Koramco Reits & Trust Designated as Project Implementer for Samhwan Dobong Apartment Reconstruction

Dobong-gu's First Trust-Structured Reconstruction Project Surpasses 90% Approval

Dobong-gu, Seoul (District Mayor Oh Eon-seok) announced on the 20th that it designated Koramco Reits & Trust Co., Ltd. as the project implementer for the reconstruction of the Samhwan Dobong Apartment complex and published the notice on the 12th.

Bird's-eye view of the Samhwan Dobong Apartment redevelopment plan. Provided by Comprehensive Architectural Office Yesigeon Aidiem.

The designation of the project implementer was made pursuant to Article 27 of the Act on the Improvement of Urban Areas and Residential Environments and Article 20 of its Enforcement Decree, with an approval rate of approximately 91%. This is the first reconstruction project in Dobong-gu pursued under a trust structure to achieve an approval rate of 90% or higher.

With the designation of the project implementer, integrated management of the project, including financing, project management, and coordination with construction companies and financial institutions, has become possible, and the reconstruction project is expected to gain momentum. According to the maintenance plan announced in August last year, a floor area ratio of 343.49% will be applied, and the complex will be built with up to 42 floors and a total of 993 units.

Samhwan Dobong Apartment is the first complex in Seoul to benefit from the relaxation of the floor area ratio regulations for quasi-industrial zones. With this deregulation, the upper limit of the floor area ratio for quasi-industrial zones has been raised, making it possible to apply up to 343.49%. The complex plans to select a builder in September this year and then proceed with subsequent procedures such as establishing and obtaining approval for the management and disposal plan.

Dobong-gu District Mayor Oh Eon-seok said, "Samhwan Dobong Apartment is the first complex in Seoul to benefit from the relaxation of the floor area ratio regulations for quasi-industrial zones," adding, "We will do our best to provide administrative support so that the word 'first' can remain a source of pride for residents."