13 Public Development Sites in Seoul Including Mia and Cheongnyangni Stations... 13,000 Housing Units to be Supplied

Selection of 2nd Phase Candidate Sites for Urban Public Housing Complex Project
Near Mia Station, Suyu Station, Yongdu Station, and Cheongnyangni Station

[Asia Economy Reporter Moon Jiwon] The areas around Mia Station in Gangbuk-gu and Cheongnyangni Station in Dongdaemun-gu, Seoul, where development had been delayed due to lack of profitability, will be reborn as high-rise apartment complexes through government-led public development.

The Ministry of Land, Infrastructure and Transport announced that it has selected a total of 13 sites as the second round of candidates for the ‘Urban Public Housing Complex Project,’ one of the core policies of the 2·4 Plan. These include seven station areas near Mia Station in Gangbuk-gu, four low-rise residential areas, and one station area and one low-rise residential area in Dongdaemun-gu.

The newly announced candidate sites were prioritized from a total of 23 sites proposed by Gangbuk-gu and Dongdaemun-gu after reviewing location and business feasibility. The government plans to supply 12,900 newly built housing units through development in these areas. To accelerate the project, the government intends to significantly ease regulations targeting these areas where development had been stagnant due to lack of profitability and absence of project entities.

For station areas, the candidates include the surroundings of Mia Station, Miasageori Station, Suyu Station, Yongdu Station, and Cheongnyangni Station. A total of 6,711 housing units will be supplied, including 3,200 units around Yongdu and Cheongnyangni Stations. Additionally, 6,140 units will be built through redevelopment of aging low-rise residential areas such as the former Suyu 12 District and Mia 16 District.

Near Mia Station in Gangbuk-gu, considering that the area is low-density and underutilized compared to other station areas, it will be developed into a high-density mixed-use space to stimulate regional revitalization.

The Yongdu-dong station area in Dongdaemun-gu, which is an excellent location adjacent to three stations?Cheongnyangni Station, Yongdu Station, and Jegi-dong Station?and where the metropolitan area express railroad (GTX) is also planned, will be developed into an urban residential space with about 3,000 households. A complex facility integrating commercial, cultural, and business functions will also be established.

The low-rise residential area in Suyu-dong, Gangbuk-gu, will be developed into a pleasant new residential area by utilizing the eco-friendly surroundings such as nearby Uicheon Stream, Bukhansan Mountain, and Dobongsan Mountain.

The Urban Public Housing Complex Project is carried out by public entities such as the Korea Land and Housing Corporation (LH), which take over land from landowners and then settle accounts through housing and other developments.

Since it is promoted solely by the public sector, it has the advantage of strong momentum and a certain level of guaranteed profitability, but there is a challenge in securing consent rates as many residents prefer private development.

The Ministry of Land, Infrastructure and Transport plans to hold resident briefings for the candidate sites to secure a 10% consent rate from landowners for designation as planned districts. The ministry explained, "For candidate sites that start projects this year after obtaining resident consent, the highest profitability will be guaranteed to landowners."

Meanwhile, this announcement came about two weeks after the announcement of 21 first-round candidate sites including Yeongdeungpo and Dobong-gu on the 31st of last month. As a result, the total number of Urban Public Housing Complex Project candidate sites, known as the ‘Byun Changhoom Plan,’ has increased to 34 in Seoul alone.