HDC set to launch Project H1 this year

South Korea’s Hyundai Development Company (HDC) announced on April 29 that it would launch the so-called Project H1 this year of developing areas around Kwangwoon University Station in northern Seoul.

Specifically, the Seoul-based builder is scheduled to start the work in the latter half of this year to create a platform aimed at presenting the future city’s vision and lifestyle.

On 150,000 square-kilometer lands, it will take up to 4.5 trillion won ($3.3 billion) to construct shopping malls, hotels, futuristic offices, and apartments.

Through the next-generation scheme, HDC vows to showcase its expertise in differentiated business models as shown by the I’Park Mall in Yongsan, central Seoul.

“We will build a multi-generational community encompassing from young families to seniors and revitalize the region by creating complex cultural spaces such as upscale shopping malls and hotels,” an HDC official said.

“This place will serve as a local community hub so that you can spend your daily life with meaningful interactions. In addition, the wellness club and integrated healthcare services function as a systematic health management park for recovery from tiring daily life.”

HDC also said that it would find new growth engines by tapping into such businesses as the development of data centers at a time when the world invests greatly in high-end technologies like artificial intelligence, the Internet of things, and big data.

As a part of such efforts, the contractor established a digital transformation team.

In addition, HDC said that it would go all-out to increase shareholders’ values through various policies like increasing cash dividends.

During the shareholders’ meeting this week, HDC jacked up its dividend ratio to 26.1 percent this year compared to 9.5 percent in 2018.

In February, HDC came up with its 2024 sales target amounting to 4.27 trillion won ($3.17 billion), up by more than 100 billion won ($74 million) in 2023.

“We strive to move from a good company to a great one this year by jacking up the corporate value in sustainable ways,” HDC CEO Choi Ik-hoon said.

“Toward that end, we will go ahead with new businesses like the Project H1 and crank up values through a slew of shareholder-friendly policies.”