- Amco won its first government-commissioned apartment complex development project. - The company is to build the first and third apartment complexes in Gangil District, a project worth about 80 billion won. - The apartment complexes consist of 1,269 units in total, including 366 units (18-peyong), 491 units (34-pyeong) and 412 residential units (34-pyeong).
For the first time in its history, Amco won a government-commissioned apartment complex development project for Gangil District located in Gangdong-gu, Seoul, which is seen as the last golden location which hasn’t been developed in Seoul. On the site, the company plans to build twenty 15-story apartment buildings that could house 1,269 households.
Hyundai Motor Group’s construction company Amco (Representative Director: Kim Chang-hee. www.amco.co.kr) said that it won a 80 billion won project to build an apartment complex in Gangil District located in Gangdong-gu, Seoul in an association of Samwhan Corp. (Representative: Noh Jung-ryang. www.samwhan.co.kr), a development agency. The project was commissioned by SH Corporation (previously known as: Seoul Metropolitan Development Corporation) to develop land at Gangil District in Hail-dong, Gangdong-gu, Seoul.
The 276,000 pyeong Gangil District will have 103 apartment buildings (6,410 households) belonging to ten complexes. Among them, Samwhan and Amco obtained the construction rights for the first and third complexes by the ratio of 70:30 respectively.
The first and third complexes will provide apartment units of three sizes such as 18-peyong (366 households), 34-pyeong (491 households) and 34-pyeong residential units (412 households) that will be constructed by late 2008.
During the bids for 10 apartment complex development, SH Corporation selected Shamwhan Corporation and Amco for the first and third complexes, Hanshin Construction for the second and fourth complexes, Dongbu Construction for the sixth and eighth complexes, Korea Highway Management Corp. for the fifth and seventh complexes, and Kyeryong Construction for the ninth and tenth complexes.
Myung Ro-un, Head of Amco’s Construction Group said, “The first government-commissioned project for Amco will lay the foundation for the company to win other government projects in Seoul and major provincial cities in the future.”
He also added, “As a construction company of Hyundai Motor Group, we will receive more of big government projects, so that our advanced engineering techniques and technologies could be highly recognized.”
As Hyundai Motor Group’s construction company, Amco is improving its status as demonstrated in its successful pre-sales of ‘Amco Town’ apartment complex in Samsan-dong, Bupyeong. The sale of 708 units was closed during the first round of pre-sale subjecting first-priority hopeful buyers in March 2005.
Located in eastern end of Seoul, Gangil District is geographically and environmentally advantageous as it is near subway line No.5, has easy access to Seoul Outer Circulating Expressway and is surrounded by rivers and streams