[Asia Economy Reporter Kim Hyemin] Redevelopment will be officially promoted in the aging low-rise residential area adjacent to an elementary school in Cheonho-dong, Gangdong-gu, Seoul.
According to the maintenance industry on the 15th, the Cheonho-dong 214-19 district obtained 77.72% consent from residents after a survey on whether to promote redevelopment was conducted for about two months since last March. Among 285 landowners and others, 221 agreed, and 61 did not respond. There were no objections.
The feasibility survey asking residents' opinions is the first step for designating a maintenance district. More than 50% of all landowners must agree, and less than 25% must oppose for the redevelopment project to proceed in earnest. Gangdong-gu Office plans to start the designation process of the maintenance district as the area passed the preliminary feasibility survey.
This area, called Cheonho 3-1 district, had long been expected to be redeveloped but showed no significant progress. Then, it came into view when it was announced to be selected as a city and architectural innovation project site by Seoul City in 2020, and it entered the full promotion track after obtaining consent from the majority of residents. Since this district is adjacent to Cheonil Elementary School, redevelopment completion will enable so-called ‘Chopuma (apartments embracing an elementary school).’
Redevelopment is also progressing rapidly nearby. The Cheonho 3-2 district (around Cheonho-dong 397-419), facing Gobundari Traditional Market, passed the maintenance district designation review at the end of last month. Like Cheonho 3-1 district, it was promoted as a city and architectural innovation project, joined Seoul Mayor Oh Se-hoon's Rapid Integration Planning (Sintong Planning), and then accelerated the review process, completing the maintenance district designation within a year. This area is planned to be reborn as an apartment complex with up to 23 floors and 420 households. The adjacent Cheonho 3-3 district (around Cheonho-dong 532-2) is also expected to speed up redevelopment as it plans to establish an integrated complex plan together with Cheonho 3-2 district as one complex.
If the redevelopment project proceeds smoothly, a new residential complex is expected to be created in this area of Cheonho-dong, which has been relatively neglected. A representative from nearby A Real Estate Agency said, "This area, located between Amsa Station on Subway Line 8 and Cheonho Station on Line 5, has consistently voiced redevelopment demands but has been relatively overlooked compared to the area near Cheonho Station," adding, "Although it is in the early stages, since development has started simultaneously in multiple places, we expect synergy effects."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
