Approval of Dapsimni Auto Parts Market Redevelopment Association Establishment Promotion Committee

Dongdaemun-gu Approves Dapsimni Auto Parts Market Urban Maintenance Redevelopment Project Association Establishment Promotion Committee on 25th... Over 70% Consent Rate, Association Establishment Planned Soon... Accelerating Creation of 603-Unit Apartment and Sales Office Facilities

Bird's-eye view

[Asia Economy Reporter Park Jong-il] Dongdaemun-gu (Mayor Yoo Deok-yeol) approved the establishment of the Urban Maintenance-type Redevelopment Project Association Promotion Committee (Chairman Lee Dae-gyu) for Dapsimni Auto Parts Market, the largest auto parts market in Korea, on the 25th.

Accordingly, expectations are rising that the modernization of Dapsimni Auto Parts Market will accelerate and the local economy in the area will be revitalized.

Opened in 1982, Dapsimni Auto Parts Market grew into the largest distribution hub for the domestic auto parts industry as wholesale, retail, and export companies gradually settled in. However, recently, the facilities have aged and industrial competitiveness has deteriorated.

With the need for modernization emerging, Dongdaemun-gu received a resident proposal and, after review by the Seoul City Urban Planning Committee, designated the area as an Urban Maintenance-type Redevelopment Project Zone on September 3.

Through the redevelopment project, a mixed-use complex consisting of sales facilities, residential apartments, and office facilities will be constructed on a 17,914㎡ site at 952 Dapsimni-dong, with a maximum height of 105m and a maximum floor area ratio of 840%, comprising seven buildings up to 29 floors.

Dapsimni Auto Parts Market has shown strong willingness for redevelopment among landowners, securing consent from over 70% of all landowners within a short period after the zone designation announcement (September 3, 2020). With the promotion committee approved on the 25th, conditions for full-scale project implementation have been established.

Riding on the high consent rate, the promotion committee plans to obtain approval for the establishment of the association soon.

Yoo Deok-yeol, Mayor of Dongdaemun-gu, stated, “Through the redevelopment of Dapsimni Auto Parts Market, a representative local commercial district of Dongdaemun-gu, we will create a new future-oriented complex space.” He added, “We expect this space to become a regional landmark, greatly contributing not only to revitalizing the local economy but also to youth entrepreneurship and job creation.”