Hyundai Elevator wins largest-ever order for apartment reconstruction project in Seoul

Hyundai Elevator's smart campus in Chungju, North Chungcheong Province / Courtesy of Hyundai Elevator

By Kim Jae-heun

Hyundai Elevator has won its largest-ever order to supply a total of 314 elevators and escalators to the country's biggest apartment reconstruction project in southeastern Seoul, the company said Sunday.

It will receive 43.4 billion won ($33.9 million) for its 256 elevators and 58 escalators, the largest in terms of the number of items and the contract sum.

Its previous biggest contract was constructing 249 elevators and escalators for some 30.5 billion won at “The H Firstier I Park” apartment in Seoul in 2021.

“It is an achievement by all of Hyundai Elevator's executives and employees, who have put their best efforts into improving the company's technology and brand competitiveness in the past 39 years,” Hyundai Elevator CEO Cho Jae-cheon said. “We will provide the best value to our customers with the best product that increase safety and convenience.”

Hyundai Group Chairwoman Hyun Jeong-eun also congratulated the company's accomplishment.

“Hyundai Elevator has continuously worked hard to prepare for this project over the past three years, when COVID-19 hit the country. Congratulations to those who overcame all the hardships and made the best out of the opportunity,” Hyun said during her visit to the company's headquarters in Chungju, North Chungcheong Province, on June 18.

The Dunchon Ju-gong reconstruction complex, which will be newly built as the Olympic Park Foreon, plans to house 12,032 households in 85 buildings with three basement floors, 35 ground floors and 85 buildings in 2025. It is the first large-scale site in the country, where more than 10,000 households live in a single complex.