Geumcheon-gu Office Station Reborn... Complex Development Combining Happy Housing 추진

Seoul Geumcheon-gu Office Station Complex Development Plan Concept (Provided by Ministry of Land, Infrastructure and Transport)

[Asia Economy Reporter Lee Chun-hee] Despite the increasing demand for use, the aging station, which caused much inconvenience to residents, will be reborn through a complex development combined with Happy Housing.

The Ministry of Land, Infrastructure and Transport announced on the 14th that it will officially promote the 'Geumcheon-gu Office Station Complex Development Project,' which will newly create the aging Geumcheon-gu Office Station as a complex building including Happy Housing and social overhead capital (SOC), in collaboration with Geumcheon-gu, Korea Land and Housing Corporation (LH), and Korea Railroad Corporation (KORAIL).

Geumcheon-gu Office Station, built in 1981, is not only aging but also the only station in Seoul with just one exit, indicating insufficient facility improvements. Recently, with the construction of the Geumcheon-gu Comprehensive Government Building in the area and the upcoming 'Lotte Castle Gold Park' consisting of 3,271 apartment units and 1,138 officetel units on the former Army crossing unit site, the floating population has surged, making facility improvements urgently needed. Additionally, the presence of an abandoned oil tank and a briquette factory near the station caused significant inconvenience to residents using the station.

Accordingly, the complex development was initiated in earnest by signing a memorandum of understanding (MOU) for complex development among Geumcheon-gu, LH, and KORAIL in 2018. During this process, the Ministry of Land, Infrastructure and Transport achieved the blueprint of 'simultaneous development of Happy Housing and complex station' through active consultation and coordination with the tripartite consultative body on sensitive issues such as development density, supply volume, and cost burden.

According to the disclosed agreement, KORAIL plans to launch a public contest for private developers within this month. After going through approval procedures, construction is scheduled to start within this year and be completed by 2025. The public contest for private developers will be conducted under the BOT (Build-Operate-Transfer) method. Station facilities will belong to KORAIL, while other non-station revenue facilities will be operated by the private sector for 30 years, after which ownership and operation rights will revert to KORAIL.

LH plans to apply for the housing project plan combining Happy Housing and complex station development by August. The Ministry of Land, Infrastructure and Transport expects project approval within the year.

In this process, roads in front of the abandoned oil tank site will be incorporated into the district office through donation and acceptance. The floor area ratio for Happy Housing has been set at about 350%. The number of floors and development scale of the complex station will be proposed by the private developer.

Seoul Geumcheon-gu Office Station view (Provided by Ministry of Land, Infrastructure and Transport)

First, Geumcheon-gu Office Station will demolish the existing old station and expand the total floor area from the current 900㎡ to more than 1,600㎡, approximately doubling it. Elevators, nursing rooms, and additional ticket gates will be newly installed to significantly enhance convenience facilities. Through this, the plan is to create a complex station with various functions such as neighborhood living, commercial, office, and cultural facilities. A public pedestrian passage connecting to Anyangcheon Stream will also be secured to improve user convenience.

The Happy Housing to be built on the abandoned oil tank site near the station will consist of 230 units. Rent will be set at 60-80% of the surrounding market price, and since it will be developed in connection with the complex station, it is expected to have high living convenience and proximity to workplaces, leading to strong local demand. In particular, to enhance residents' living convenience, multipurpose community facilities will be placed on each main floor, and commercial facilities, daycare centers, and mom’s cafes accessible to local residents will be created on the lower floors.

Kim Kyu-chul, Director of the Public Housing Promotion Division at the Ministry of Land, Infrastructure and Transport, said, "This project is a meaningful case that simultaneously achieves two goals: revitalizing the local economy and supplying public housing by reutilizing aging stations in urban areas. We plan to actively discover and promote public housing projects to revitalize declining urban centers and stabilize housing for low-income residents through cooperation with local governments and public institutions."

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