56-Year-Old Seodaemun Jawon Shopping Center to Be Rebuilt as 34-Story Building with 93 Billion Won Investment
Seoul City Holds Urban Regeneration Committee Meeting and Approves Project Plan
[Asia Economy Reporter Kim Hyemin] The 56-year-old Jawon Shopping Center in Seodaemun-gu, Seoul, will be reborn as a new 34-story building. This site is planned to house 239 residential units along with public rental shops and other facilities.
On the 27th, Seoul City held the 2nd Urban Regeneration Committee meeting and approved the original plan for the Jawon Shopping Center Urban Regeneration Recognition Project, the city announced on the 28th.
With the approval of this plan, Jawon Shopping Center will be transformed into a new building by 2025 with a total project cost of 93 billion KRW.
The new building will be constructed from 6 basement levels to 34 floors above ground. It will include 239 residential units, public rental shops, and sports facilities. Of the 239 units, 166 will be for sale, 73 for rent, and there will be 70 officetels. Shop tenants will be relocated to temporary commercial spaces and public rental shops to ensure continuous business operations. Residential tenants will receive relocation funds to support their move to safe housing. The temporary commercial spaces will later be converted into community facilities for residents, and public sports facilities will be established.
Hot Picks Today
"Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- Samsung Electronics Introduces New "Special Performance Bonus" for Semiconductors, Paid Entirely in Company Shares
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- "US-Iran: Patch-Ups More Likely Than Settlement... Unlikely to Resolve Within 6 Months" [Economic Policy Zoom-In]
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
Jawon Shopping Center, completed in 1966, was designated as a Category 3 facility (Grade E) under the Facility Safety Act due to deteriorating structural durability and accelerated damage from rebar corrosion, according to a detailed safety diagnosis. It posed risks of disaster and collapse, requiring urgent action. Accordingly, Seoul City consulted the Urban Regeneration Committee in advance and applied for the Ministry of Land, Infrastructure and Transport's New Deal Project (Urban Regeneration Recognition Project). Meeting the requirements for an urban regeneration activation area, it was selected as a target site for the urban regeneration recognition project in December 2020.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
