Yongsan-gu Y Valley (Electronics Market) Urban Regeneration Resident (Merchant) Contest

From May to November, 7 months... Three fields: General, Planning, Facility Improvement... Subsidies of 3 million to 30 million KRW per case... Some require self-payment

Yongsan Electronics Market Panorama

[Asia Economy Reporter Jongil Park] Yongsan-gu (Mayor Seongjang Hyun) will conduct the 2021 Y Valley (Yongsan Electronics Market) Urban Regeneration Resident (Merchant) Contest Project for seven months from May to November.

This is to revitalize the local economy and community.

The contest categories are general, planning, and facility improvement.

The general contest covers the formation of resident council subcommittees for project promotion and the implementation of village agenda projects.

The planning contest is a project that links and develops existing general contest themes. Facility improvement refers to improvement projects for public facilities in the electronics market.

Eligible applicants include ‘life-base residents’ who work or live around the electronics market, those interested in urban regeneration projects, and facility management entities of the market. The support limit ranges from 3 million to 30 million KRW per project.

For general and planning contests, 10% of the subsidy must be self-funded, and for facility improvement contests, 30% of the subsidy must be self-funded.

Last year, eight projects were selected and executed through the resident (merchant) contest, including the Yongsan Urban Regeneration Storybook for shared reading, activation of the Yongsan Computer Story Cafe, facility improvement of the Yongsan Electronics Market Imaginary Market entrance, and rooftop park construction at Seonin Market Building 21.

Those wishing to participate can submit an application form by visiting the Yongsan Electronics Market Urban Regeneration Field Support Center (Wonhyo Electronics Market Building 6, 3rd floor) from April 2 to 8.

Applications can also be submitted by mail (7th floor, Urban Planning Division, Yongsan-gu Office, 150 Noksapyeong-daero, Yongsan-gu, Seoul) or email (hyunju@yongsan.go.kr).

Related forms can be downloaded from the Y Valley Urban Regeneration Contest Project Naver Cafe.

Until the application deadline, the district office will provide consultations (pre-consulting) about the contest project every Tuesday from 2 to 5 p.m. at the Urban Regeneration Field Support Center. It is recommended to make a reservation before visiting.

The district will select support targets through interviews, final selection committees, and subsidy review committees. The announcement of results and contract signing are scheduled for May.

Seongjang Hyun, Mayor of Yongsan-gu, said, “We are implementing the urban regeneration resident (merchant) contest project to increase residents’ and merchants’ understanding and participation in urban regeneration,” adding, “It will help enhance the capabilities of residents and merchants and improve some old facilities.”

Y Valley (around 51-30 Wonhyo-ro 3-ga, Yongsan-gu, Seoul, covering 212,123㎡) was selected as a Seoul-type urban regeneration activation area in 2018. A budget of 20 billion KRW will be supported for 20 core projects until next year.

Major ongoing core projects include ▲activation of the Electronics Market Imaginary Market operation ▲improvement of the pedestrian environment around the electronics market ▲creation of startup hubs utilizing vacant spaces ▲establishment of integrated governance.

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