KAMCO, New Construction and Opening of Public Complex Building in Oksu-dong, Seoul

Improving Public Service Quality through the Complex Integration of Public Facilities such as Oksu-dong Community Center and Dongho Reading Room

[Asia Economy Reporter Park Sun-mi] On the 9th, Korea Asset Management Corporation (KAMCO) announced the opening of the Oksu-dong Public Complex Building, newly constructed under a development consignment from Seongdong-gu Office.

The Oksu-dong Public Complex Building is the third public complex building completed in Seongdong-gu, following the Sagun-dong Complex Building and Seongsu 1-ga 2-dong Complex Building, which KAMCO constructed under the shared property development consignment contract signed with Seongdong-gu Office in 2015.

KAMCO utilized the aging site of the Oksu-dong Community Center, investing approximately 8.9 billion KRW to develop a complex facility with a total floor area of 2,683㎡, consisting of five above-ground floors and two basement levels, including administrative office spaces, Dongho Reading Room, Residents' Autonomy Hall, and neighborhood living facilities.

KAMCO’s shared property consignment development project operates by having local governments entrust the management and development of shared properties to KAMCO, which handles financing, development, and operation, recovering development costs through rental income from revenue-generating facilities during the consignment period. This allows Seongdong-gu Office to secure necessary facilities promptly without initial financial investment.

In particular, the newly opened Oksu-dong Public Complex Building incorporates eco-friendly technologies such as a Building-Integrated Photovoltaic (BIPV) system and indoor gardens, contributing to reducing carbon dioxide emissions in the area and enhancing the energy performance of public buildings.

Namgung Young, Head of KAMCO’s Public Development Division, stated, “Based on our accumulated experience and capabilities in national and public land development projects, KAMCO has reduced the financial burden on local governments and improved the utilization of shared properties. Moving forward, KAMCO will continue to contribute to improving public service quality and revitalizing the local economy through future-oriented shared property development.”

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