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Hyundai Elevator Co. Ltd., in its largest-ever contract since its inception in 1984, had secured a $33.9 million deal to supply 256 elevators and 58 escalators for a significant Seoul apartment reconstruction, marking a historic milestone in the company's growth.
Hyundai Elevator won a contract worth KRW43.4 billion, or about $33.9 million, to provide a total of 256 elevators and 58 escalators for an apartment that is being reconstructed in Seoul. With the ordered 314 units of machines, it is the largest project for the company in terms of the quantity and value of the contract, as per The Korea Times.
Prior to this project, the South Korean elevator manufacturer's biggest contracts were the construction of 247 elevators and two escalators for The H Firstier I Park apartment in Gaepo-dong, Gangnam, in 2021, worth KRW30.5 billion and 209 units of elevators for a building in Helio City in Songpa-gu in 2017.
For the new milestone, the chairwoman of the Hyundai Group, Hyun Jeong Eun, praised and congratulated Hyundai Elevator for the achievement. The elevators and escalators are set to be installed at the Dunchon Ju-gong reconstruction complex, which will be rebuilt as an Olympic Park Foreon apartment complex.
Once completed, it will be a new home to around 12,032 households. The community will include 85 buildings with three basement levels and 35 ground floors. This project is expected to finish in 2025.
"Hyundai Elevator has continuously worked hard to prepare for this project over the past three years when COVID-19 hit the country," Hyun Jeong Eun told the management and staff of the company during her visit to the HQ on Sunday, June 18. "Congratulations to those who overcame all the hardships and made the best out of the opportunity."
The Korea Herald also quoted Hyundai Elevator's chief executive officer, Cho Jae Cheon, as saying, "This is a recognition of the outstanding technology and brand competitiveness achieved by Hyundai Elevator's employees, who have worked hard for the past 39 years."
Photo by: Derrick Treadwell/Unsplash
