Koramco Applies for Fast Track Planning for Banghak Sindong-A 1 Complex

Koramco Asset Trust announced on the 9th that it has completed the application for the fast-track rapid integrated planning of Banghak 'Sindonga 1st Complex Apartment' located at 272 Banghak-dong, Dobong-gu, Seoul.

Expected bird's-eye view of Banghak Shindong-A 1st Complex. [Photo by Koramco Asset Trust]

Banghak Sindonga 1st Complex Apartment is an aging complex marking its 38th year since completion in 1986, consisting of 3,169 households. Once development is completed, it will be transformed into a residential complex with a total of 4,010 households across 24 buildings up to 49 stories high, along with various ancillary welfare facilities.

Previously, the Banghak Sindonga 1st Complex Reconstruction Promotion Preparation Committee selected Koramco Consortium (Koramco Asset Trust, Kyobo Asset Trust) as the preliminary trust company by obtaining about 91% consent from residents during the resident consent procedure for selecting the preliminary trust company targeting apartment and commercial property owners.

Koramco, as the preliminary trust company, immediately began the fast-track rapid integrated planning application process, which requires consent from more than 30% of all landowners upon selection. Subsequently, within about four months, the collection of resident consent forms and submission to the district office were completed smoothly.

The fast-track rapid integrated planning is a project method that shortens the planning period through consultation only, without Seoul City’s commissioning of planning design services, targeting areas where resident proposals or district unit plans have been established. Rapid integrated planning can reduce the period until the designation of maintenance zones from the previous five years to about two years, and the fast-track can shorten this period even further, increasing project efficiency.

Lee Choong-sung, Head of the Trust Division at Koramco Asset Trust, said, “It has been over seven years since the introduction of trust-based maintenance projects, and Koramco alone has already completed five maintenance projects.” He added, “Whether it is many or few, starting with Banghak Sindonga 1st Complex this year, we will lead a definite change in perception among market participants through the prompt promotion of maintenance projects.”

Meanwhile, Koramco Asset Trust began with the reconstruction of Anyang Hogye, Silla, and Seonggwang Apartments, the first trust-based maintenance project in Korea, which was completed about 40 months after the agent selection. This was followed by the completion of redevelopment projects such as Songnim 5 District in Incheon, Mojong 1 in Asan, and Gaehwasan Station area redevelopment in Seoul. Including the scheduled completion of Woojin Apartment in Michuhol-gu, Incheon in the first half of this year, Koramco will secure a total of five successful cases of trust-based maintenance projects.

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