Urijasan Trust Wins Reconstruction and Maintenance Project for Daedo Apartment near Seoul National University Station

[Asia Economy Reporter Oh Ju-yeon] Woori Asset Trust, a comprehensive real estate finance affiliate of Woori Financial Group, announced on the 23rd that it has signed a trust contract with the Daedo Apartment Reconstruction Maintenance Project Association near Seoul National University Station to proceed with the reconstruction maintenance project.

This project involves the reconstruction of Daedo Apartment located at 37-83 Bongcheon-dong, Gwanak-gu, Seoul. The apartment, which has been completed for over 43 years with 40 households, will be transformed into a newly built apartment with 70 households through reconstruction.

Woori Asset Trust plans to proceed with the small-scale reconstruction maintenance project by applying the borrowing-type land trust method in accordance with the government's 'Special Act on the Maintenance of Vacant Houses and Small-scale Housing' enacted in November 2019.

The reconstruction association passed the architectural review in June last year, selected DA Construction Co., Ltd. (formerly Dong-A Togeon, ranked 171st in construction capability evaluation) as the contractor in December, and plans to start relocation within the year aiming for completion in August 2022.

After completion, the building will be reborn as a new apartment with a total of 70 households from basement level 1 to ground level 11, and 30 households excluding the 40 association members will be sold to the general public.

Located within a double station area, a 5-minute walk from Seoul National University Station and within 15 minutes from Soongsil University Station on Subway Line 2, it is surrounded by abundant educational facilities such as Bongcheon Elementary School and Bongcheon Middle School, and has excellent living convenience facilities such as Bongcheon Central Market and Jungbu Market nearby.

A Woori Asset Trust official said, "This is the second reconstruction project won after joining Woori Financial Group, and the project progress is fast with good profitability as an urban reconstruction project," adding, "Based on the increased creditworthiness as a financial group affiliate, we will promote diversification of the project portfolio and take a leading role in urban regeneration projects."

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