Seoul City Secures 11.4 Billion KRW in National Funding to Build Rental Housing at Hagye 5 and Sangye Madle Complexes

Securing Budget for Aged Rental Housing Complex Redevelopment Project
Expanded to 24 Complexes 'Over 30 Years Since Completion'

Seoul City has secured 11.4 billion KRW in national funding to revitalize aging rental housing. On the 28th, Seoul City announced that national funding support for the "Seoul Aging Rental Housing Complex Revitalization Project" was confirmed by the National Assembly on the 21st, and plans to begin revitalizing rental housing starting next year.

The city plans to first construct integrated public rental housing within the pilot project sites of Hagye 5 and Sanggye Madeul complexes. Currently, the Hagye 5 complex, which has 640 households, will be transformed into a housing complex with 1,336 households, and the Sanggye Madeul complex, which has 170 households, will be transformed into a 364-household housing complex. The total project costs are approximately 570 billion KRW (national funding 46.32 billion KRW) and 100 billion KRW (national funding 10.76 billion KRW), respectively.

A bird's-eye view of Hagye 5 Complex in Nowon-gu, a redevelopment project site in Seoul. Photo by Seoul City

The revitalization of aging public rental housing complexes aimed at improving residential environments recently required additional project costs due to decreased local tax revenues and rising construction costs, necessitating national funding support. On the 14th of last month, Seoul Mayor Oh Se-hoon visited the National Assembly to request national funding for this purpose, and the government agreed to actively cooperate with Seoul City's rental housing complex revitalization project.

The city plans to establish relocation measures and shorten the project period to minimize inconvenience to existing rental housing residents. A comprehensive revitalization plan will also be developed and implemented in phases for 24 rental housing complexes in Seoul that have been completed for over 30 years.

Han Byung-yong, Director of Seoul City's Housing Policy Office, stated, "With national funding support for the aging rental housing complex revitalization project, it is expected that the feasibility and public nature of the revitalization project, which were previously lacking, will be secured, and we will supply high-quality rental housing that everyone wants to live in."

A bird's-eye view of the Sangye Madle Complex in Nowon-gu, a redevelopment project site in Seoul. Photo by Seoul City