HDC Hyundai Development Company and I-Park Marina Break Ground on Redevelopment of Busan Suyeong Bay Yacht Stadium

(Seoul=Yonhap Infomax) Dong Il Joo = HDC Group’s I-Park Marina and HDC Hyundai Development Company [294870] announced on the 24th that they have held a groundbreaking ceremony for the “Suyeong Bay Yacht Stadium Redevelopment Private Investment Project” in Haeundae-gu, Busan.

The Suyeong Bay Yacht Stadium was originally constructed for the 1986 Asian Games and the 1988 Seoul Olympics. Due to aging marina facilities, HDC Hyundai Development Company proposed a private investment redevelopment project in 2008. However, the project faced delays stemming from administrative procedures, negotiations, and legal disputes, leading to the commencement of construction only now.

The redevelopment project will be implemented and operated by I-Park Marina, with HDC Hyundai Development Company serving as the main contractor.

The plan calls for the construction of a marina facility with a capacity for 567 yachts—the largest in South Korea—along with a mixed-use complex spanning 67,000 square meters on the site of the existing yacht stadium.

Specifically, the yacht berthing capacity will be significantly expanded to 567 vessels, and berths will be diversified to accommodate large yachts.

The mixed-use complex will feature a first-floor clubhouse and commercial facilities, an infinity pool connected to Suyeong Bay, and an enhanced fitness center.

On the same day, shares of HDC Hyundai Development Company closed at 19,810 won, down 2.41% from the previous session on the Korea Exchange.

diju@yna.co.kr

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