Seoul City Launches Urban Regeneration of Pungnap-dong Earthen Fortress Area with 20 Billion Won Investment

[Asia Economy Reporter Kim Min-young] The Seoul Metropolitan Government is set to actively promote an urban regeneration project in the Pungnap-dong earthen fort area, where large-scale redevelopment and reconstruction have been difficult due to building regulations under the Cultural Heritage Protection Act. The city plans to invest 20 billion KRW of municipal funds by 2026 to create a 'historic cultural city' where cultural heritage and residents coexist.

On the 29th, Seoul announced that it held the '1st Urban Regeneration Committee' meeting the previous day and conditionally approved the 'Pungnap-dong Earthen Fort Area Urban Regeneration Activation Plan (draft),' thereby officially launching the urban regeneration project in the Pungnap-dong earthen fort area. Accordingly, 20 billion KRW will be invested by 2026 to develop the Pungnap-dong earthen fort area into a historic cultural city where cultural heritage and residents coexist.

The main components include creating a historical and cultural environment that reconstructs the 2000-year-old space-time as a living historical site, ▲ improving residential environments to make it a better place for residents to live, ▲ establishing resident life SOC (Social Overhead Capital), and ▲ developing commercial infrastructure to revitalize the local economy, which has been stagnating due to the small scale and aging of local industries.

The 10 pilot projects will serve as demonstration projects for various resident support initiatives needed in the Pungnap-dong area in the future. In particular, through the creation of a complex cultural space using acquired land?a unique feature of the Pungnap urban regeneration?historical sites that have been sporadically distributed and slumified due to long-term excavation suspension will be reborn as spaces for residents.

Seoul plans to officially announce the conditionally approved Pungnap-dong earthen fort area urban regeneration activation plan by June.

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