Yeongjin Market and Apartments Struggling with Redevelopment Undergo Urban Regeneration Led by Seoul City

[Asia Economy Reporter Onyu Lim] The urban regeneration of Yeongjin Market and Apartments in Yeongdeungpo-gu, Seoul, where redevelopment was difficult due to low profitability, will be actively promoted.

Seoul City announced on the 27th that the Urban Regeneration Committee approved the designation of Yeongjin Market and Apartments as an urban regeneration recognized project on the 27th of last month. The recognized project is a new system implemented for the first time this year, which acknowledges projects carried out on individual building units outside urban regeneration activation areas as urban regeneration, supporting the supply of living convenience facilities and more.

Yeongjin Market and Apartments are old and deteriorated buildings constructed in the 1970s. Safety inspections rated them as disaster-risk facilities with an E grade. Although urgent measures are needed to protect residents' lives and property, redevelopment has been postponed due to low profitability.

The Korea Land and Housing Corporation (LH) will participate as the project implementer. On a site area of 2,754㎡, a total floor area of 22,388㎡ will be developed, including 25-story sale and rental apartments, retail facilities, officetels, and social overhead capital (SOC) facilities.

Seoul City plans to renovate the old and deteriorated buildings in the area through this project and support the original residents to resettle. The seed money of 12.5 billion KRW (5 billion KRW national funds, 7.5 billion KRW local funds) will be used for supporting resident council activities for local residents, creating sports facilities, temporary relocation stores for original residents' resettlement, and public rental stores to prevent the displacement of small business tenants.

A Seoul City official said, "Through the recognition of the project, we can promptly demolish the collapse-risk buildings of Yeongjin Market and Apartments and proceed with the project," adding, "We plan to prepare relocation measures for store and residential tenants and promote the project as a maintenance project linked with urban regeneration."

This content was produced with the assistance of AI translation services.