LH Public Reconstruction Project No.1 is Mangu 1... Public Redevelopment Project No.1 is Sinseol 1 District

Agreement Signed with Association for Joint Project in Mangwoo 1 District Public Reconstruction on 27th
Approval Completed for Designation of Project Implementer in Sinseol 1 District Public Redevelopment on 19th
Pre-Consultation Underway for New Project Sites to Discover Additional Public Reconstruction Candidates

[Image source=Yonhap News]

[Asia Economy Reporter Kangwook Cho] Mangwoo 1 District in Jungnang-gu, Seoul has been designated as the first site for the public reconstruction project promoted by the government. Additionally, the first public redevelopment project site has been confirmed as Sinseol 1 District.

Korea Land and Housing Corporation (LH) announced on the 26th that it will sign a business agreement with the Mangwoo 1 District union at the LH Metropolitan Housing Supply Headquarters on the 27th to jointly carry out the public reconstruction project.

‘Mangwoo 1 District’ had completed the establishment of its union in 2012 but experienced long-term stagnation in project progress due to low profitability. However, with the application of incentives from the relaxation of urban regulations for public reconstruction, the zoning designation was upgraded, significantly improving project feasibility. Consequently, the resident consent rate surpassed 74%, meeting the requirements for designation as the project implementer for the first time among public reconstruction candidates, raising residents’ interest and expectations. Currently, follow-up procedures for implementer designation are underway, and the project will be actively promoted through changes in maintenance plans and contractor selection.

Mangwoo 1 District’s zoning was upgraded from a Type 2 (up to 7 floors) general residential area to a Type 3 general residential area. Approximately 25,000㎡ of land will see the construction of apartments with a maximum height of 28 floors. The development plan includes units of 59㎡, 74㎡, 84㎡, and 104㎡, totaling about 481 households.

In Sinseol 1 District, which is advancing a public redevelopment project, LH was designated as the sole project implementer on the 19th.

Sinseol 1 District was selected as a public redevelopment candidate site in a joint government and Seoul Metropolitan Government public contest in January. Despite being designated as a maintenance zone in the past, the project had been stalled for over 15 years due to failure to establish a union, putting it at risk of losing its maintenance zone status early next year. However, through close consultations among LH, the Ministry of Land, Infrastructure and Transport, and Seoul City, along with residents’ active willingness to proceed, the project implementer was designated on the 19th.

Sinseol 1 District’s floor area ratio has been relaxed up to 300%. On its approximately 11,200㎡ site, apartments with a maximum height of 25 floors will be built, comprising about 300 households with unit sizes of 36㎡, 59㎡, 74㎡, and 84㎡.

Currently, LH is conducting projects at 12 public redevelopment candidate sites including Sinseol 1 District and 2 public reconstruction candidate sites including Mangwoo 1 District, planning to supply a total of 16,200 housing units.

Bongcheon 13 District, which is advancing a public redevelopment project, formed a resident representative meeting with the consent of the majority of residents in June and is currently conducting resident consent procedures aiming for implementer designation in August.

For the 10 public redevelopment candidate sites where maintenance plans have not yet been drafted, LH held sessions last month to explain the architectural plans (draft) and estimated contributions to residents. Starting with Jangwi 9 District this month, LH plans to sign memorandums of understanding with residents to promote the projects.

Regarding public reconstruction projects, in May, LH provided in-depth consulting results for Mangwoo 1 and Junggok districts to the unions and held resident briefings. Junggok is advancing the project aiming for union establishment approval in October and implementer designation within the year. Additionally, pre-consultations are being conducted for five districts to discover additional public reconstruction candidate sites.

Park Cheolheung, Head of LH Metropolitan Housing Supply Headquarters, emphasized, "The designation of project implementers for Sinseol 1 and Mangwoo 1 Districts within six months after candidate site selection is a practical example of maximizing project feasibility and shortening project duration, which are major advantages of public maintenance projects." He added, "We will focus LH’s capabilities not only on the successful promotion of the pilot districts but also on additional candidate sites wishing to commence projects."