SH Corporation to Relocate to Sinnae-dong, Jungnang-gu in 2024

Jungnang-gu Enacts 'Ordinance on the Relocation and Promotion of Seoul Housing and Communities Corporation in Jungnang-gu, Seoul'... Establishes Administrative and Financial Basis to Support SH Corporation Relocation, Strengthens Cooperation with Corporation... Seoul City Urban and Architectural Joint Committee Changes Target Site to Semi-Residential Area... Existing Urban Planning Facility for School Use Abolished, SH Corporation Relocation Accelerated

The agreement ceremony for the relocation of Seoul Housing and Communities Corporation to Jungnang-gu, held last September at Seoul City Hall. From the left, Jeon Seok-gi, Seoul City Council member; Ryu Kyung-gi, Jungnang-gu Mayor; Park Hong-geun, National Assembly member.

[Asia Economy Reporter Park Jong-il] The relocation of the Seoul Housing and Communities Corporation (SH Corporation) headquarters to Jungnang-gu is progressing smoothly.

Following Jungnang-gu’s enactment of the "Ordinance on the Relocation and Promotion of the Seoul Housing and Communities Corporation in Jungnang-gu, Seoul" to support SH Corporation’s move, the recent approval of the "Sinnae 2 District Unit Plan Amendment" by the Seoul Metropolitan City Urban and Architecture Joint Committee has put SH Corporation’s 2024 relocation to Sinnae-dong, Jungnang-gu on a full-fledged track.

Since the announcement of SH Corporation’s relocation to Jungnang-gu in 2019, the district has made various efforts to resolve issues arising from the move.

First, to expedite the district unit plan amendment, a joint service project was conducted with SH Corporation, and on November 19, the "Ordinance on the Relocation and Promotion of the Seoul Housing and Communities Corporation in Jungnang-gu, Seoul" was enacted and promulgated to establish a legal basis for supporting the relocation.

With the enactment of the SH Corporation Relocation Promotion Support Ordinance, which includes provisions such as appointing dedicated public officials for relocation support, supporting SH Corporation employees, enhancing convenience for visitors to the corporation, and establishing a relocation support committee, administrative and financial grounds for supporting the relocation have been secured, strengthening cooperation with SH Corporation and its labor union and giving greater momentum to SH Corporation’s move to Jungnang-gu.

Meanwhile, on November 25, the Seoul City Urban and Architecture Joint Committee approved the district unit plan amendment to change the land use zone of the SH Corporation relocation site to a quasi-residential area and abolish the existing urban planning facility of a school.

As a result, with the legal basis for the office relocation established, the long-neglected school site is rapidly being transformed into the SH Corporation headquarters.

Ryu Kyung-gi, Mayor of Jungnang-gu, said, “With the enactment of this ordinance and the district unit plan decision, the relocation of SH Corporation has come much closer,” adding, “I am confident that SH Corporation’s relocation to Jungnang-gu will be a groundbreaking opportunity for the district to leap forward as an economic hub through large-scale job creation. We will not only provide continuous support to promote the relocation but also explore various measures to enhance convenience for residents and visitors.”

The relocation of SH Corporation is expected to generate an economic effect worth approximately 480 billion KRW and create about 4,000 jobs over the next five years.

The new SH Corporation headquarters, which began construction in 2022 and aims for completion in 2024, will have a total floor area of over 40,000 square meters. Along with the new headquarters, a state-of-the-art 600-seat performance hall, a long-cherished project of Jungnang-gu residents, will also be built.