Korea Asset Trust Designated as First Private Project Implementer for Aging Planned City Urban Regeneration

Perspective view of the integrated reconstruction of Minbaek Block in Pyeongchon Dream Village, Anyang City. Korea Asset Trust

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Korea Asset Trust announced on April 28 that it was designated and officially announced as the project implementer for the integrated reconstruction of the Minbaek Block in Pyeongchon Kkummaeul, Anyang City, Gyeonggi Province, on April 27. Korea Asset Trust will be the first to undertake an urban regeneration project for an aging planned city using the private trust method.

The integrated reconstruction project for Minbaek Block in Pyeongchon Kkummaeul, located at 933 Pyeonchon-dong, covers a site area of 129,213.9 square meters. The project plans to replace the existing residential buildings, which currently comprise up to 25 floors and 1,376 units, with new structures up to 49 floors and 2,395 units. There are also plans for a direct connection passage to the Anyang Agricultural and Marine Products Market Station (tentative name) on the Dongtan-Indeogwon Line, which is scheduled to open in 2029.

After obtaining the consent of more than 80% of land and property owners and being designated as the project implementer, Korea Asset Trust plans to hold a general meeting of all owners within the first half of this year to finalize key matters related to the project implementation, including the regulations for the urban regeneration project.

The company also explained that transparent procedures will be ensured by selecting key partners, such as the urban regeneration project committee representing local residents, professional project management companies, and architects, through votes by land and property owners.

Korea Asset Trust has recently been designated as the project implementer for multiple sites, including Mok-dong Complex 9, Mok-dong Complex 11, and Haan Jugong Complexes 10 and 11, in addition to the integrated reconstruction of Minbaek Block in Pyeongchon Kkummaeul. As a result, the company has established a strong leading position in trust-based urban regeneration projects, with new construction projects totaling approximately 24,000 units in the Seoul metropolitan area, including the first phase of new towns. Furthermore, the company plans to secure additional projects totaling around 7,000 new units this year, including the demonstration complex in Bundang New Town, Seongnam, which has been designated as a special regeneration zone.

Shin Chan-hyuk, CEO of Korea Asset Trust, stated, "We are deeply grateful to the land and property owners who actively participated, making it possible for us to be the first to be designated as the project implementer in a private project," adding, "As a leader in trust-based urban regeneration projects, we will repay your trust with responsible and professional project execution."

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