KRW 43.4 Billion Order for the Dunchon Jugong Redevelopment in Gangdong-gu

All 314 Units of Elevators and Escalators Currently Being Installed

Hyundai Elevator announced that it has won the largest elevator order since the company's founding.

Hyundai Elevator has won an order for all 314 elevators and escalators (KRW 43.4 billion) for Complexes 1–3 of the Dunchon Jugong redevelopment (Olympic Park Foreon) in Gangdong-gu, Seoul—a project dubbed "the largest redevelopment site since the dawn of the nation."

This order is the largest in Hyundai Elevator's history, both in the total number of elevator units and in order value. The order comprises 314 units in total, including 256 elevators and 58 escalators. Hyundai Elevator's previous largest apartment-complex orders were 249 units at DH First Tier IPARK in Gaepo-dong, Gangnam-gu in 2021 (about KRW 30.5 billion; 247 elevators and 2 escalators), and 209 units at Helio City in Songpa-gu in 2017 (KRW 15.6 billion; 209 elevators).

Cho Jae-cheon, CEO of Hyundai Elevator, said, "This is the result of 39 years of effort by all of Hyundai Elevator's employees, whose top-tier technological capabilities and brand competitiveness have been recognized," adding, "We will deliver the greatest value to our customers with the finest products offering enhanced safety and convenience."

Hyun Jeong-eun, Chairwoman of Hyundai Group, emphasized in her New Year's address that "crisis and opportunity always come together, but it is the prepared who overcome and achieve." On June 16, she visited the offices where the employees who worked hard on the order are based and delivered a message of encouragement: "To all the employees who quietly prepared and continuously took on challenges despite the difficulties of COVID-19 over the past three years and achieved great results—thank you for your hard work."

The Dunchon Jugong redevelopment complex, to be newly built as Olympic Park Foreon, is scheduled to house 12,032 households across 85 buildings ranging from three basement levels to 35 above-ground floors in 2025. It is an ultra-large site where more than 10,000 households will reside in a single complex—a first for a domestic apartment complex. Hyundai Engineering & Construction, Daewoo Engineering & Construction, and HDC Hyundai Development Company participated as construction companies.

Hyundai Elevator stated, "Installation will proceed sequentially starting from mid-June," adding, "Based on our experience completing Songpa Helio City—previously the largest complex at 9,000 households—we will build a close partnership with the construction companies to make Olympic Park Foreon a landmark site."

Meanwhile, as a member of "One Team Korea," Hyundai Elevator is concentrating its capabilities not only domestically but also on expanding into overseas markets such as Saudi Arabia's NEOM City and Indonesia's smart city.

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