LH, Full-Scale Promotion of Yeongdeungpo Yeongjin Market Redevelopment Project

Yeongjin Market, Singil-dong, Yeongdeungpo-gu, Seoul

[Asia Economy Reporter Chunhee Lee] Korea Land and Housing Corporation (LH) is undertaking a complex development project to redevelop an aging market in the city center.

LH announced on the 30th that it will officially begin work as the project implementer for the "Yeongjin Market (Apartment) Urban Maintenance-type Redevelopment Project" in Yeongdeungpo-gu, Seoul, starting on the 2nd of next month. The project was open for public inspection by the Seoul Metropolitan Government and Yeongdeungpo-gu on the 22nd.

Yeongjin Market is a long-aged market building constructed in 1970. Although several redevelopment projects were previously attempted, conflicts among residents caused the projects to be halted and the site left neglected. In 2017, it was rated as a disaster-risk facility with an E grade, indicating urgent action is required.

In response, LH developed a project model linking urban regeneration and urban maintenance through close collaboration with the Ministry of Land, Infrastructure and Transport, Seoul Metropolitan Government, and Yeongdeungpo-gu. In December last year, it was selected as an "Urban Regeneration New Deal Recognized Project" by the Ministry of Land, becoming the first case of an urban regeneration-type maintenance project targeting public participation in hazardous facilities, along with the designation of the first emergency maintenance zone for dangerous buildings.

Since there is a high risk of collapse of the disaster-risk facility, LH plans to carry out early relocation to ensure residents' safety and aims to complete the project by 2024. The construction scale will cover a site area of 2,754㎡ with a 25-story building above ground, including 104 residential units, public rental commercial spaces, and sales and office facilities incorporating social overhead capital (SOC) facilities in a complex development and supply.

Additionally, through a seed money project budget of 12.5 billion KRW for urban regeneration, temporary relocation shops and public rental shops will be created to prevent gentrification of small business tenants and support the resettlement of original residents.

An LH official stated, "Starting with the Yeongjin Market redevelopment project, LH will continue to fulfill its public role by promoting maintenance projects that contribute to residents' safety and housing stability for buildings nationwide that pose safety concerns."