Yeonsinnae Station Urban Complex Project Site Designated... 78% of Residents Agree

Minister Noh Hyung-wook Visits Site to Hear Residents' Opinions
Speeding Up Main District Designation Within the Year... Disclosure of Contribution Fees

Yeonsinnae Station Urban Complex Project Site Map (Photo by Ministry of Land, Infrastructure and Transport)

The Yeonsinnae Station area in Eunpyeong-gu, Seoul, was designated as a planned site for the Urban Public Housing Complex Project on the 29th. Minister of Land, Infrastructure and Transport, Noh Hyung-wook, visited the project site on the same day to check the progress and listen to the residents' opinions.

According to the Ministry of Land, Infrastructure and Transport, the Yeonsinnae Station area was selected as a candidate site for the first phase of the Urban Complex Project on March 31, and after a residents' briefing session on the 8th, it was designated as a planned site for the Urban Complex Project on this day.

For the Urban Complex Project, the process proceeds in the order of candidate site selection, residents' briefing, district designation proposal, planned site designation, residents' opinion hearing, Central Urban Planning Committee review, and final district designation.

Minister Noh, along with Kim Mi-kyung, Mayor of Eunpyeong-gu, and Kim Hyun-joon, President of Korea Land and Housing Corporation (LH), discussed future tasks for the successful promotion of the Yeonsinnae Station area Urban Complex Project at a residents' meeting held on the same day.

Despite being located within a 150-meter radius of Yeonsinnae Station, which is a double station area, the development had been delayed due to the fact that 77.5% of the buildings were over 20 years old.

(Data provided by the Ministry of Land, Infrastructure and Transport)

Seventy-eight percent of the residents here agree with the project, showing strong will for promotion. The expected average contribution per household in the Yeonsinnae Station area is about 127 million KRW, which is more than 100 million KRW lower than the estimated average contribution of 251 million KRW in the case of private development.

The estimated sale price for an 84㎡ unit in Yeonsinnae is about 750 million KRW for general supply and about 630 million KRW for residents. The sale price for general supply applies the price ceiling system, which is about 60% of the market price, and for residents, it will be supplied at about 50% of the market price.

The Ministry of Land plans to complete the final district designation within this year. Even after the district designation, the project will be promoted based on simplified procedures, such as integrated reviews that simultaneously examine various permits and approvals required for project plan approval.

After inspecting the site, Minister Noh said, "The fact that the Yeonsinnae Station area could be designated as a planned site within about 40 days after the law was enacted is, above all, thanks to the active participation and support of the residents," and added, "We will make every effort to promptly advance the project."

He continued, "I ask LH to fully reflect the residents' opinions and to allocate sufficient personnel and resources so that the Urban Complex Project, including Yeonsinnae Station, can proceed without any setbacks," and "I also urge continuous communication with the residents' representative organizations."

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