Redevelopment Project Planned with Up to 52 Stories and 1,129 Units
Site Eligible for Special Provisions under the Urban and Residential Environment Improvement Act
Korea Land Trust and Daehan Land Trust Consortium announced on the 30th that they have signed a business agreement with the Preparatory Committee for the Redevelopment Project of A Block at Indeokwon Middle School in Anyang, Gyeonggi Province, to promote the redevelopment project.
Korea Land Trust and Daehan Land Trust announced on the 30th that they signed a business agreement on the 29th with the redevelopment project promotion committee of A Block at Indeokwon Middle School. Photo by Korea Land Trust
The Indeokwon Middle School A Block redevelopment project is planned to construct a large-scale apartment complex, including officetels, with a total of 1,129 units in 14 buildings, up to 52 stories high, at 1481 Gwanyang-dong, Dongan-gu, Anyang, Gyeonggi Province.
Located near Indeokwon Station on Subway Line 4, the site offers excellent access to Seoul. The well-established commercial district and living infrastructure in the vicinity are also expected to contribute to strong sales potential.
The Indeokwon Middle School A Block redevelopment project is eligible for special provisions under the Urban and Residential Environment Improvement Act. These provisions grant incentives to expedite the project when a trust company acts as the project implementer, taking into account the company's expertise. Utilizing these provisions allows for simultaneous designation of the redevelopment zone and the project implementer, thereby shortening the approval process compared to the traditional association method.
Under the traditional association method, more than two-thirds of residents must propose the designation of the redevelopment zone, and subsequently, more than three-quarters must agree to establish an association. By utilizing the special provision, the project implementer can be designated promptly with the consent of just over two-thirds of residents, which is expected to further accelerate the project.
The trust-based redevelopment method was introduced in 2016 through amendments to relevant laws to address the shortcomings of the traditional association method. By leveraging the real estate development expertise and financing capabilities of trust companies, this approach enhances transparency, reduces conflicts among stakeholders, and minimizes project delays.
The Korea Land Trust-Daehan Land Trust Consortium and the Preparatory Committee aim to complete both the designation of the redevelopment zone and the appointment of the trust company as the project implementer within this year.
A representative of the Indeokwon Middle School A Block Preparatory Committee stated, "As we are working with two companies that have strengths in redevelopment projects, we will strive to ensure the project is promoted more efficiently and transparently."
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