Mayor Shin Sangjin: "2 Trillion Won Invested in Redevelopment and Reconstruction... Joint Leap Forward for Bundang and the Old Downtown"

Seongnam City Launches Redevelopment and Reconstruction Support Policy
Comprehensive Assistance for Infrastructure, Relocation Funds, and Planning Services
Announcement Ahead of the Special Act on Aging Planned City Maintenance
Blueprint for Balanced Development Between Bundang and the Original Downtown Released

Seongnam City in Gyeonggi Province will invest a total of 2 trillion won in a large-scale fiscal initiative to dramatically improve the residential environment in both Bundang New Town and the original downtown areas of Sujeong and Jungwon.

On April 14, Mayor Shin Sangjin of Seongnam held a press conference to announce the full-scale implementation of the "Citizen-Centric Redevelopment and Reconstruction Support Policy," which involves investing 2 trillion won in redevelopment and reconstruction projects. The policy aims primarily to reduce the financial burden on residents, which has been a chronic issue in urban renewal projects, and to accelerate previously sluggish project timelines.

Seong Jin Shin, Mayor of Seongnam City, held a press conference on the 14th to announce the "Citizen-Oriented Urban Re-Creation Roadmap." Photo by Jonggu Lee

This policy was prepared in response to the amended "Special Act on the Maintenance and Support of Aging Planned Cities," which will be revised in February 2026 and implemented in August. With this, institutional support will be expanded to the Bundang area, and the coverage of support, previously limited to Sujeong and Jungwon, will be extended to Bundang. As a result, maintenance projects are expected to be promoted more systematically throughout Seongnam City.

During the press conference held at Moran Hall in City Hall, Mayor Shin stated, "Urban renewal projects are not just construction work; they are core policies that change citizens' quality of life and determine the city's future. Therefore, Seongnam City will invest 2 trillion won in fiscal resources to ease the burden on citizens and lower the barriers to more stable participation in these projects."

Based on previous support cases, the city plans to gradually invest a total of 2 trillion won reflecting project demand through 2040, focusing its policy on alleviating the financial burden for residents.

According to a Seongnam City official, if the total support of 1.0868 trillion won for the entire Bundang area under the amended act is divided arithmetically across the 75 Bundang maintenance zones, the support amounts to about 14.5 billion won per zone.

First, the city will provide direct support amounting to 545.1 billion won for essential infrastructure such as roads, water and sewage systems, and district heating for the entire Bundang New Town (with an additional 5.136 trillion won in indirect support). It will also allocate 693.7 billion won to Sujeong and Jungwon areas to strengthen the public infrastructure for renewal projects.

Mayor Shin emphasized, "Expanding infrastructure is an investment in public assets that benefit all citizens, not just a specific region. We will work together to improve the city's foundation."

In addition, to accommodate population growth resulting from the Bundang area renewal, the city will fully cover the costs of expanding educational infrastructure—such as the addition of new classrooms—ensuring that students' right to education is protected under any circumstances.

Seongnam Mayor Shin Sangjin held a press conference on the 14th and announced the 'Citizen Experience-Oriented Urban Recreation Roadmap.' Photo by Lee Jonggu

To ease the relocation burden during urban renewal, the city plans to operate a housing relocation interest subsidy system, investing a total of 656.8 billion won to support tenant compensation and a portion of the interest on relocation loans.

Mayor Shin stated, "For the citizens who must temporarily relocate from their cherished homes, the city will cover part of the tenant compensation and relocation loan interest to help reduce the economic hardships of the relocation process."

To lower entry barriers at the early stages of the projects, the city will invest 72.6 billion won for Bundang and 11.6 billion won for Sujeong and Jungwon in areas such as planning service fees, supporting a stable project launch.

Mayor Shin said, "Reducing upfront costs is the starting point for stable project implementation. The city will provide proactive support to broaden the foundation for citizen participation."

Furthermore, the city will provide timely administrative cost support throughout the entire project process—including reconstruction assessment fees, electronic consent fees, and management disposition plan feasibility verification fees—to reduce residents' burdens and ensure efficient project execution.

The city also plans to rationally apply the basic guidelines for aging planned city maintenance, reassess the method for calculating floor area ratios, and ease the public contribution burden. By integrating building, traffic, and education reviews and adopting a unified approval process that handles special maintenance plans and project execution approvals simultaneously, Seongnam expects to simplify administrative procedures, shorten project durations, and achieve cost savings.

Mayor Shin emphasized, "Reducing procedures and expediting approvals is ultimately the way to lower the burden on citizens. We will simultaneously improve project outcomes and speed."

Additionally, to ensure residential stability for tenants, the city will secure rental housing within project zones, safeguard housing and survival rights during redevelopment, and provide support for stable resettlement after relocation.

Seongnam Mayor Shin Sang-jin held a press conference on the 14th to announce the 'Citizen Experience-Oriented Urban Re-Creation Roadmap.' Photo by Lee Jong-gu

Mayor Shin Sangjin stated, "This '2 Trillion Won Citizen-Centric Redevelopment and Reconstruction Support' is more than just business support—it is our promise to protect citizens' rights to live in a safer and more comfortable environment. The future of Seongnam will become even stronger when the original downtown and new town develop in a balanced manner together."

He added, "Seongnam City, based on its solid fiscal foundation, will take full responsibility to ensure all citizens can live in a safer and more pleasant environment."

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