Assemblyman Park Seok Welcomes Banghak-dong 681 Area Selected as Public Institution Participatory Moa Town Target Site

Expecting Rapid Project Progress and Quality Moa Housing Development through SH Corporation's Customized Support

Park Seok, a member of the Seoul Metropolitan Council (People Power Party, Dobong 3), welcomed the final selection of the area around 681 Banghak-dong, Dobong-gu as a target site for the public institution participation Moa Town project.

On the 6th, Seoul City held the ‘Public Institution Participation Moa Town Public Management Project Selection Committee’ and selected 10 Moa Towns (21 Moa Town sites) as target sites out of 16 Moa Towns (37 project zones) that participated in the public contest.

The area around 681 Banghak-dong is a densely populated multi-family villa area with an overall aging rate of 70% and chronic parking difficulties, and was selected as a Moa Town target site in September 2023.

Councilor Park said, “Starting next year, SH Corporation is expected to provide tailored support at each project stage, such as establishing and revising the Moa Town management plan and supporting the establishment of associations, which will reduce the burden on residents and accelerate project progress.”

He also emphasized, “After the establishment of the association, if more than half of the members agree, public entities such as SH can participate as joint project implementers. In this case, benefits will be expanded to include an increase in project area (20,000 to 40,000㎡), relaxation of the rental housing donation ratio (from 50% to 30%) due to zoning upgrades, low-interest project financing support, and project feasibility analysis.”

Councilor Park stated, “Since the beginning of my term, I have proposed public participation to ensure the policy effectiveness of Moa Town and advocated for the expansion of the Moa Town public management pilot project,” adding, “I hope that high-quality Moa housing will be supplied quickly in the 10 selected target sites to contribute to the housing stability of Seoul citizens.”

He added, “I will actively communicate with local residents and related organizations to ensure that the area around 681 Banghak-dong can quickly be transformed into a pleasant residential complex, and will closely monitor the subsequent processes.”

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