◆ Reconstruction of the entire Hwajeong I-Park ◆
HDC Hyundai Development Company decided to demolish the entire Hwajeong I-Park complex in Seo-gu, Gwangju. The plan is to completely demolish all 8 buildings, including the 201 building where the collapse of the outer wall occurred in January, and then reconstruct it. This decision comes following regarding four months since the accident on January 11th. It is noteworthy in that this is actually the first case in the domestic apartment construction market that the entire complex is demolished and then reconstructed.
On the 4th, HDC Chairman Mong-gyu Chung held an emergency press conference at the Yongsan office building in Seoul and announced, “According to the request of prospective tenants, we will demolish all 8 buildings of Hwajeong I-Park in Gwangju and build new ones.” Chairman Jung said, “In addition to building 201, where the accident occurred, the rest of the contractors also had concerns regarding safety.
HDC Hyeonsan expects to take 70 months (5 years and 10 months) from demolition to completion. HDC Hyeonsan estimated that regarding 370 billion won would be incurred if construction costs for demolition and re-construction and compensation for residents due to delay in moving in were additionally invested.
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