Yangcheon-gu, Sinwol 7-dong Zone 2 Public Redevelopment Project Implementer Designated as LH

Published 20 Jun.2024 06:40(KST)

After approximately 3 months from the designation of the maintenance zone, the project period is significantly shortened compared to private redevelopment, which takes an average of 3 years and 2 months... Up to 250% floor area ratio, construction of 2,228 units of 12-story residential complexes and ancillary facilities planned
Accelerated project promotion including formation of resident representative meetings after designation and announcement of project implementer

Yangcheon-gu, Sinwol 7-dong Zone 2 Public Redevelopment Project Implementer Designated as LH

Yangcheon-gu (District Mayor Lee Gi-jae) announced on the 20th that it has designated Korea Land and Housing Corporation (LH) as the project implementer for the public redevelopment project of Sinwol 7-dong Zone 2.

This is the first case of designating a project implementer among the public redevelopment projects promoted by Yangcheon-gu. In Sinwol 7-dong Zone 2, apartments with a floor area ratio of up to 250%, a maximum of 12 floors (maximum height 66m), totaling 2,228 units (including 544 rental units), and ancillary welfare facilities will be constructed.

The public redevelopment project in Sinwol 7-dong Zone 2 designated LH as the project implementer about three months after the designation of the maintenance zone, significantly shortening the project period compared to private redevelopment projects, which take an average of 3 years and 2 months.

In particular, Sinwol 7-dong Zone 2 mostly consists of Type 1 General Residential Area and Type 2 General Residential Area (up to 7 floors). Due to its proximity to Gimpo Airport, there was difficulty in promoting the redevelopment project because of height restrictions (57.86m). To resolve this, through Seoul City's pre-planning process, the Type 1 General Residential Area was upgraded to Type 2 General Residential Area (up to 7 floors), and through consultations with the Airport Corporation, the height restriction was relaxed to 66m, greatly improving the project's feasibility.

After the designation and announcement of the project implementer, a residents' representative meeting will be formed within this month to present the opinions of landowners to the project implementer. Following the signing of an agreement between the public project implementer and the residents' representative meeting, procedures for selecting a contractor and establishing the project implementation plan will proceed.

Sinwol 7-dong Zone 2 was selected as a candidate site for public redevelopment on March 29, 2021, following the 'Plan to Strengthen the Housing Supply Base in the Metropolitan Area' announced by Seoul City and the Ministry of Land, Infrastructure and Transport in 2020. It was designated as a maintenance zone with a redevelopment plan on March 28 of this year.

Lee Gi-jae, Mayor of Yangcheon-gu, said, “We expect that the living environment of the residents of Sinwol 7-dong, who have long suffered from deteriorated residential conditions, will be greatly improved through this redevelopment project,” and added, “We will continue to actively support the project so that it proceeds quickly and smoothly.”