LH Launches Small-Scale Housing Redevelopment Pilot Projects in Geumcheon and Yangcheon, Seoul

(Data provided by LH)

[Asia Economy Reporter Moon Jiwon] Full-scale projects will begin in the small-scale housing maintenance management area pilot project candidate sites in Seoul's Geumcheon, Yangcheon, and Jongno districts.

Korea Land and Housing Corporation (LH) announced on the 4th that it will actively promote projects in the 20 candidate sites for the small-scale housing maintenance management area pilot projects announced by the government on the 29th of last month.

The newly selected management area pilot project candidate sites include 20 locations such as Geumcheon, Yangcheon, Jongno, Jung-gu, Seongdong, Jungnang, and Gangseo districts in Seoul; Seongnam, Suwon, and Dongducheon cities in Gyeonggi Province; Bupyeong District in Incheon; Dong-gu in Daejeon; and Buk-gu in Gwangju. The total area amounts to 1.37 million square meters, and approximately 17,000 housing units will be supplied through small-scale housing maintenance projects.

Pilot project candidate sites will be designated as management areas after resident briefings, local government management plan establishment, and resident opinion review procedures. In this process, LH supports local governments in establishing and proposing management plans and plays a comprehensive advisory role in development planning and project oversight for key projects.

(Data provided by LH)

Key projects within the management areas include street housing and autonomous housing maintenance projects, and LH plans to actively promote public key projects. For candidate sites such as Seoul's Geumcheon, Yangcheon, and Jungnang districts, where project development planning has begun at residents' requests, as well as other candidate sites where public key projects have not yet been decided, LH will actively consult with residents and local governments to proceed with development planning.

Although small-scale housing maintenance projects are resident-led initiatives driven by landowners and others, LH's participation as a joint project implementer enhances project expertise and provides benefits such as project financing loans, commitments to purchase newly built houses, resettlement support, and housing quality management.

LH also plans to hold a nationwide contest this month for street housing and autonomous housing maintenance projects involving LH participation.

Kim Baek-yong, head of LH's Urban Regeneration Headquarters, stated, "Small-scale housing maintenance management areas are a good alternative to the existing large-scale maintenance method of full demolition after acquisition, allowing residents to lead the projects and experience tangible benefits. LH will fulfill its public role to lead regional regeneration and swiftly supply housing."

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