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IPARK Hyundai Development Secures KRW245 Billion Construction Contract in South Korea

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HDC (KRX:012630) unit IPARK Hyundai Development Company secured a 245.05 billion won construction contract for the Suncheon Jorye-dong IPARK Apartment Project with Younglim Development, according to a Thursday filing with the Korea Exchange.

The South Korea-based real estate company said the contract covers construction of 11 apartment buildings, with 683 units comprising four basement levels to 22 floors, and represents 5.9% of its latest annual sales.

The construction is scheduled to be completed in 33 months from the actual start date, and the payments will be made from presales proceeds.

Shares of the construction and real estate development company fell 2% in recent trade.

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