Completion of Sillim 3 Urban Renewal in Gwanak District... 571 Households Move into Daewoo Prugio

Supplying 571 Apartment Units in Eight Buildings from Four Basement to Seventeen Above-Ground Floors near Seoul National University Venture Town Station on the Light Rail
Sillim 3 Zone Transformed into a High-End Eco-Friendly Complex after 20 Years; Move-In Begins on May 8
Completion of Sillim 3 Zone Expected to Accelerate Progress in Sillim 1, 2, and 4 Zones

Gwanak District (District Mayor Park Junhee) approved the completion of the redevelopment project for the "Sillim 3 Urban Renewal Promotion Zone," located at 316-55 Sillim-dong, on April 30.

The Sillim 3 Zone, an area densely populated with aging, substandard housing and unauthorized buildings within parks, was designated as the third New Town in 2005. Over the course of 20 years, the area has undergone complete redevelopment.

As a result, the Sillim 3 Zone, constructed by Daewoo Engineering & Construction, has been named "Seoul National University Venture Town Station Prugio." Residents are scheduled to begin moving in sequentially starting May 8.

The redevelopment project for the Sillim 3 Zone progressed through the following milestones: designation as an urban renewal promotion zone in 2006; approval of the urban renewal promotion plan and establishment of the association in 2008; approval of the project implementation plan in 2017; approval of the management and disposal plan in 2020; completion of relocation in 2021; commencement of construction in 2022; and final completion in April this year.

To ensure the smooth progress of the project, the district provided administrative support at each stage of the process. In addition, through collaboration with nearby Shinwoo Kindergarten and elementary schools, the district took thorough measures to protect the safety of children and students and prevent any harm during construction.

In particular, the district expects that with the completion of the Sillim 3 Zone?the first renewal complex to be finished within Sillim New Town?the redevelopment projects in Zones 1, 2, and 4 within the promotion area will also accelerate.

"Sillim 1 Zone" received approval for its project implementation plan in March this year and is preparing for the member subscription process at the end of the year. "Sillim 2 Zone" is scheduled to commence construction in the second half of the year, following the completion of infrastructure works and approval for changes to the project implementation plan. "Sillim 4 Zone" was selected as a candidate site for the expedited integrated planning process in March this year, and the district is currently preparing to commission a study for the establishment of a renewal plan.

Park Junhee, Mayor of Gwanak District, stated, "With the completion of the Sillim 3 Zone, the first piece of the Sillim New Town puzzle is now in place. Building on the momentum from the completion of Zone 3, we will provide unwavering administrative support so that the redevelopment projects in Zones 1, 2, and 4 can also proceed smoothly and the Sillim Urban Renewal Promotion Project can be completed without delay." He added, "I sincerely congratulate and thank the association and all those involved for successfully completing the project 17 years after the establishment of the association."