Hyundai Engineering & Construction (000720.KS) is extending its renovation business for aging apartment complexes beyond shared areas to the interiors of individual homes.
The builder said it signed a cooperation agreement with Hyundai Livart (079430.KS) on the 22nd at the DH Gallery in the Sinsa-dong neighborhood of Seoul's Gangnam district. The deal covers what the companies called a total upgrade of both shared areas and individual units under the "The New House" program.
The New House is a comprehensive renovation business Hyundai E&C launched in June last year. It targets apartment complexes built in the 2000s and upgrades shared facilities including exteriors, landscaping, community amenities and smart systems. The company analyzes each complex's location, structure and condition before proposing a tailored upgrade plan.
The agreement widens that scope to privately owned space inside each home. Because the condition and design preferences of individual units vary, households that want the work will apply for it selectively. Shared areas will be upgraded for the complex as a whole, while interior work will proceed according to individual demand.
Under the agreement, the two companies will jointly pursue The New House projects, design and develop specialized products for both shared and private areas, and offer interior consultations to households that request them. Hyundai E&C will oversee the business and draw up plans for each complex, while Hyundai Livart will handle interiors for individual homes, drawing on the design and construction experience of its Zipterior interior brand.
"With high interest rates, rising construction costs and drawn-out redevelopment projects, interest in renewal work as an alternative to rebuilding or remodeling is growing," an official at Hyundai E&C said. "We plan to keep offering tailored housing improvement solutions that reflect residents' tastes and lifestyles, based on the convenience of work that can proceed without residents moving out, simplified procedures and optimized processes."