Urijasan Trust Wins First Contract for Redevelopment Project of Daheung Yeonrip near Namguro Station
[Asia Economy Reporter Moon Jiwon] Woori Asset Trust announced on the 16th that it has signed a trust contract with the Daehung Yeonrip Small-scale Reconstruction Maintenance Project Association near Namguro Station on Subway Line 7, marking its first such contract since becoming part of Woori Financial Group.
Daehung Yeonrip, located in Garibong-dong, Guro-gu, Seoul, is a complex consisting of four rowhouse buildings ranging from basement level 1 to ground level 3, with a total of 84 households.
Woori Asset Trust plans to promote this complex as a small-scale reconstruction maintenance project using a loan-type land trust method. Upon completion, the complex will be reborn as a new apartment building with a total of 146 households spanning from basement level 2 to ground level 7.
The association passed the building review in November last year and will begin relocation and construction in October. The target completion date is June 2022. Of the total households, 63 units excluding the 83 association members will be sold to the general public.
Kim Seung-jung, Deputy General Manager of Woori Asset Trust, emphasized, "This is the first small-scale reconstruction association established in Seoul since the enactment of the Special Act on Vacant Houses and Small-scale Housing Maintenance earlier this year," adding, "It is also significant as the first case promoted through the trust company’s project agent method."
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Meanwhile, the project site is a 4-minute walk from Namguro Station on Subway Line 7 and a 10 to 15-minute walk from Guro Digital Complex Station on Subway Line 2. Nearby are a public kindergarten and Guro Nam Elementary School, and it is located between Guro Digital Complex and Gasan Digital Complex, where approximately 158,000 workers are employed, offering excellent accessibility between residence and workplace.
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