Mapo Ahyeon 1 District Public Redevelopment in Full Swing... Relief for 581 Cash Settlement Targets

Redevelopment of Ahyeon 1 District to Be Actively Promoted Through Public Redevelopment
581 Out of 740 Initial Cash Settlement Targets Rescued
Reduction of Communal Housing Size and Sale Price, Support Measures for Original Residents Prepared

Mapo-gu, Seoul announced on the 6th that it will actively promote public redevelopment by rescuing 581 cash settlement targets in Ahyeon 1 District (around Ahyeon-dong 699 area).

Ahyeon 1 District has a building aging rate of over 83%. Due to a lack of infrastructure such as roads and parks, demands for redevelopment have been steadily raised. Since being selected as a public redevelopment candidate site in August 2022, the maintenance plan is currently underway.

However, from the 1980s to the early 2000s, landowners in Ahyeon 1 District independently renovated deteriorated old houses, and in multi-family houses, issues of shared ownership arose as owners of different floors shared land or used underground common spaces as separate residential areas. As a result, out of a total of 740 landowners, all 740 faced the risk of becoming cash settlement targets without qualifying for allocation.

To minimize the departure of original residents, Mapo-gu continuously consulted with Seoul Housing and Communities Corporation (SH Corporation) and the Public Redevelopment Preparation Committee (representatives of local residents). As a result, by introducing a minimum size of communal housing (14㎡) and lowering the sale price, 581 people, accounting for 78% of the initial 740 cash settlement targets, were rescued.

Park Gang-su, the district mayor, stated, "We will prioritize the housing stability of original residents and actively communicate with residents while promoting the project."