Hot Public Redevelopment... More Than 60 Final Applications Including Hannam 1

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[Asia Economy Reporter Lim On-yu] It has been confirmed that more than 60 sites applied for the public redevelopment pilot project announced by the government as a housing supply plan in downtown Seoul. With unprecedented benefits such as increased floor area ratio and exemption from the price ceiling system, residents of aging residential areas, where redevelopment projects had been stagnant, actively expressed their intention to participate in the project.

According to Seoul City on the 5th, about 60 sites participated in the public redevelopment pilot project application, which closed yesterday afternoon. This far exceeded the initial estimate of about 40 sites. By the 2nd, a total of 31 sites had submitted preliminary letters of intent, but a large number of applications flooded in at the last minute before the deadline. The inclusion of not only existing redevelopment zones but also planned redevelopment zones and redevelopment cancellation zones in the public redevelopment target seems to have led to unexpected popularity. It is even known that applications were submitted from urban regeneration areas that the government had stated were not eligible for the project.

The known application areas so far include Hannam 1 District in Yongsan-gu, Seongbuk 1 District and Jangwi 9 District in Seongbuk-gu, Heukseok 2 District in Dongjak-gu, Yeonhui 2-dong in Seodaemun-gu, and Singil 1 District in Yeongdeungpo-gu. In particular, Hannam 1 District attracted attention as it was the first to complete its application in Seoul City.

Hannam 1 District, considered the most valuable among the public redevelopment candidate sites, is the only district in Hannam New Town where the project was canceled. Although the redevelopment promotion committee was approved in 2011, it was removed from the redevelopment zone in 2017. Since the government decided to include cancellation areas in the public redevelopment target, this district has been mentioned as a strong candidate. Initially, two project entities announced their intention to pursue public redevelopment, but recently the project entities unified, increasing expectations for the project's success.

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Among the more than 60 sites that applied for public redevelopment, only those that pass each district office’s review of designation requirements and residential maintenance indices will be recommended to Seoul City. Subsequently, the Korea Land and Housing Corporation (LH) and Seoul Housing and Communities Corporation (SH) will conduct preliminary planning and project site analysis, followed by consultations with related departments before submission to the selection committee. The selection and notification of candidate sites are expected to take place as early as next month for existing zones and as early as March next year for new zones.

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