Includes Resident Relocation Measures and Priority Move-In
Housing Relocation and Moving Expenses to Be Provided
Commercial Tenants to Receive Business Compensation
Seoul Housing and Communities Corporation (SH) announced the redevelopment project plans for Hagye 5 Complex and Sanggye Madeul Complex, the nation's first aged rental housing redevelopment complexes. The plans include measures for resident relocation and priority re-occupancy, and future consultations with residents will also be conducted.
SH Corporation stated on the 1st that it will publicly announce the redevelopment project plans, which include an overview of the redevelopment project, relocation measures for existing residents, and priority re-occupancy after redevelopment, for 60 days from the 2nd to December 2nd.
The redevelopment projects for Hagye 5 and Sanggye Madeul are the first long-term public rental housing redevelopment projects implemented in Korea. The Hagye 5 and Sanggye Madeul complexes, completed in 1989, will be transformed into high-quality public housing complexes through the redevelopment projects.
Existing residents will relocate to nearby permanent public housing or purchased public housing, and after the redevelopment is completed, they will have priority to move back into the Hagye 5 and Sanggye Madeul complexes. Residential tenants among the residents will receive relocation and moving expenses according to the Land Compensation Act, and the rent for the relocation housing will be maintained at the same level as before. Commercial tenants will receive business compensation based on the appraisal results from a certified appraisal corporation.
SH Corporation will also conduct resident consultations regarding this announcement. Considering that most residents of permanent public housing are elderly, consultations will be conducted face-to-face by visiting the complexes directly. Through the resident consultation process, residents can provide feedback on the announced project plans. SH Corporation plans to apply for project plan approval within the year after completing the resident consultations.
After redevelopment, Hagye 5 Complex will consist of 6 buildings, ranging from 4 basement floors to 47 above-ground floors, with 1,336 units sized between 36 and 84 square meters (compared to the existing 640 units). Sanggye Madeul Complex will be transformed into 3 buildings, ranging from 2 basement floors to 19 above-ground floors, with a total of 363 units sized between 39 and 45 square meters (compared to the existing 170 units). Following the ‘Seoul Rental Housing Innovation Plan’ announced by Mayor Oh Se-hoon in 2022, the complexes will feature the latest interior designs and high-quality products. Facilities such as a small library, fitness center, and community caf? will be installed within the complexes.
Kim Heon-dong, President of SH Corporation, said, "We ask for the cooperation of residents in the redevelopment projects of Hagye 5 and Sanggye Madeul complexes, which will breathe new life into the area beyond just improving aging facilities." He added, "SH Corporation will do its best to proceed with the nation’s first aged rental housing redevelopment pilot project, announced by Mayor Oh Se-hoon in Singapore in August 2022, according to plan."
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