[Report] "A New Home After 15 Years" Joyful but... Worry Over LH-Related Fallout

Visiting the Second Phase Candidate Sites for Public Redevelopment in Jangwi 8 and 9, Seongbuk-gu, Seoul

[Asia Economy Reporter Ryu Tae-min] “I wonder if the project will finally come to fruition after 15 years. I can’t tell you how envious I was watching the nearby areas being developed all this time.” (Resident A of Jangwi 8 District, Seongbuk-gu, Seoul)

On the 31st, residents of Jangwi 8 and 9 Districts in Seongbuk-gu, Seoul, were in high spirits. This followed the recent announcement of the government and Seoul City’s selection of the second round of public redevelopment candidate sites. Throughout the neighborhood alleys, banners celebrating the selection as redevelopment candidate sites were posted. Resident A said, “During last year’s monsoon season, even the second floor leaked, showing how deteriorated these buildings have become,” adding, “This time, it feels like the long-cherished wish of the residents is finally being addressed, so I feel relieved.”

Kim Ji-hoon, the Public Redevelopment Promotion Committee Chairperson of Jangwi 9 District, said, “For residents who have been exhausted by nearly 15 years of delayed redevelopment, this is joyful news,” but added, “However, after the recent LH employee speculation scandal, there remains the challenge of persuading residents who distrust public redevelopment.”

“Relieved as Long-Standing Wish is Resolved” vs. “Distrust in Public Institutions, Fear of Project Collapse” ? Residents’ Reactions Divided

In fact, there were also voices expressing concern about being selected as a public redevelopment candidate site. Kim Young-hee (76), who has lived in Jangwi-dong for over 30 years, said, “I was happy to hear that our area was selected as a candidate site, but I don’t know if it’s right to proceed with public redevelopment when we cannot trust public institutions.”

Another resident who has lived in Jangwi-dong for 23 years said, “Jangwi 8 District has been talked about as being developed for over 10 years, but nothing has been properly carried out,” and expressed concern, “With the uncertain future of LH, I worry that this public redevelopment will also be canceled again.”

Jangwi-dong has a history of several redevelopment projects being canceled. When Jangwi 8 District was designated as the Jangwi Redevelopment Promotion Zone in 2006, a union was established in 2010 to actively promote the redevelopment project. However, due to lack of profitability and disagreements among residents, the district designation was lifted in 2017.

“Losing Livelihoods” ? Building Owners Raise Strong Opposition

Voices opposing public redevelopment were also strong. Mr. B, who owns commercial buildings in the area, said, “Young people might agree, but building owners have no choice but to oppose because even if compensated with pre-sale rights, it’s difficult to consistently receive rent,” adding, “We already have to find tenants for vacant spaces, and if we can’t operate for several years due to public redevelopment, I worry whether anyone will come.”

Meanwhile, according to local real estate agents, there has already been a lot of turnover in anticipation of the public redevelopment candidate site selection. The representative of C Real Estate Agency in the area said, “Quite a few outsiders came and bought houses between November and December last year,” adding, “It seems those who wanted to speculate have already bought houses, as inquiries about listings have almost stopped since the announcement of the candidate site selection on the 29th.”

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