Korea Land Trust Officially Designated as Project Implementer for Cheonyeon-dong Moa Town

Promoting the Project with the Goal of Integrated Review and Contractor Selection Next Year

Korea Land Trust announced on August 29 that it has been officially designated as the project implementer for the small-scale housing maintenance management area (Moa Town) street housing maintenance project at 89-16 Cheonyeon-dong, Seodaemun-gu, Seoul.

Perspective view of Moa Town project at 89-16 Cheonyeon-dong, Seodaemun-gu, Seoul. Provided by Korea Land Trust

On August 27, Seodaemun-gu announced that, in accordance with Article 19, Paragraph 1 of the Special Act on Vacant Houses and Small-Scale Housing Maintenance, Korea Land Trust has been designated as the developer for the Cheonyeon-dong Moa Town project.

The Cheonyeon-dong Moa Town project will construct nine buildings with two basement levels and 22 above-ground floors, providing 506 residential units and neighborhood facilities on a 16,799-square-meter site at 89-16 Cheonyeon-dong and its surrounding area.

As the first Moa Town in Seodaemun-gu, the site was selected in 2022. In 2023, Korea Land Trust signed a business agreement to promote the project through a trust-based method, and has since been advancing the project.

Starting in early May of this year, the company began collecting consent forms from stakeholders, meeting the consent requirements in about 50 days. In July, the company submitted an application to Seodaemun-gu Office for designation as the project implementer, which led to the official announcement.

A representative from Korea Land Trust stated, "Thanks to the strong commitment of the property owners and cooperation from Seodaemun-gu Office, we were able to smoothly obtain the designation as project implementer," adding, "We will focus on efficient and stable project execution in line with the planned schedule going forward."

Cheonyeon-dong Moa Town is conveniently located between Dongnimmun Station on Line 3 and Seodaemun Station on Line 5. It boasts excellent residential infrastructure, with Kangbuk Samsung Hospital, Severance Hospital at Yonsei University, Yonsei University, and Ewha Womans University all nearby.

As the project implementer, Korea Land Trust plans to work with land and property owners to accelerate the project, with the goal of submitting for integrated review and selecting a contractor by 2026.

A Korea Land Trust representative commented, "In addition to speed, we will actively communicate with land and property owners to ensure they can make informed decisions as we move the project forward."