Changwon City Accelerates Development of 'Premium Residential Complex' in Bukmasan

Following Completion of Seokjeon 1 District, Redevelopment Projects for Yangdeok 2 and 4 Districts to Begin Within the Year

The view of Masan Hoeweon Districts 1 and 3 in Changwon City. (Photo by Changwon City)

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] On the 14th, it was announced that a redevelopment project will be promoted to create a luxury residential complex in the Bukmasan area of Changwon-si, Gyeongnam.

According to the city, Hoeweon 3 District, selected last April as Gyeongnam's first public-supported private rental linked maintenance project site, faced difficulties in being selected in the Ministry of Land, Infrastructure and Transport's public contest due to unsold units and lack of project feasibility at the time, but was selected reflecting the will of Changwon Mayor Heo Seong-mu.

As part of a breakthrough for the stagnant maintenance project site, the project method was switched to public-supported private rental housing to resolve 898 unsold units and simultaneously promote the resumption of the stalled maintenance project, completing the maintenance project by the end of August.

Currently, Hoeweon 3 District is attracting high interest from demanders with a special supply competition rate of 4.6 to 1 and a general supply competition rate of 1.99 to 1 among the 898 units of public-supported private rental housing. Among the 898 units supplied, 802 units have currently signed contracts, surpassing a contract rate of 89.3% (802 units).

In addition, following the Yangdeok 2-dong reconstruction project that started construction in June, the Gyobang 1 redevelopment project and Yangdeok 4 redevelopment project, where resident relocation and demolition have been completed, are under negotiation between the association and the construction company with the city's mediation, aiming to start construction within the year.

The city stated, “We will establish a foundation to revitalize the stagnant downtown area through proactive administrative support that communicates with and is felt by citizens,” and added, “We plan to further accelerate administrative support to improve the quality of life for citizens.”

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