Hyundai Elevator wins largest-ever order

Hyundai Elevator said Sunday it has won a contract for its largest-ever order, worth 43.4 billion won ($33.9 million), to build elevator and escalator units at a large apartment complex in Seoul.

The order involves the installation of 314 elevator and escalator units in the reconstruction of Dunchon Ju-gong Apartment in Gangdong-gu, Seoul. This is the largest contract that Hyundai Elevator has ever secured in terms of both the total number of units and the contract sum, the company said.

"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," said CEO Cho Jae-cheon.

The Dunchon Ju-gong Apartment will be newly reconstructed into Olympic Park Foreon by 2025 and will have a total of 12,032 households in 85 buildings. It is the first large-scale reconstruction project in Korea where over 10,000 households will make up a single complex.

Hyundai Elevator will gradually install 256 elevators and 58 escalators in three complexes at the new residence starting in mid-June. Hyundai E&C, Daewoo E&C, and HDC Hyundai Development will also participate in construction, with whom Hyundai Elevator plans to establish close partnerships with.

Prior to this, the company’s largest contracts in the housing sector include 249 units -- worth some 30.5 billion won -- at The H Firstier I Park in Gangnam-gu in 2021, and 209 units -- worth 156 billion won -- at Helio City in Songpa-gu in 2017.

"Despite the difficulties caused by the COVID-19 pandemic over the past three years, our employees have continuously prepared and worked hard, resulting in significant achievements," Hyundai Group Chair Hyun Jeong-eun said.

Meanwhile, Hyundai Elevator is also working on expanding its presence in overseas markets, including Saudi Arabia's Neom City and Indonesia's smart cities as part of the "One Team Korea" initiative led by the Ministry of Land, Infrastructure and Transport.