Bucheon Wonjong, First Move-in for LH Participatory Street Housing Redevelopment Project

Bucheon Wonjong Residential Area.

[Asia Economy Reporter Kim Min-young] Korea Land and Housing Corporation (LH) announced on the 13th that it will hold a move-in celebration event for the 'Bucheon Wonjong LH Participation-type Street Housing Redevelopment Project.' The event will be attended by Park Jae-soon, Director of the Public Housing Promotion Division at the Ministry of Land, Infrastructure and Transport, Park Dong-seon, Head of LH Regional Balanced Development Headquarters, as well as officials from Bucheon City, the union president, and the construction company.

The Bucheon Wonjong LH Participation-type Street Housing Redevelopment District faced difficulties such as complex rights relations, high resident contributions, and complicated administrative procedures, which had previously caused the project to fail. However, since LH joined as a joint project implementer in 2017, the project period was significantly shortened, and it was completed 4 years and 7 months after the establishment of the union.

The Bucheon Wonjong district is located in the Wonjong-dong area of Bucheon City, Gyeonggi Province. A total of 137 households are scheduled to move into the housing, which ranges from one basement floor to 13 floors above ground. Of these, 109 sale housing units will complete move-in within this month. LH will purchase 28 rental housing units and manage operations such as tenant recruitment announcements.

The existing Bucheon Wonjong district, which housed 66 households, planned rental housing at 20% of the total units and applied a special exception to increase the floor area ratio to the legal maximum, thereby improving project feasibility.

Starting with pilot projects such as Incheon Seokjeong and Daegu Dongin, LH has selected project candidate sites annually since 2020 through joint public contests with the Ministry of Land, Infrastructure and Transport, and is currently promoting LH participation-type street housing redevelopment projects in a total of 40 districts (6,868 households in total).

The public participation-type street housing redevelopment project, in which the public sector participates, allows stable project financing at low interest rates. When supplying more than 20% rental housing, the floor area ratio can be increased up to the legal maximum, greatly improving project feasibility. Additionally, if public interest requirements are met, regulations such as project area expansion and exemption from the sale price ceiling system are also relaxed.

Park Dong-seon, Head of LH Regional Balanced Development Headquarters, said, "The Bucheon Wonjong district is the first successful case of the LH participation-type street housing redevelopment project, led by residents and supported by the public." He added, "We will work closely with residents in other ongoing project districts to supply high-quality housing."

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