HDC Hyundai Development Co. is bidding for a ₩540 billion (approximately $389 million) urban redevelopment project near Sookmyung Women’s University Station in Yongsan, Seoul, featuring 900 long-term public rental housing units. Daishin Asset Trust held a contractor briefing late last month attended by HDC Hyundai Development, Dongbu, Kukdong Engineering & Construction, Jeil Construction and Chinhung International. The open tender prohibits consortium bids, requires a ₩15 billion (approximately $10.8 million) bid bond and closes October 8. The project at 52-6 Galwol-dong calls for five buildings ranging from six basement levels to 40 stories above ground, alongside community facilities. HDC is seeking to connect the development with assets including HDC IPARK Mall, the former Yongsan Railroad Hospital site and construction rights for Block 1 fronting the Yongsan rail yard. It is considering global architecture firm SMDP for the design. HDC reported second-quarter consolidated revenue of ₩914.6 billion and operating profit of ₩122.7 billion, up 35.7% and 53.1% from the previous quarter. Operating profit exceeded ₩100 billion for the first time in about five years, while the operating margin reached 13.4%. At the end of the first half, net borrowings were ₩1.1952 trillion, the debt-to-equity ratio was 128.5% and project-finance contingent liabilities had fallen 33.4% from year-end to ₩1.2876 trillion. The company said improved financial capacity would support a focus on high-quality urban renewal projects.