Yangnam Market, Commercial Complex Development... Urban Regeneration Recognition Project Amendment Passed

A Residential and Commercial Complex with Four Basement and Twelve Above-Ground Floors
Publicly Supported Rental Housing and Shopping Center to Be Established

A residential and commercial facility ranging from four basement floors to 12 above-ground floors will be built in the Yangnam Market area of Yeongdeungpo-gu.

On the 27th, Seoul City announced on the 28th that the 2nd Urban Regeneration Committee approved the original plan for the change of the Yangnam Market Urban Regeneration Recognition Project.

Public Support Rental Commercial Spaces and Housing Utilization Plan. Provided by Seoul City.

This project involves partially purchasing facilities designated as part of the market maintenance project in the area of 30, Yangpyeong-dong 1-ga, Yeongdeungpo-gu. Construction began in 2022 and is scheduled for completion in April. Previously, SH and the association promoted the Yangnam Market maintenance project to resolve the aging buildings of Yangnam Market, which received an E safety grade in 2011.

Through this urban regeneration recognition project, a residential and commercial facility ranging from four basement floors to 12 above-ground floors will be established in the area. On the second floor, a publicly supported rental shopping center will be created for small and medium-sized enterprises and small business owners. This space will be supplied for office, retail, and manufacturing purposes. The rent is set at about 80% of the surrounding neighborhood facility market price, and lease contracts can be maintained or renewed for up to 10 years.

Out of a total of 79 households, 38 will be supplied as publicly supported rental housing. The rent is about 80% of the surrounding market price. Currently, lease contracts for all households have been completed, and move-in will begin in May.

The city expects this project to stabilize the maintenance project and revitalize the area with customized rental shopping centers suited to the local characteristics. Kim Chang-gyu, head of Seoul City's Balanced Development Headquarters, stated, "Through the urban regeneration recognition project, we have swiftly promoted the urgent maintenance of aging markets while realizing a model where the private and public sectors jointly lead local economic revitalization."

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