LH to Supply Newlywed Hope Town through Modernization of Seongho Market in Seongnam

[Asia Economy Reporter Lee Chun-hee] Korea Land and Housing Corporation (LH) is partnering with local governments to supply new town complexes for newlyweds near transit stations through the modernization of traditional markets.

LH announced on the 17th that it signed a "Business Agreement for the Modernization of Seongho Market in Seongnam and the Complex Development Project for Newlywed Hope Town" with Seongnam City on the same day.

Seongnam Seongho Market, established in the 1970s, is considered one of Seongnam's three major traditional markets along with Moran Market and Jungang Market. However, most of the stores and facilities are currently old and deteriorated, making urgent renovation necessary. Accordingly, since December last year, LH and Seongnam City have jointly sought successful commercialization plans, developing for the first time a "market maintenance-type complex development project model" that modernizes the aging facilities of Seongho Market while creating a Newlywed Hope Town. This agreement was made to establish a mutual cooperation foundation to successfully apply this model.

According to this agreement, a complex building with approximately 50,000 square meters of total floor area, ranging from six basement floors to 23 above-ground floors, will be constructed on the current 4,992㎡ Seongho Market site. The public market, capable of housing about 240 stores, will be located on the 1st and 2nd floors above ground, while the 3rd to 23rd floors will include Newlywed Hope Town residences and commercial facilities.

The Newlywed Hope Town is planned to accommodate 260 households. It is a specialized apartment complex for newlywed couples that provides a high-quality childcare environment optimized for education, health, and safety. It is located near Sujin Station on Seoul Subway Line 8, a transit-oriented complex, and is evaluated to have excellent location conditions with abundant nearby living convenience facilities.

LH and Seongnam City plan to complete the project by 2024. In connection with the "Sanseong-daero Urban Regeneration Activation Project" currently promoted by Seongnam City, a design competition will also be promptly conducted to ensure that the Seongho Market complex building becomes a landmark of the old downtown area.

Byun Chang-hoom, President of LH, said, "We expect that the modernization of traditional markets, which has been a local issue, and the supply of Newlywed Hope Town near transit stations will contribute to revitalizing the old downtown and the local economy." He added, "LH will continue to closely cooperate with local governments to discover new business models that contribute to regional development."

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