Selection of Public Redevelopment Candidate Site in Siheung 4-dong, Geumcheon-gu: Construction of 1,500 New Households

[Seoul District News] Approximately 67,000㎡ Area, Redevelopment from 1,090 Aging Households to 1,509 New Large Complex & On-site Briefing Held, Follow-up Actions Including Designation of Maintenance Zone Planned

[Asia Economy Reporter Jongil Park] Geumcheon-gu (Mayor Yuseonghun) announced that the area around 4, Siheung 4-dong has been selected as a candidate site for public redevelopment.

Public redevelopment is a housing supply method led by the public sector as the implementer for redevelopment projects that require residential environment improvement but lack business feasibility or have been stagnant for a long time, making private development difficult. It is not subject to the pre-sale price ceiling system and allows the floor area ratio to be increased up to 120% of the legal limit, but half of the increased floor area ratio must be returned as a public contribution.

This candidate site selection was conducted through recommendations from autonomous districts and deliberations by the joint public redevelopment candidate site selection committee of the Ministry of Land, Infrastructure and Transport and Seoul City, targeting 59 aging areas that participated in the public redevelopment candidate site contest jointly held by the Ministry of Land and Seoul City in December last year.

The area around 4, Siheung-dong, Geumcheon-gu, is approximately 67,000㎡ in size and is a mixed area of Type 1 General Residential Area (up to 4 floors) and Type 2 General Residential Area (up to 7 floors), which are subject to floor area ratio and building coverage ratio restrictions. If the project is completed as planned with public participation and support, 1,090 aging residential units will be transformed into a new large complex of 1,509 units.

Korea Land and Housing Corporation (LH) and Seoul Housing and Communities Corporation (SH) plan to hold on-site briefings for residents of the candidate site to explain the outline of the maintenance plan (draft) and business feasibility analysis results, collect residents' opinions, and promptly proceed with follow-up measures such as designation of maintenance districts.

Furthermore, the Ministry of Land and Seoul City will cooperate to implement anti-speculation measures to prevent share splitting and gap investment.

Yuseonghun, Mayor of Geumcheon-gu, said, “The area that had been undeveloped and neglected for a long time has been selected as a public redevelopment candidate site. We expect balanced regional development through the expansion of housing supply and improvement of the residential environment in aging and low-rise residential areas.”

For more details, inquiries can be made to the Housing Maintenance Division of Geumcheon-gu Office.

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