Geumcheon District Accelerates Doksan Siheung Redevelopment with Trust-Based Approach

Geumcheon District in Seoul (District Mayor Yoo Seonghun) announced on the 25th that it designated and officially announced Korea Investment Real Estate Trust as the project implementer for the 'Doksan Siheung District Housing Maintenance Redevelopment Project' on the 21st.

Location map of Doksan Siheung District. Provided by Geumcheon-gu.

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This designation comes just seven months after the official announcement of the maintenance zone designation in January, making it the second case among the 25 project sites selected in the second round of Seoul's Fast-Track Integrated Planning. Notably, by adopting the trust method-which can shorten the project period by more than two years compared to the association method-the pace of the project is accelerating.

Doksan Siheung District is an aging low-rise residential area incorporated into the second round of Fast-Track Integrated Planning in December 2022. On a site of approximately 88,000 square meters, the plan calls for 16 apartment buildings with up to 45 floors, totaling 2,072 units. The location allows convenient access to both Geumcheon-gu Office Station on Line 1 and the soon-to-open Siheung Sageori Station on the Shinansan Line. Large-scale redevelopment and Moa Town projects are also underway nearby, leading to expectations that the area will develop into a residential town comparable to a mini new city.

The Promotion Preparation Committee selected Korea Investment Real Estate Trust as the preliminary trust company in May through surveys and resident briefings. Following the collection of consent forms from landowners, the committee secured a final consent rate of 76.2% and a consent area of 72.71%. The district office finalized the project implementer after reviewing documents and completing four rounds of supplementary procedures.

Yoo Seonghun, Mayor of Geumcheon District, stated, "With the designation of the project implementer completed swiftly through cooperation between residents and the district office, we will actively support the smooth progress of the project." He added, "We will continue to revitalize the city and improve residents' living environments through redevelopment and other maintenance projects."

Meanwhile, to help residents better understand the project method, Geumcheon District has been operating an 'On-Site Maintenance Project Resident School' in cooperation with Seoul City, providing information on various systems and procedures.

Aerial view of Doksan Siheung District. Provided by Geumcheon District.

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