Korea Land & Housing Trust Officially Designated as Project Implementer for Sinwol Siyoung Reconstruction [Real Estate AtoZ]

Preparations Underway for Integrated Review, Including Formation of Redevelopment Project Committee Early Next Year

Korea Land & Housing Trust announced on November 6 that it has been officially designated as the project implementer for the reconstruction of the Sinwol Siyoung Apartment complex.

The Sinwol Siyoung Apartment complex, located at 987-1 Sinwol-dong, Yangcheon-gu, Seoul, currently consists of 2,256 households and is a large-scale residential area. After reconstruction, it will be transformed into 29 buildings with 3,149 households, featuring four basement floors and 21 above-ground floors.

The Sinwol Neighborhood Park, located at the center of the complex, will be relocated to the north and developed as a green axis connected to nearby parks. In addition, a park-style walking trail approximately 2.3 kilometers long and a central plaza will be created, transforming the area into a pedestrian-friendly and pleasant residential complex.

After receiving the official designation as a redevelopment zone on August 7, the Sinwol Siyoung Apartment complex began collecting consent forms to appoint Korea Land & Housing Trust as the project implementer starting August 21 for about a month. The required consent rate was quickly achieved, and on October 1, the application for project implementer designation was submitted to the Yangcheon District Office, leading to this official announcement.

Now in its 38th year since completion, Sinwol Siyoung Apartment is conveniently located near Gangwol Elementary School and Yangcheon Middle School, as well as the Mokdong New Town academy district. Once the Sinwol 7-dong redevelopment project is completed, a large-scale residential town is expected to be formed in the surrounding area.

The Sinwol Siyoung Reconstruction Preparation Committee and Korea Land & Housing Trust plan to hold a general meeting early next year to form the Redevelopment Project Committee and select partner companies, officially beginning integrated reviews and other key project procedures.

A representative from Korea Land & Housing Trust stated, "During the consent form collection period, cooperation and communication between the Reconstruction Preparation Committee and landowners proceeded smoothly. In addition, the active administrative support from the Yangcheon District Office enabled us to receive the designation announcement according to the planned schedule."