Koramco Asset Trust to Promote Trust Reconstruction of Daewoo Marina 1st and 2nd Apartment Complexes

Koramco Asset Trust announced on the 24th that it has signed a business agreement with the trust method promotion committee for the reconstruction project of Daewoo Marina 1 and 2 Apartments in Haeundae, Busan.

The business agreement ceremony was held in the main conference room at Koramco Asset Trust headquarters in Samseong-dong, Gangnam-gu, Seoul, attended by about 20 project stakeholders including Park Woo-seok, chairman of the trust method promotion committee, and Jang Soon-seo, head of the maintenance project division at Koramco Asset Trust.

Along with the business agreement, Koramco Asset Trust plans to hold a full-scale reconstruction project briefing session using the trust method for apartment and commercial property owners. This is a measure to preliminarily ascertain the owners' consent to the trust method before collecting consent forms for the designation of the project implementer.

The complex, located at 1388 Udong, Haeundae-gu, Busan Metropolitan City, consists of a total of 1,263 households and is an aging complex marking its 35th year since completion in 1991. It is a prime location apartment complex with Busan Subway Line 2 Exit 1 just 50 meters from the entrance, facing Marine City across the street, situated in Busan’s most luxurious residential-commercial complex town. Additionally, nearby facilities such as BEXCO, Centum City, and Nurimaru on Dongbaek Island provide excellent cultural and shopping infrastructure.

Koramco Asset Trust plans to increase the floor area ratio through changes in the maintenance plan after the designation of the project implementer and reconfigure the complex into various unit sizes according to owners' demands. Considering regional characteristics, the project will enhance marketability by designing high-rise buildings with wider distances between buildings to improve the comfort of the complex.

The trust method maintenance project is a maintenance project approach where a real estate trust company with expertise and public nature leads the implementation of reconstruction and redevelopment projects. It can prevent project delays caused by internal conflicts within associations and enables smooth financing through the trust company's own funds or credit enhancement, allowing for rapid project advancement. Recently, the adoption of the trust method has been increasing in first-generation new towns such as Mok-dong and Yeouido in Seoul, Bundang, and Ilsan.

Koramco Asset Trust is a leading trust company in maintenance projects that successfully completed the first trust agent method reconstruction in Korea in Hogye-dong, Anyang. Currently, it holds completion achievements in five trust method maintenance projects in Banghwa-dong, Seoul; Juan-dong, Incheon; and Mojong-dong, Asan, among others. Only two trust companies, Daehan Land Trust and Koramco Asset Trust, have more than five completion records.

Jang Soon-seo, head of Koramco Asset Trust, said, "Koramco is a real estate trust company with extensive experience, having already created numerous successful cases of trust method maintenance projects, possessing richer experience than any other trust company in Korea." He added, "Since speed is vital in maintenance projects, we will demonstrate results that meet the expectations of Daewoo Marina 1 and 2 apartment owners through transparent and swift project progress."