Mokdong 13 Complex Adopts Trust-Based Reconstruction... Project Implementer Designated in Just 21 Days

On October 2, Yangcheon District in Seoul (District Mayor Lee Gijae) announced that, in accordance with Article 27 of the Urban and Residential Environment Improvement Act, Daishin Asset Trust has been officially designated and notified as the project implementer for the reconstruction and maintenance project of Mokdong 13 Complex Apartments.

Bird's-eye view of the reconstruction and maintenance project for Mokdong 13 Complex Apartments. Provided by Yangcheon District.

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Mokdong 13 Complex obtained the consent of more than 75% of landowners and submitted an application for project implementer designation on September 11. The district completed the official notification within 21 days, accelerating the momentum of the project.

The trust-based maintenance project model allows the trust company to be directly designated as the project implementer without establishing an association. The trust company is responsible for the entire process, from applying for project approval and selecting a construction company to sales and settlement. This approach offers advantages in terms of professionalism, accountability, and transparency. With this official notification, Daishin Asset Trust will proceed with decision-making procedures such as confirming the maintenance project implementation regulations, contracting with a professional maintenance project management company, and selecting a construction company, all through meetings composed of all landowners.

Mokdong 13 Complex covers a site area of 178,919 square meters and will be subject to a floor area ratio of 300%. The existing 15-story, 2,280-unit complex will be transformed into a new development with up to 49 stories and a total of 3,852 units. With Yangcheon Park and Yangcheon District Office Station nearby, the area offers excellent living convenience. In conjunction with the reconstruction, infrastructure such as roads, parks, and public facilities will also be improved, making it a premium residential complex.

Currently, 8 out of the 14 Mokdong apartment complexes are pursuing trust-based reconstruction, and among these, Complexes 9, 10, and 14 have completed their applications for project implementer designation. The district plans to proceed swiftly with the procedures for these complexes as well.

Lee Gijae, Mayor of Yangcheon District, stated, "With the rapid designation of the project implementer for Mokdong 13 Complex, we hope to see a faster and more systematic maintenance project. We will work closely with the Seoul Metropolitan Government and related agencies to ensure that all 14 complexes are designated as maintenance zones within this year and to minimize the project period as much as possible."

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