[Asia Economy Reporter Lee Chun-hee] Korea Land and Housing Corporation (LH) announced on the 11th that it has been designated as the project implementer for the Sujin 1 and Sinheung 1 redevelopment maintenance zones under the '2030 Seongnam City Urban and Residential Environment Maintenance Plan' announced last year, and will begin full-scale project promotion to supply a total of 9,200 housing units.
LH is currently promoting a 'public-led redevelopment project' in the Seongnam area of Gyeonggi Province. The first phase redevelopment projects, Dandae and Jung 3 zones, have already been completed, and the second phase projects, Sinheung 2, Jung 1, and Geumgwang 1 zones, are underway. Following this, with the designation as the project implementer, new public-led redevelopment projects will be promoted in the Sujin 1 and Sinheung 1 zones.
An LH official stated, "Based on the accumulated know-how so far, unlike profitability-oriented private redevelopment, efforts for resident resettlement through cyclical maintenance and stable project promotion seem to have been the main factors for the designation as the project implementer," adding, "We plan to provide rental apartments in Wirye and Yeosu districts as cyclical housing for displaced residents."
According to the 2030 Seongnam City Urban and Residential Environment Maintenance Basic Plan, this project will be promoted in phases, and LH plans to implement an enhanced public-led redevelopment project.
Recently, LH plans to inject new vitality into the city by simultaneously implementing a 'public complex development project' that provides job support centers, public rental commercial spaces, and a combination of social overhead capital (SOC) facilities to support small business owners facing economic difficulties due to the spread of the novel coronavirus (COVID-19) and to meet various community demands. Additionally, resident representative meetings will be organized for each zone, and 'project implementation agreements' will be signed to discuss detailed matters related to relocation and construction plans with residents, reflecting their demands to build a user-centered new city.
LH and Seongnam City will cooperate to establish relocation plans and promote the rapid occupancy of this redevelopment project, forming and operating a working-level consultative body to continuously discuss project implementation approvals, management disposition plans, and various pending issues.
Kim Seong-ho, head of LH's Gyeonggi Regional Headquarters, said, "Since LH and Seongnam City have successfully carried out various projects to create high-quality residential environments, we will do our best as a public developer to ensure the successful promotion of this project as well."
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