'Development' Added to Existing Name
New Vision and Mission Declaration Ceremony Held
Abbreviation 'SH' to Be Used Concurrently
Seoul Housing and Communities Corporation (SH Corporation) is starting anew by changing its name to 'Seoul Housing and Urban Development Corporation (SH)'. The word 'Development' has been added to the original name, marking the first name change in nine years.
On July 11, SH Corporation held the 'Seoul Housing and Urban Development Corporation Launch and Vision Declaration Ceremony' at the main auditorium of its headquarters in Gangnam-gu, Seoul. Seoul Mayor Oh Sehoon and Seoul Metropolitan Council Vice Chairperson Lee Jonghwan attended the event to mark SH Corporation's new beginning.
SH Corporation has set forth a new mission to promote citizens' welfare, ensure residential stability, and contribute to regional economic development. Its new vision is to become an urban public enterprise that creates an attractive city of Seoul where citizens are happy. The goal is to contribute to balanced development in Seoul, improve citizens' quality of life, and enhance Seoul's brand value as a key public enterprise.
Even though the corporate name has changed, the existing abbreviation 'SH' will continue to be used. Considering the long-established brand recognition, both the new name and the existing abbreviation will be used together in communications with citizens and in public relations.
This name change was initiated to improve the residential welfare of Seoul citizens and to transform into a development-specialized public institution with global competitiveness. Mayor Oh Sehoon also determined that the current name did not fully reflect the corporation’s identity, which encompasses both residential welfare projects and various development initiatives.
SH Corporation was established in 1989 as the 'Seoul Metropolitan Urban Development Corporation.' During the tenure of former President Lee Myungbak as Seoul mayor in 2004, the corporation changed its name to the English abbreviation 'SH Corporation.' In 2016, under the late Mayor Park Wonsoon, the name 'Seoul Housing and Communities Corporation' was added and used alongside 'SH Corporation' due to concerns about pronunciation difficulties and the lack of a clear vision in the previous name.
SH Corporation's major projects include the supply of 'Mirinae House' (Long-term Jeonse Housing II), which is a core housing policy of Mayor Oh Sehoon, and the Great Hangang Project, which is the 2.0 version of the Hangang Renaissance Project (2007). In addition, SH Corporation has served as the project developer for the Godeok Biz Valley development and is currently carrying out projects such as the Yongsan International Business District development being promoted by the city.
Hwang Sangha, president of SH, stated, "With this name change, we aim to clarify our role as Seoul’s only development-specialized public institution," and added, "We will actively pursue a variety of development projects to ensure residential stability for citizens and to strengthen Seoul’s urban competitiveness."
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