LH to Promote Complex Redevelopment of Aging Government Buildings in Bangi-dong, Songpa-gu

Promoting Youth Housing Stability, Job Creation, and Local Economic Revitalization by Utilizing Existing Public Buildings
Complex Facility Comprising Offices, Housing, and Living SOC to be Completed by December 2023

LH signed the "Songpa Bangi Aged Public Office Complex Development Project Joint Implementation Agreement" at Songpa District Office on the 3rd. At the signing ceremony, Oh Young-oh, Head of LH Seoul Regional Headquarters (right), and Park Sung-soo, Mayor of Songpa District, are taking a commemorative photo.

[Asia Economy Reporter Jo Gang-wook] Korea Land and Housing Corporation (LH) announced on the 4th that it has signed a "Joint Implementation Agreement for the Songpa Bangi Aged Public Office Complex Development Project" with Songpa District Office.

This agreement was prepared to define detailed matters for project promotion, such as division of work and sharing of project costs between the two organizations, aiming to contribute to alleviating housing burdens for young people, creating jobs, and revitalizing the local economy by utilizing existing public land owned by the public sector.

The "Songpa Bangi Aged Public Office Complex Development Project" involves developing the existing public office site of 11,276㎡, which includes Bangi 2-dong Community Center, Bangi Welfare Center, and Senior Citizens' Center located in Songpa-gu, into a complex facility with 17 floors above ground and 2 basement levels.

The complex facility will include various living SOC such as startup support facilities (venture offices, etc.) and startup support housing (160 units) for housing stability and job creation for young people, as well as a modernized community center, welfare center, library, daycare center, and care center.

According to the agreement, LH will handle construction work and operation and management of housing and revenue facilities, while Songpa-gu will provide the site and manage the operation of public offices through mutual consultation. The project costs will be covered by LH’s own funds, Songpa-gu’s contributions, and rental operation income.

The project is scheduled to begin demolition in March, start construction in May, and complete by December 2023.

Oh Young-oh, head of LH Seoul Regional Headquarters, said, "This project is a very meaningful case that achieves two goals simultaneously: utilizing aged public offices in the city center to stabilize housing for young people and revitalize the local economy." He added, "LH will continue to actively discover and promote urban regeneration projects that meet the characteristics and demands of the region."