HDC Hyundai Development Company decided to completely demolish and re-construct all 8 buildings, including the 201, in connection with the collapse of the outer wall of Hwajeong I-Park in Gwangju in January.



HDC Chairman Chung Mong-gyu held an emergency press conference on the morning of the 4th and announced, "According to the request of the prospective occupants, we will demolish all 8 IARC buildings in Hwajeong-dong, Gwangju and build new ones."



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Chairman Jung said, "For the past four months, we have been discussing compensation with prospective tenants, but other than Building 201, where the accident occurred, the rest of the contractors also had concerns about safety. “I thought there was nothing else,” he said.



“We made a difficult decision because agreements with contractors could be delayed indefinitely and the company’s uncertainty would increase,” said Chairman Jung. .



Hwajeong I'Park is divided into 1 and 2 complexes, and a total of 847 households (705 apartments, 142 officetels) in 8 buildings were originally scheduled to move in on November 30 of this year.



However, the move-in to Hwaseong I-Park is expected to be significantly delayed as the re-construction is decided after the complete demolition.



The company estimates that it will take 70 months from demolition to completion.



(Photo = Yonhap News)

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