Approval of Guryong Village Implementation Plan... Seoul City "All Original Residents to Resettle"

[Asia Economy Reporter Onyu Lim] The Seoul Metropolitan Government announced on the 7th that it will approve and announce the implementation plan for the urban development project of Gaepo Guryong Village in Gangnam-gu on the 11th.

This comes about four years after the district designation in December 2016. Starting with the approval of the implementation plan, the city plans to accelerate the development of Guryong Village through land compensation.

The city has set goals of "full resettlement of original residents" and "prevention of lottery-style sales." Currently, about 1,100 households reside in Guryong Village, which was formed as a settlement of displaced residents. The city plans to build 4,000 public rental housing units to enable their re-occupancy. The city declared, "The rent burden on original residents will be drastically reduced to ensure 100% resettlement."

Additionally, the city is considering operating all households as rentals without sales to completely eliminate the possibility of profit from sales.

The city aims to start construction in 2022 and complete the project in the second half of 2025, while working with the autonomous district, residents, and landowners to shorten the schedule as much as possible.

Kang Maeng-hoon, Director of Urban Regeneration at Seoul City, said, "We will make this urban development project a model that provides residents who have lived in poor conditions for a long time with a pleasant living environment and opportunities for local resettlement."

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