47 Urban Regeneration New Deal Projects in Seoul Jungnang, Busan Buk-gu, and Others... 1.7 Trillion Won Invested

[Asia Economy Reporter Moon Jiwon] The government announced on the 3rd that at the 24th Urban Regeneration Special Committee meeting, a total of 47 locations, including Jungnang-gu in Seoul and Buk-gu in Busan, were selected as new project promotion areas for the 2nd Urban Regeneration New Deal projects this year.

The projects selected this time include 33 general neighborhood-type, 4 residential support-type, and 10 Our Neighborhood Revival-type projects.

The general neighborhood-type aims to revitalize old downtown areas by creating community hubs in mixed residential and alleyway commercial areas. Selected locations include Yongin-si in Gyeonggi, Jeongseon-gun in Gangwon, and Haenam-gun in Jeollanam-do.

The residential support-type focuses on road maintenance, establishing a foundation for small-scale housing maintenance, and supplying basic living infrastructure. Selected locations include Jecheon-si in Chungbuk and Hadong-gun in Gyeongnam.

Our Neighborhood Revival-type aims to improve the living environment of small-scale aging residential areas by supplying life-oriented facilities. Projects are underway in Guro-gu in Seoul and Goseong-gun in Gyeongnam.

A total of 1.7 trillion KRW will be sequentially invested in the 47 selected projects by 2024, and urban regeneration will be carried out in a total of 6.16 million square meters of declining areas. Approximately 9,000 jobs are expected to be created based on the priming projects.

To improve the residential environment of deteriorated residential areas in the 47 project sites, house repairs will be carried out for 1,972 households, and vacant house maintenance for 36 households. A total of 741 public rental housing units will be supplied. Undergrounding of power lines will be conducted in 10 project sites (9.05 km).

Additionally, to innovate urban spaces in old downtown areas and revitalize commercial districts, 98 social overhead capital (SOC) facilities such as village parking lots and cultural facilities will be supplied, and 57 industrial and startup support facilities will be constructed.

In particular, the government emphasizes solving urban problems and implementing Green New Deal and Digital New Deal policies through the Urban Regeneration New Deal projects. SOC will be supplied through measures such as dangerous building maintenance (Haenam and Goheung in Jeonnam), remodeling of abandoned buildings (5 locations including Jung-gu in Daegu), and utilization of aging and unused public facilities (12 locations including Yongin in Gyeonggi).

Following the first selection of 23 projects in September, the addition of 47 projects this time brings the total number of projects selected this year to 70. The government plans to add about 50 more projects through a third selection at the end of the year.

Baek Wonkuk, head of the Urban Regeneration Project Planning Division at the Ministry of Land, Infrastructure and Transport, stated, "With the Urban Regeneration New Deal projects expanding to 181 local governments and 354 projects, it has now established itself as a nationwide initiative," and emphasized, "We will manage the projects more meticulously to produce results that the public can feel."

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