Geoyeosaemaeul Project Launch... First Public Redevelopment in Seoul Gangnam 3 Districts

First Public Redevelopment Project Implementation Agreement Signed

Constructor Selection Within First Half, 1,654 Units Supplied with Zoning Upgrades

Public Redevelopment Projects in Jangwi9, Junghwa5, Cheonho A1-1, Sinwol7-2 Becoming Visible

Geoyeosaemaeul District Target Site

Korea Land and Housing Corporation (LH) announced on the 5th that it signed a project implementation agreement with the residents' representative meeting for the first time in a public redevelopment project on the 26th of last month. Geoyeo Saemaeul is the only area in the Gangnam 3 districts pursuing public redevelopment.

Public redevelopment is a type of redevelopment project selected and conducted by the Ministry of Land, Infrastructure and Transport and Seoul City for sites where redevelopment projects have been stalled for over 10 years. LH or Seoul Housing and Communities Corporation (SH) participates in the redevelopment projects. The core objective is for the public sector to normalize stalled redevelopment projects with public support and to accelerate project speed through deregulation, thereby expanding housing supply within urban areas.

Geoyeo Saemaeul is a public redevelopment project area located within the Gangnam 3 districts, and it is progressing the fastest among public redevelopment projects. It is accessible via the nearby Subway Line 5 Geoyeo Station and the planned Wirye Tram Line 101 Station (tentative name).

The Geoyeo Saemaeul area faced difficulties in project promotion as 67% of the zone was designated as Type 1 General Residential Area. However, with the zoning upgrade, a floor area ratio of up to 282% has been secured, and by 2027, 1,654 units of apartment buildings up to 35 floors will be supplied.

LH stated, "As a regional linkage hub connecting the nearby Geoyeo·Macheon Redevelopment Promotion District and Wirye New Town, it will not only provide high-quality housing in the old and poor residential areas but also revitalize the region."

Meanwhile, Jangwi 9 has recently designated LH as the project implementer and is proceeding with the formation of the residents' representative meeting. The contractor will be selected this year.

In addition, among the 12 first-phase candidate sites for public redevelopment projects, 7 have completed redevelopment district designation, including the designation of Jung-hwa 5 redevelopment district and the approval of the Urban Planning Subcommittee for Cheonho A1-1 and Sinwol 7-2.

Park Hyun-geun, head of LH Seoul Regional Headquarters, said, “Visible results are emerging one after another less than three years after the candidate sites were selected,” and added, “We will proceed with the remaining procedures quickly and transparently to contribute to the government's 1·10 measures, such as promoting urban supply and expanding public housing volume.”

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