SH Corporation Begins Construction of the First 'SH-Participatory Street Housing Redevelopment Project'

A view of Hyoshin Yeonrip located in Bongcheon-dong, Gwanak-gu.

[Asia Economy Reporter Donghyun Choi] Seoul Housing and Communities Corporation (SH Corporation) announced on the 20th that Gwanak Hyoshin Yeonrip, located in Bongcheon-dong, Gwanak-gu, the first 'SH Participatory Street Housing Maintenance Project,' began construction on the 16th.

The street housing maintenance project is a business where owners of old houses establish a cooperative and renovate or build houses themselves, according to the 'Special Act on the Maintenance of Vacant Houses and Small-scale Housing' implemented since February 2018.

Gwanak Hyoshin Yeonrip is an old row house completed in 1982. SH Corporation participated in the street housing maintenance project, established a cooperative in February 2018, finalized the design plan in May 2019, and completed the project implementation approval in February this year, finishing administrative procedures in two years and breaking ground.

Through this street housing maintenance project, Hyoshin Yeonrip will be transformed from the existing 48-unit row house into an 82-unit, 7-story apartment. Dongwoo Development, which owns the Jungang Heights brand, is in charge of construction, with move-in scheduled for March 2022.

SH Corporation has supported the Gwanak Hyoshin Yeonrip cooperative with project financing through the Housing and Urban Guarantee Corporation (HUG) and technical and administrative tasks throughout the project and will continue to actively cooperate as a public participant to ensure the project's successful completion.

Kim Seyong, President of SH Corporation, said, “Gwanak Hyoshin Yeonrip is the first case of a street housing maintenance project involving SH Corporation and will serve as a good precedent where residents and the public worked together to improve old residential areas in Seoul. We look forward to many residents and cooperatives applying for the street housing maintenance project contest scheduled for August.”

Meanwhile, SH Corporation is participating in five other street housing maintenance projects within Seoul and plans to accept applications for public participation in street housing maintenance projects from residents and cooperatives wishing to participate in August.

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