LH Signs Maintenance Project Support Agreement with Gunpo City

[Asia Economy Reporter Lee Chun-hee] Korea Land and Housing Corporation (LH) is stepping up to support the smooth promotion of local government redevelopment projects.

On the 30th, LH announced that it signed a "Basic Business Agreement for the Successful Execution of Gunpo City Redevelopment Projects" with Gunpo City and Gunpo Urban Corporation at Gunpo City Hall in Gyeonggi Province.

Gunpo City has rapidly grown through various land development projects such as the development of Sanbon New Town in 1993 and the Bugok and Dangdong districts. However, concerns have been raised about imbalances between new and old urban areas and the decline of the original downtown following the cancellation of the Geumjeong and Gunpo station area redevelopment promotion districts.

Although private-led redevelopment projects are being partially implemented, the need for a comprehensive plan for systematic urban redevelopment has emerged, and Gunpo City is currently promoting the establishment of a basic redevelopment plan. The basic redevelopment plan is a long-term urban plan that presents directions for preservation, recovery, and redevelopment of the city and aims to enhance project efficiency through phased redevelopment plans based on scientific analysis.

This agreement was promoted for LH to support the establishment of Gunpo City's basic redevelopment plan and to systematically redevelop the city together with Gunpo City and Gunpo Urban Corporation.

According to the agreement, LH will jointly participate in the "2030 Basic Redevelopment Plan Establishment" project for Gunpo City and will take on the role of a public developer performing integrated urban redevelopment from construction to management and operation. Additionally, LH will cooperate in preparing relocation measures, such as securing circular rental housing necessary for the implementation of cyclical redevelopment projects, to help original residents and tenants resettle.

Having jointly established various redevelopment plans with cities such as Seongnam, Anyang, and Suwon, LH expects to support Gunpo City's redevelopment projects based on its abundant know-how, complement the limitations of profit-oriented redevelopment projects, and build a sustainable public-led urban redevelopment model.

Byun Chang-hoom, President of LH, said, "Through the establishment of redevelopment plans that simultaneously enable urban regeneration, residential welfare, and job creation, we expect Gunpo City to become a new model of decentralized urban regeneration and residential welfare. We will faithfully perform the role of a public developer by expanding the LH public participation urban redevelopment platform to all local governments in Gyeonggi Province to help regional development."