GH, Gwangju Yeokdong Public Redevelopment 'Green Light'... Agreement Signed with Resident Preparation Committee

Positive signals have been lit for the public redevelopment project in the Yeokdong District of Gwangju, Gyeonggi Province.

Gyeonggi Housing and Urban Corporation (GH) announced on the 20th that it signed an agreement on the 19th for mutual cooperation with the Residents' Preparatory Committee of the Yeokdong District Public Redevelopment Project in Gwangju, Gyeonggi Province. As the preliminary project implementer, GH will support the operating expenses of the preparatory committee according to this agreement.

The Gwangju Yeokdong District Public Redevelopment Project is a project to supply about 2,800 housing units on an area of 111,000㎡ at Yeokdong 141-6.

Gyeonggi Housing and Urban Corporation

Public redevelopment is a redevelopment project promoted with the participation of public institutions such as GH, offering benefits such as shortened project duration and increased floor area ratio, in exchange for supplying at least 10% of the total households as public rental housing. GH plans to propose the maintenance plan to Gwangju City in the second half of this year.

Along with this agreement, GH also pledged anti-corruption and integrity commitments from the preparatory committee executives to take the lead in fostering a fair redevelopment culture.

Lee Jong-seon, Acting President of GH, stated, "Public redevelopment is a project that goes beyond improving old residential environments to enhance the quality of life for the local community and residents," adding, "We will successfully promote the Yeokdong redevelopment project through communication and cooperation with the preparatory committee."