Yeongdeungpo-gu Old Singil 2·15 District Urban Public Housing Complex Project Gets 'Green Light'

Consent Form for Designation of Old Singil 2·15 District Urban Public Housing Complex Project Site Delivered to LH Korea Land & Housing Corporation

[Asia Economy Reporter Jongil Park] Yeongdeungpo-gu (District Mayor Chae Hyun-il) announced on the 21st that it has delivered the consent form for the designation of the former Singil 2 and 15 districts as urban public housing complex project planned areas to LH Korea Land and Housing Corporation.

These districts, candidates for the first phase of the public-led 3080+ housing supply plan, have secured the prerequisite 10% consent from landowners with the submission of this consent form.

As a result, the likelihood of the areas being designated as planned districts in July this year and accelerating project implementation has significantly increased.

These areas had been uncertain in terms of development since the Singil New Town redevelopment promotion zone was lifted. However, with the government's public-led 3080+ metropolitan housing supply expansion plan, they were selected as first-phase pilot project candidates on March 31, signaling the start of development.

Subsequently, on the 21st of this month, two out of four Yeongdeungpo-gu pilot project candidate sites submitted more than 10% resident consent for designation as planned districts. This marks the first step in transforming the aging low-rise residential areas remaining in Singil-dong, which is undergoing a dramatic transformation alongside the completion of Singil New Town, into high-quality residential complexes.

The former Singil 2 and 15 districts are classified as housing supply activation zones for low-rise residential areas among the first-phase pilot project candidates. Currently designated as Type 2 General Residential Areas, the aging rates are 92% for Singil 2 district and 89.5% for Singil 15 district, ranking high among the candidates. The combined supply scale of the two districts reaches a total of 3,746 households.

Among the first-phase pilot project candidates, if two-thirds of residents (based on area, half) consent within this year and the project commences, the landowners are guaranteed the highest rate of return.

Accordingly, residents in these candidate districts are responding swiftly to obtain consent.

To help local residents understand the project, LH Corporation held a project briefing session on April 12 for resident representatives of the first-phase pilot project candidates. Separate briefing sessions for each district will also be promptly conducted after analyzing the feasibility of each area.

Chae Hyun-il, Mayor of Yeongdeungpo-gu, stated, “Yeongdeungpo Station area, selected as a first-phase pilot project candidate under the 3080+ housing supply plan, allows for complex high-density development, and low-rise residential areas such as the former Singil 2 and 15 districts can be developed into residential spaces equipped with high-quality living SOC. We will do our best in cooperation with related organizations to fulfill the long-cherished wishes of residents who have earnestly hoped for a pleasant and livable residential environment.”