Leading Aging Residential Areas Suyu and Sinyeong-dong to Begin Full-Scale Housing Renovation and Infrastructure Support

Urban Regeneration Projects Approved,
Entering the Implementation Phase

Housing renovation and infrastructure support will be fully launched in Suyu-dong, Gangbuk-gu, and Sinyeong-dong, Jongno-gu, Seoul, which have been designated as leading sites for the Aging Residential Area Improvement Support Project.

Expected View of Sinyeodong Neowa Nauri Village. Provided by Seoul Metropolitan Government

On November 16, the Seoul Metropolitan Government announced that it had held the Urban Planning Committee’s Regeneration Subcommittee meeting on November 14 and approved, as originally proposed, the urban regeneration project plans for two candidate sites of the Ministry of Land, Infrastructure and Transport’s New Village Leading Project: Insuibong Forest Village in Suyu-dong, Gangbuk-gu, and Neowa Nauri Village in Sinyeong-dong, Jongno-gu.

This review was conducted to officially designate the project plans for areas selected as leading projects by the Ministry of Land, Infrastructure and Transport’s Urban Regeneration Special Committee in December last year as statutory urban regeneration projects. With this approval, the projects will now proceed in earnest.

The Ministry of Land, Infrastructure and Transport’s Aging Residential Area Improvement Support Project (formerly the New Village Project) is a program in which, if private entities voluntarily renovate houses in low-rise residential areas such as old single-family home or villa neighborhoods where full-scale redevelopment or reconstruction is difficult, the Seoul Metropolitan Government and the central government jointly provide a package of public infrastructure and convenience facilities, along with institutional improvements.

Each area will receive up to 37.5 billion won (22.5 billion won from Seoul Metropolitan Government and 15 billion won from the central government) over five years to support the installation of infrastructure. Incentives such as relaxed floor area ratio and building coverage ratio, eased site setback requirements, and fund loans will also be provided.

Suyu-dong Insuibongsupgil Village, Gangbuk-gu. Provided by Seoul City

The Seoul Metropolitan Government is linking its own Human Town 2.0 project with the New Village Project to promote private housing renovation and the expansion of public infrastructure. Human Town 2.0 is a project that supports individual construction, such as new builds and remodeling, in low-rise residential areas where redevelopment is difficult.

For Insuibong Forest Village in Suyu-dong, Gangbuk-gu (located at 516-21 Suyu-dong, covering 50,484.7 square meters), a total of 18.5 billion won (from both central and local government funds) will be invested to construct an auto-valet public parking lot and create the Gaocheon Riverside Park, among other initiatives.

For Neowa Nauri Village in Sinyeong-dong, Jongno-gu (centered around 214 Sinyeong-dong, covering 44,071㎡), a total of 13 billion won (from both central and local government funds) will be used to sequentially build a public parking lot and shared-use complex facilities, expand roads for circular movement, and establish a village management office.

The city plans to complete the official announcement of the urban regeneration projects within this year and begin phased design and construction starting in 2026. In addition, it will operate a multifaceted support system for private, voluntary housing renovation in connection with the Human Town 2.0 project.

Choi Jinseok, Director of Housing at the Seoul Metropolitan Government, stated, "The leading projects of the Aging Residential Area Improvement Support Project (New Village) will serve as a turning point in substantially improving the living environment of old low-rise residential areas through linkage with Human Town 2.0," adding, "We will continue to expand the supply of everyday convenience and infrastructure facilities and support for housing renovation that residents can truly feel, to make Seoul an even better place to live."

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