Hantosin Signs MOU with Yeouido Samik Reconstruction Project Operator for "Landmark Development"

Korea Land Trust announced on the 4th that it signed a Memorandum of Understanding (MOU) on the 28th of last month to promote reconstruction of Samik Apartment in Yeouido-dong, Yeongdeungpo-gu, Seoul, through a trust method.

The Yeouido Samik reconstruction is Korea Land Trust's first reconstruction site in Yeouido. A Korea Land Trust official said, "Yeouido Samik is planned to be developed as one of the landmark complexes in the area in line with Yeouido's future development plan as a finance-specialized city and the development plans of surrounding apartment districts."

The Yeouido Samik reconstruction will be reborn as 618 apartment units and 114 officetel units through zoning upgrade (from Type 3 General Residential Area to Commercial Area), and the design plan will be finalized through a survey of landowners and other owners. Korea Land Trust plans to cooperate with the promotion committee to aim for the designation announcement of the trust company as the implementer and the proposal of a new trust plan in the second half of the year.

Earlier, the Yeouido Samik Reconstruction Promotion Committee held a general meeting of owners on the 10th of last month and selected Korea Land Trust as the preliminary trust company. At that time, the promotion committee stated, "As Yeouido is recently emerging as the central area for reconstruction in Seoul, various project proposals were made," and added, "We intend to promote the project more efficiently and transparently compared to other areas through Korea Land Trust, which has the best success cases in urban maintenance projects and solid financial power."

Meanwhile, the aging apartment complexes around Yeouido, including Samik Apartment, where reconstruction projects had been stalled, have opened the way for project normalization due to deregulation last year. The ‘Yeouido Apartment District Unit Plan’ announced by Seoul City in April includes provisions allowing up to 70 floors and a maximum floor area ratio of 800% for apartment reconstruction in the Yeouido area.

A Korea Land Trust official said, "One of the biggest advantages of trust-based reconstruction is that it gives the association and landowners the initiative in the project," and added, "We will actively support owners to make optimal decisions by utilizing the trust company's financial strength and expertise."