Korea Land Trust Designated as Project Implementer for Gangnam's First Trust-Based Redevelopment: 'Naebang Station Transit-Oriented Development Project'
Secured Project Implementer Status for Over 10,000 Households in Seoul This Year
Korea Land Trust has secured the 'Naebang Station Transit-Oriented Development Project,' the first redevelopment project in Seoul's Gangnam area to be carried out using a trust-based method.
On November 13, Seocho District Office announced that Korea Land Trust has been designated as the project implementer for the 'Naebang Station Transit-Oriented Development Urban Redevelopment Project' (hereinafter referred to as the Naebang Station Transit-Oriented Development Project), located at 872-1 Bangbae-dong, Seocho-gu.
This project is significant as it marks the first trust-based redevelopment in the Gangnam area of Seoul. Transit-oriented development projects are a core policy initiative of the Seoul Metropolitan Government, aimed at promoting high-density development near subway stations. By allowing up to two levels of zoning upgrades, the project enhances profitability and pursues mixed-use development to strengthen community support functions.
A representative from Korea Land Trust stated, "We were able to secure this project because an increasing number of property owners have recognized Korea Land Trust's expertise and know-how accumulated over years of experience in redevelopment projects."
As of November, Korea Land Trust is currently undertaking projects as a project agent or implementer at 34 sites nationwide, covering approximately 35,000 households. In Seoul alone, the company has secured the status of project implementer for redevelopment projects totaling 10,000 households this year.
This year, the redevelopment projects in Seoul awarded to Korea Land Trust include: the Namsan Station Transit-Oriented Development Project in Dongjak-gu (575 households), the Cheonyeon-dong Moa Town Project (506 households), the Mok-dong Complex 10 Reconstruction Project (4,050 households), the Sinwol Siyoeng Reconstruction Project in Yangcheon-gu (3,149 households), and the Naebang Station Transit-Oriented Development Project (252 households).
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A Korea Land Trust representative added, "Through this case, the trust-based method that ensures both speed and transparency in project execution will receive more attention. As the project implementer, we will maximize the potential of the Naebang Station area and transform it into a high-quality residential and commercial complex, setting a successful role model for transit-oriented development in the Gangnam area."
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