Hyundai Engineering & Construction (000720.KS) won the top honor in the urban renewal category at the 2026 Korea Construction and Real Estate Industry Awards, recognized for its dominant position in the sector. Judges credited the builder for managing housing quality and residents' lives after move-in as a single value chain, rather than simply replacing aging homes with new ones.
Hyundai E&C booked 10.118 trillion won ($7.3 billion) in cumulative urban renewal orders through the third quarter of this year. On Sept. 19, the company won three projects at once — the Gwangjang 38-1 district in Yeouido, the B-01 district in Ulsan's Nam-gu and the Myeongryun district in Daegu. Those followed earlier wins this year at the Geumjeong 2 district in Gunpo, the Singil 1 district and the Apgujeong 3 and 5 districts, pushing the cumulative total past 10 trillion won. It marks the second straight year above that mark, after the company booked 10.5105 trillion won last year by winning 11 projects including the Apgujeong 2 district, the Gaepo Jugong 6 and 7 complexes and the Jangwi 15 district — the first Korean builder to cross 10 trillion won. More recently, Hyundai E&C was selected as the contractor for the rebuilding of the Mok-dong 10 complex, a project worth 2.6136 trillion won in total construction costs, lifting its cumulative urban renewal orders this year above 12 trillion won.
Urban renewal is a key channel for upgrading aging apartment complexes and infrastructure while supplying quality new housing in city centers. Hyundai E&C ranked first in urban renewal orders for seven consecutive years from 2019 through last year. Having passed 12 trillion won this year, it is on track for an eighth straight year at the top.
Behind those figures is the company's record of turning large urban renewal projects into actual housing supply. Hyundai E&C has broadened its order portfolio from large-scale rebuilding in the Gangnam area to aging residential districts north of the Han River such as Jangwi and Mia, large redevelopment projects in the greater Seoul area, and major regional cities including Busan, Daejeon and Jeonju. Through those projects, the company says it is improving aging residential environments along with pedestrian access, green space and neighborhood infrastructure, while supplying homes suited to local demand.
As urban renewal projects grow larger and competition among builders intensifies, Hyundai E&C said it is tightening a selective bidding policy that puts project viability and feasibility ahead of competing on terms. "At the early stage of a project, we review location, viability, permitting conditions, the financing structure, the potential for construction cost changes and the presale environment together," an official at the company said.
The builder has notched consecutive wins in Apgujeong, considered the biggest rebuilding prize both last year and this year. The Apgujeong Hyundai Apartments complex was built by Hyundai E&C in the 1970s. After winning the Apgujeong 2 district last year, the company joined the rebuilding of the Apgujeong 3 and 5 districts, taking on the redevelopment of a complex it built half a century ago. Hyundai E&C said it treated the Apgujeong 2, 3 and 5 districts as a single neighborhood rather than separate complexes, proposing a plan that links housing, mobility, community space and daily services.
Last year, Hyundai E&C unveiled "The New House," a program to upgrade the exteriors, landscaping, amenities and community facilities of aging apartment complexes. Under the approach, construction zones and residents' daily routes are adjusted in phases while residents remain in their homes, and the complex is improved without demolishing the structures. "It is an alternative that can be applied to aging complexes where rebuilding or redevelopment is difficult because of regulations, costs and project timelines," a company official said.
