Korea Land Trust Completes Application for Management Disposal Plan Approval of 'Singil 10 District'

[Asia Economy Reporter Hwang Seoyul] Korea Land Trust, which is in charge of project implementation, has completed the application for approval of the management disposition plan for the 'Shingil 10 Redevelopment Promotion Zone (hereinafter Shingil 10 Zone) Housing Reconstruction Maintenance Project' at Yeongdeungpo-gu Office on the 7th.

The association held a general meeting for the 'establishment of the management disposition plan' on May 28, attended by about 90% of all association members (including written attendance). Approximately 96% of them agreed to the management disposition plan. The Shingil 10 Zone, located in Shingil-dong, Yeongdeungpo-gu, Seoul (area about 32,123㎡), is planned to be developed into 8 buildings with 812 households, ranging from 3 basement floors to 29 above-ground floors.

The management disposition plan is the final stage in the reconstruction project administrative process, where the association members' contributions and detailed plans for demolition, construction, and sales are finalized ahead of sales, relocation, and demolition.

The Shingil 10 Zone is regarded as a representative case that shortened the project period and improved project feasibility through the trust-type project promotion. Although the promotion committee was approved in 2004, the project was stalled for a long time because the requirements for establishing the association were not met due to disagreements among apartment, detached house, and commercial property owners.

However, after designating Korea Land Trust as the project implementer in 2018, the project gained momentum with the selection of a construction company within three months. In 2019, the redevelopment promotion plan was revised and announced, traffic impact assessment was approved, and architectural review was completed. After the project implementation approval was announced in June 2021, the public inspection of the management disposition plan, general meeting, and application submission were completed within about a year.

The Shingil 10 Zone aims to announce the approval of the management disposition plan within this year. Afterwards, relocation and demolition will proceed, followed by general sales scheduled for next year.

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