SH Corporation to Initiate Renovation of Yangnam Market... Joint Implementation Agreement with Association

[Asia Economy Reporter Yuri Kim] Seoul Housing and Communities Corporation (SH Corporation) announced on the 18th that it has signed a formal agreement the day before to jointly implement the Yangnam Market redevelopment project in Yeongdeungpo-gu, Seoul, together with the Yangnam Market Redevelopment Association.

According to this agreement, SH Corporation and the association will redevelop Yangnam Market, located at 30 Yangpyeong 1-ga, Yeongdeungpo-gu, covering an area of 1,956㎡, into a modern building with four underground floors and 12 above-ground floors. This modern market building, scheduled for completion in 2023, will include retail facilities, neighborhood living facilities, and 78 rental housing units. The plan aims to revitalize the traditional market and contribute to the recovery of the local economy, which has been in decline.

Yangnam Market, an aging market rated E for disaster risk, has been undergoing redevelopment since 2010. However, the project faced difficulties in securing funding, putting the association’s assets at risk of public auction and causing significant challenges. With SH Corporation’s active involvement to promote traditional market revitalization and fulfill its role as a specialized urban regeneration agency, the redevelopment project has now been put on the right track.

Kim Se-yong, President of SH Corporation, stated, "While expanding our role as a specialized public institution for urban regeneration, we will actively participate in redevelopment projects across Seoul to revitalize stalled projects and increase the supply of housing with secured public interest, thereby contributing to the stabilization of the housing market."