Urijasan Trust, First in Urban Renewal Industry to Win PF-Type Housing Redevelopment Project

[Asia Economy Reporter Minji Lee] Woori Asset Trust, a comprehensive real estate finance subsidiary of Woori Financial Group, announced on the 26th that it has been designated as the project agent for the Yongin 8 District Housing Redevelopment Project located at 309-1, Kimryangjang-dong, Cheoin-gu, Yongin-si, Gyeonggi-do.

Bird's-eye view of the workplace.

This project involves the construction of 1,308 apartment units in the Yongin 8 District redevelopment area at 309-1, Cheoin-gu, Yongin-si, Gyeonggi-do, with Taeyoung Construction, ranked 13th, serving as the contractor. Woori Asset Trust will act as the project agent for the redevelopment maintenance project.

The project has been underway for a long time since it was designated as a housing redevelopment maintenance project and received approval for the establishment of the association in 2009, and it obtained management disposition approval in April last year. As the project agent, Woori Asset Trust plans to commence construction in December this year and begin sales in January next year.

Upon completion, the building will have 3 basement floors and 37 above-ground floors, with a total of 1,308 units. Of these, 158 units are allocated for association members, 67 units for rental housing, and 7 units for reserved facilities, leaving 1,076 units for general sale.

The method by which the trust company participates in urban maintenance projects typically involves a borrowing-type land trust, where the trust company lends the insufficient project funds from its own account at the early stage of the project. This project is the first in the financial sector to be promoted using a management-type land trust method through PF loans.

Lee Chang-jae, CEO of Woori Asset Trust, said, “This project has presented a new direction for trust-type urban maintenance projects,” and added, “As a financial group affiliate with enhanced creditworthiness, we will do our utmost to ensure the project proceeds smoothly so that it can serve as a good example contributing to the revitalization of urban maintenance projects.”