SH and Samsung C&T Sign Joint Project Agreement for Jangwi 8 District Public Redevelopment

Establishing Role Division and Project Implementation System Between Joint Operators

On August 1, Seoul Housing & Communities Corporation (SH) announced that it has signed a joint project implementation agreement with Samsung C&T, which was selected as the contractor for the public redevelopment of Jangwi 8 District.

Seoul Housing and Communities Corporation and Samsung C&T Corporation signed a joint project implementation agreement for Jangwi 8 District on the 31st of last month. Hong Seonki, Director of SH Urban Maintenance Headquarters (left), and Kim Myungseok, Head of Samsung C&T Housing Business Headquarters, are holding up the agreement. Provided by Seoul Housing and Communities Corporation.

Jangwi 8 District was designated as a candidate site for public redevelopment in March 2021, following the government's 2020 plan to strengthen the housing supply base in the Seoul metropolitan area. Since then, SH has carried out key procedures, including the designation as a redevelopment promotion district in 2023 and the appointment of the project operator in 2024.

In April, the Jangwi 8 Residents' Representative Council recommended Samsung C&T as the joint project operator and contractor through a general residents' meeting. Based on the agreement, SH and Samsung C&T plan to clarify the division of roles and project implementation methods, establish a collaborative system, and actively promote the project.

SH and Samsung C&T intend to leverage their capabilities and expertise to successfully carry out the Jangwi 8 District project, contributing to the revitalization of housing supply and local development.

Hwang Sangha, President of SH, stated, "Through this agreement, we expect that both organizations will be able to create a synergy effect by combining their respective strengths," and added, "We will do our best to make the Jangwi 8 District public redevelopment project a model case for regional development."

The public redevelopment of Jangwi 8 District involves developing a site of 121,634 square meters in the Jangwi-dong 85 area, with a total of 21 buildings ranging from three basement levels to 46 above-ground floors, 2,801 residential units, and various welfare facilities. The total construction cost is 1.1944 trillion won. Samsung C&T has proposed 'Raemian Trigent' as the new name for the complex.