in Thailand. Since then, the industry has evolved into a key pillar of the nation's economic growth, joining semiconductors and automobiles in surpassing the $1 trillion mark in cumulative exports. During the ceremony, Hyundai E&C was honored for its significant global contributions, having executed more than 850 projects across more than 60 countries, with total overseas orders amounting to $146.2 billion, which is approximately 14.5 percent of Korea's total overseas construction volume. Commemorating 60 years of overseas construction, four of Hyundai E&C's projects were selected among the "Top 10 Overseas Projects," a symbolic recognition of Korea's most iconic international achievements. These included the pioneering Pattani–Narathiwat Highway in Thailand; the Jubail Industrial Port in Saudi Arabia, which marked the beginning of the Middle East construction boom; the South Pars Gas Field Plant in Iran, once the world's largest of its kind; and the Barakah Nuclear Power Plant in the UAE, Korea's first overseas nuclear project. 'Hyundai E&C's unparalleled global track record stems from the bold spirit of challenge passed down from our late founder Chung Ju-yung,' said a Hyundai E&C official. 'We've built a legacy of 'firsts' and 'bests' across deserts and polar regions. As we carry forward our 60-year journey, we remain committed to expanding the frontier of K-construction and building a sustainable future, with the goal of reaching $2 trillion in overseas orders.'
Korea Herald
27-03-2025
- Business
- Korea Herald
Hyundai E&C lifts Korea's heaviest petrochemical equipment into place
Hyundai Engineering & Construction announced Thursday that it has successfully installed Korea's largest propylene fractionator at S-Oil's Shaheen ethylene facility construction site in Ulsan. The newly installed fractionator, a key component in propylene production, stands 118 meters tall, has a diameter of 8.5 meters and weighs 2,370 metric tons — making it the heaviest piece of petrochemical equipment ever built in the country. Hyundai E&C transported the massive structure, equivalent in height to a 50-story apartment building, from the unloading dock to the construction site. The company successfully erected it in just 14 hours using a tower lifting system. The Shaheen Project is a 9.3 trillion won ($6.8 billion) investment to build advanced petrochemical facilities, aimed at strengthening the oil refiner's growth drivers. The project, located within the Onsan National Industrial Complex, spans 880,000 square meters, an area roughly the size of 120 soccer fields. As the lead contractor, Hyundai E&C is executing Package 1 of the ethylene facility construction in collaboration with Hyundai Engineering and DL E&C. This package includes the construction of the world's largest steam cracker, incorporating thermal-crude-to-chemical technology, or TC2C, that directly converts crude oil into petrochemical feedstocks. Beyond the propylene fractionator, the cracking heater measures 68 meters in height and weighs 3,200 tons. The heater plays a vital role in breaking down raw materials such as naphtha and LPG through thermal decomposition to produce ethylene and propylene. According to Hyundai E&C, the project's civil engineering phase alone requires 333,749 cubic meters of concrete — equivalent to the load carried by 60,000 ready-mix concrete trucks. Additionally, 98,634 tons of steel will be used, enough to construct 14 Eiffel Towers, as told by the company. Hyundai E&C is committed to ensuring the world's first commercial operation of TC2C technology. With construction over 60 percent complete, the company plans to finish steam cracker installation in the first half of the year. Once operational, the facility will produce 1.8 million tons of ethylene annually, along with other key petrochemicals. Trial operations will start in the second half of this year. Following the Shaheen project's completion in the first half of 2026, commercial production of ethylene, basic petrochemicals and polyethylene is expected to begin in the second half of the year. "Despite the enormous scale, Hyundai E&C's extensive global project experience and EPC expertise have enabled us to stay ahead of schedule," a Hyundai E&C official said. "We are confident that we will complete the project by June next year, setting a new milestone in Korea's petrochemical plant construction industry."
Korea Herald
21-02-2025
- Automotive
- Korea Herald
Hyundai E&C expands into New Zealand's housing market
Hyundai Engineering & Construction has partnered with the Korea Overseas Infrastructure & Urban Development Corp. to establish a foothold in New Zealand's housing sector. The two companies signed a memorandum of understanding with Kainga Ora, New Zealand's state-run housing agency, on Wednesday at Hyundai E&C's headquarters in Seoul. The agreement aims to strengthen bilateral ties between South Korea and New Zealand while promoting sustainable urban development through large-scale housing projects. As part of the initiative, Hyundai E&C will propose eco-friendly and smart technology solutions while assessing financial and technical support options. The Korea Overseas Infrastructure & Urban Development Corp. will facilitate cooperation between the two countries and assist in structuring financial plans, while Kainga Ora will provide project-related data and support for permits and approvals. With New Zealand's housing demand consistently outpacing supply, the government has been actively promoting new housing construction, including the development of midrise buildings of five stories or above. Hyundai E&C, in particular, plans to introduce Korean-style housing concepts into the local environment, starting with Auckland. These will include electric vehicle-charging stations, solar panels and specialized community facilities, creating a modern and sustainable living environment. 'We aim to contribute to the economic growth of both countries through public-private collaboration while enhancing residential value and sustainability,' a Hyundai E&C representative stated. 'We expect this partnership with New Zealand to serve as a catalyst for global urban development collaboration.'
