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Hyundai E&C wins Mokdong Complex 10 redevelopment contract

Hyundai E&C wins Mokdong Complex 10 redevelopment contract

Built World

Sole-bid win pushes contractor past annual urban renewal target

October 20th, 2026: Five of Mokdong's 14 complexes have contractors

Overview

Updated Oct 25

Hyundai E&C won the contract to rebuild Mokdong Complex 10 in western Seoul, a 2.6 trillion won ($1.95 billion) project that will nearly double the homes on the site. It was the only bidder, after two earlier rounds drew no competition.

The win lifts Hyundai's 2026 urban renewal orders to 12.73 trillion won, past its 12 trillion won target, and gives it its first project in Mokdong New Town. Five of the district's 14 complexes have now picked builders for work worth 9.18 trillion won, and none of those selections drew a competing bid. Complex 10 has also tendered for a firm to appraise the shops inside the complex, a step before project implementation authorization.

Why it matters

Zero competitive bids across Mokdong's 14 complexes leave homeowners with little leverage over price and design.

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Key Indicators

$1.95B
Contract value
Estimated construction cost for the Mokdong Complex 10 redevelopment, about 2.6 trillion won.
4,248
New housing units
Up from 2,160 existing units, nearly doubling homes on the site.
95.9%
Approval vote
Share of 1,624 participants who voted for Hyundai E&C at the general meeting.
12.73T won
2026 urban renewal orders
Hyundai E&C's cumulative total after Mokdong Complex 10, past its 12 trillion won target.
5 of 14
Mokdong complexes with builders
Complexes 6, 8, 10, 12 and 13 have chosen a contractor or named a preferred bidder; none drew a competitive bid.

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Organizations Involved

Hyundai Engineering & Construction
Hyundai Engineering & Construction
Construction company
Contractor for Mokdong Complex 10 redevelopment

South Korea's largest construction company and the winning bidder for the Mokdong Complex 10 redevelopment.
KL
Korea Land Trust
Project implementer
Implementing the Mokdong Complex 10 redevelopment

Appointed as the project implementer for the Mokdong Complex 10 redevelopment, managing execution on behalf of the homeowner association.
Samsung C&T Engineering & Construction Group
Samsung C&T Engineering & Construction Group
Construction company
Named preferred negotiating partner for Mokdong Complex 13

Rival contractor that won the Yeouido Sibeom apartment redevelopment, forming the dominant pair with Hyundai E&C in Seoul's redevelopment market.
DL E&C
DL E&C
Construction company
Contractor for Mokdong Complex 6 redevelopment

Won the Mokdong Complex 6 redevelopment in June 2026, the first Mokdong complex to select a contractor.
GS
GS E&C
Construction company
Preferred bidder for Mokdong Complex 12

Named preferred negotiating partner for Mokdong Complex 12 after two rounds of bidding failed.
Daewoo E&C
Daewoo E&C
Construction contractor
Named preferred negotiating partner for Mokdong Complex 8

Named preferred negotiating partner for the Mokdong Complex 8 redevelopment after a sole bid on the 1.11 trillion won project.

Timeline

1980s October 2026

10 events Latest: October 20th, 2026 · 3 weeks ago
Tap a bar to jump to that date

  1. Five of Mokdong's 14 complexes have contractors

    Latest Market

    Planned construction costs across complexes 6, 8, 10, 12 and 13 total 9.18 trillion won, and no selection drew two bidders.

  2. Hyundai E&C announces win, surpasses annual target

    Announcement

    Win lifts 2026 urban renewal orders to 12.73 trillion won, past the company's 12 trillion won target.

  3. General meeting selects Hyundai E&C as contractor

    Contract

    95.9% of 1,624 participants vote in favor of Hyundai E&C.

  4. Complex 10 tenders appraisal of its commercial space

    Regulatory

    The Complex 10 association sought a firm to value the neighborhood shops inside the complex, a step taken before project implementation authorization. Bids were due the same week.

  5. Hyundai E&C names Complex 10 'THE H Mokdong Eser'

    Announcement

    Company says it will apply its THE H brand in Mokdong for the first time, with Morphosis and Sasaki on design.

  6. Hyundai E&C surpasses 10 trillion won in urban renewal orders

    Milestone

    First company to achieve the mark two years in a row.

  7. Complex 10 completes integrated review subcommittee steps

    Regulatory

    Advances project procedures in parallel with contractor selection.

  8. Hyundai E&C named preferred negotiating partner

    Contract

    Named after submitting the sole bid in two separate rounds.

  9. DL E&C wins Complex 6 redevelopment

    Contract

    First Mokdong complex to select a contractor, via sole bid.

  10. Mokdong New Town built

    Development

    Seoul builds Mokdong New Town with 14 apartment complexes in Yangcheon-gu.

Scenarios

1

Hyundai E&C extends Seoul redevelopment winning streak

Likely Resolves by End of 2027

Discussed by: Industry analysts cited in The Public and BizWatch

Hyundai E&C wins another major Seoul redevelopment project, building on its wins at Apgujeong 3 and 5, Yeouido Gwangjang, and Mokdong Complex 10. The company's brand power and financial capacity make it the preferred choice for large homeowner unions, and its THE H premium brand gives it a competitive edge in high-end markets.

2

Rival builders re-enter Seoul redevelopment bidding

Possible Resolves by End of 2027

Discussed by: The Public, MK

A rival contractor submits a competitive bid on a major Seoul redevelopment, breaking the sole-bid pattern. Samsung C&T, POSCO E&C, or DL E&C could return to bidding on Mokdong complexes 8, 9, or 11-14 as they come to market. The Public notes that several firms attended the initial site briefing for Complex 10 but only Hyundai E&C submitted a bid.

3

Sole-bid pattern draws regulatory response

Unlikely Resolves by End of 2027

Discussed by: MK, The Public

Authorities or homeowner unions push for competitive bidding requirements after repeated sole-bid contracts. MK notes that sole bidding weakens unions' bargaining power on construction costs and reduces opportunities to compare offers from multiple builders. A regulatory response could come from the Seoul Metropolitan Government or the national government.

4

Mokdong relocations bunch up as approvals land together

Possible Resolves by Q2 2027

Discussed by: Yangcheon-gu district officials and a Complex 12 association official, via The Herald Business

The 14 complexes are rebuilding separately, but their timelines sit close enough that implementation authorizations and disposal-plan approvals could arrive in quick succession. Yangcheon-gu has finished a relocation demand survey across all 14 complexes and expects analysis after October. No rule sets a relocation order, so the complexes that clear the remaining approvals first move first.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

1980s

Mokdong New Town construction (1980s)

Seoul built Mokdong New Town in the 1980s with 14 apartment complexes to address housing shortages in the capital. The district became a major residential and education center in southwestern Seoul.

Then

The development provided thousands of housing units and established Mokdong as a key residential area.

Now

Four decades later, the complexes are aging and being redeveloped one by one, with each of the 14 complexes pursuing reconstruction independently.

Why this matters now

The current redevelopment wave is replacing the original 1980s buildings, and the race among complexes to complete project procedures first is intensifying.

June 2026

Mokdong Complex 6 redevelopment (2026)

DL E&C won the Complex 6 redevelopment in June 2026, the first Mokdong complex to select a contractor. Like Complex 10, it was a sole-bid contract.

Then

DL E&C secured its position in Mokdong's redevelopment market.

Now

The sole-bid pattern set a precedent for subsequent complexes, with Complex 10 following the same path.

Why this matters now

Complex 10 followed the same pattern with Hyundai E&C as the only bidder, showing the trend is established across the district.

Sources

(16)
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World Construction Network Hyundai E&C Newsroom Hyundai Motor Group Seoul Economic Daily (SIGNAL) BizWatch The Public The Herald Business MK Seoul Economic Daily Asia Times Daily Hankooki Hyundai E&C Newsroom Newsis Chosun Ilbo (English) Seoul Economic Daily Maeil Business Newspaper