SH Corporation received 24 applications for public participation street housing maintenance last month... 28 sites planned for this year

Results of the Narrow Housing Redevelopment Project Contest: 4 Sites in the 1st Round, 24 Sites in the 2nd Round, Total 28 Sites Submitted
SH Corporation-Type Autonomous Housing Redevelopment Project Also Received 14 Applications This Year, Securing 165 Rental Units

[Asia Economy Reporter Kim Yuri] Seoul Housing and Communities Corporation (SH Corporation) announced on the 7th that 24 sites applied for the '2020 2nd Public Participation Narrow Housing Redevelopment Project' contest, which closed on the 25th of last month. SH Corporation plans to promote the 'SH Participation-Type Narrow Housing Redevelopment Project' targeting a total of 28 project sites by combining the 4 sites received in the 1st contest held in May and the 24 sites received in this 2nd recruitment.

The Narrow Housing Redevelopment Project refers to a small-scale residential environment improvement project where owners of 20 or more old houses establish an association and improve the living environment while maintaining the existing street layout, according to the 'Special Act on the Redevelopment of Vacant Houses and Small-scale Housing' enacted in February 2018.

The Public Participation Narrow Housing Redevelopment Project is a system where SH Corporation participates as a joint project implementer in areas wishing to promote narrow housing redevelopment projects to support smooth project progress. This was the first time the project sites were recruited this year, with applications accepted twice in May and November.

The 24 sites received are located in Mapo-gu (4 sites), Yongsan-gu (4 sites), Jongno-gu (2 sites), Seongbuk-gu (2 sites), Geumcheon-gu (2 sites), Gangseo-gu (2 sites), Gangdong-gu (2 sites), Yeongdeungpo-gu (1 site), Yangcheon-gu (1 site), Songpa-gu (1 site), Dongjak-gu (1 site), Guro-gu (1 site), and Gangnam-gu (1 site). The final project sites will be decided through a selection process by March next year.

SH Corporation stated, "'SH Participation-Type Narrow Housing Redevelopment Project' is expected to proceed more smoothly compared to projects promoted solely by the private sector." The 4 project sites submitted in the 1st contest had already undergone prior consultations with SH Corporation before application, completed feasibility analyses and association establishment, and are currently progressing rapidly with architectural review and selection of design firms. The 4 sites submitted in the 1st round include Mangwon-dong in Mapo-gu (29 households), Yangjae-dong in Seocho-gu (132 households), and two sites in Ogeum-dong, Songpa-gu (177 households), totaling 338 households.

SH Corporation analyzed that the reason the number of project sites increased sharply from 4 in the 1st contest to 24 in the 2nd contest is because residents who observed the trend judged that public participation allows for faster and smoother project promotion.

Separately, the 'SH Corporation-Type Autonomous Housing Redevelopment Project' is also gaining momentum. SH Corporation, in cooperation with the Seoul Metropolitan Government's Residential Environment Improvement Division, has been promoting the 'SH Corporation-Type Autonomous Housing Redevelopment Project' since January this year, which allows not only the general sale units built through privately promoted autonomous housing redevelopment projects but also landowners' units to be purchased and rented out. A total of 14 sites and 165 rental housing units have been secured through four application rounds this year.

The Autonomous Housing Redevelopment Project is a project where owners of single-family houses, multi-family houses, and row houses with fewer than 20 households (fewer than 36 households in Seoul) renovate or rebuild their homes themselves, according to the 'Special Act on the Redevelopment of Vacant Houses and Small-scale Housing' enacted in February 2018. SH Corporation plans to actively support small-scale housing redevelopment projects to capture both the interests of existing landowners and public benefits, while supplying quality housing within downtown Seoul.

Kim Seyong, President of SH Corporation, said, "Although it is difficult to promote projects through large-scale housing redevelopment and reconstruction, we will revitalize small-scale housing redevelopment projects targeting areas with high demand and desire for redevelopment, aiming to improve the residential environment for existing residents and enhance the quality of life for Seoul citizens through the supply of new and rental housing."

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