Seven Areas Including Jeungsan 4 District Designated as First Main Districts for 'Urban Complex Projects'... Construction to Start in 2023

First Main District Confirmed 9 Months After Site Selection
Approximately 10,000 Households Secured for Urban Housing Supply

Seven areas including Jeungsan 4 District and Yeonsinnae Station in Eunpyeong-gu, Seoul, Singil 2 District in Yeongdeungpo-gu, Banghak Station, Ssangmun Station East Side, Ssangmun Station West Side in Dobong-gu, and Wonmi in Bucheon, Gyeonggi-do, which are promoting the urban public housing complex project, will be designated as main districts. This is an achievement made nine months after selecting the urban complex project candidate sites and 100 days after the related law was enacted. These areas plan to supply housing units early through pre-sale by the end of next year and begin construction by the end of 2023.

The Ministry of Land, Infrastructure and Transport announced on the 29th that seven sites, including Jeungsan 4 District, designated as leading candidates for the urban complex project under the 2·4 Plan, will be designated as the first main districts on the 31st. Accordingly, the supply of about 10,000 housing units within the city will be confirmed.

Jeungsan 4 District is the largest among the urban complex project candidate sites. Despite favorable surrounding conditions such as Jeungsan Station and Bulgwangcheon Stream, 90% of the housing is old and the residential environment is poor. Development was delayed for a long time due to the cancellation of the New Town project, but it is expected to be transformed into a large-scale premium residential complex with 4,000 housing units through the urban complex project.

The Banghak Station area is a transportation hub adjacent to Banghak Station subway, but private development has been difficult due to disconnection from existing commercial areas caused by schools and above-ground railroads. Considering the plan to extend the Uijeongbu-Sinseol Line, which will create a double station area, this site will be developed into a high-density complex space integrating residential, commercial, and cultural functions.

The residents' contribution fees in the seven districts designated as main districts are more than 30% lower than those in private redevelopment projects. The sale housing supplied to the general public will also be priced at 60-70% of the nearby market price by applying the price ceiling system. The general sale price is estimated to be around 640 million to 890 million KRW for an 84㎡ (exclusive area) unit.

The price of housing supplied first to residents as in-kind compensation is estimated to be 570 million to 760 million KRW for an 84㎡ unit, and the average contribution per household is expected to be around 80 million to 240 million KRW.

Previously, the Ministry of Land selected 157 urban candidate sites capable of supplying a total of 160,000 housing units since introducing the urban complex project through the 2·4 Plan. Among the 160,000 units, 140,000 are located in Seoul and other metropolitan areas.

The urban complex project is a policy that accelerates the project by having the public sector participate in urban housing supply, which was previously mainly private, by providing various incentives. Compared to private redevelopment projects, procedures are simplified, and pre-sale of general housing shortens the period from district designation to housing sale by more than 10 years.

Unlike existing public housing projects, landowners are compensated with newly built apartments, and tenants are mandatorily provided with relocation measures such as moving into nearby purchased rental housing, public rental housing within public land, or receiving housing loan mediation. After the project is completed, high-quality public rental housing constructed through the urban complex project will be preferentially supplied within the city.

The urban complex project is designated as a main district only when residents' consent is secured. Even after the project is confirmed, residents are guaranteed the right to choose private brands and operate resident representative meetings at the level of private redevelopment projects. To this end, after the planned district designation, if residents form a resident representative meeting with the consent of the majority of landowners, the project implementer also supports operating expenses.

Nam Young-woo, head of the Public Housing Promotion Division at the Ministry of Land, Infrastructure and Transport, said, "Thanks to the high response from residents, we were able to complete the designation of the main districts within nine months after candidate selection and 100 days after the law was enacted," adding, "Since more than two-thirds of residents have consented in 26 sites so far, we will promptly proceed with procedures for other candidate sites and aim to designate additional districts with a scale of 50,000 housing units next year."

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