Momentum is building for the redevelopment and maintenance project in the Wooman "Ga" District of Suwon, Gyeonggi Province.
Korea Trust recently announced that it has completed its application to Suwon City for designation of the maintenance zone and project implementer for the redevelopment and maintenance project in the Wooman "Ga" District.
The Wooman "Ga" District redevelopment and maintenance project is a mega-scale development to construct 4,164 apartment units in a residential complex ranging from 3 basement levels to 49 above-ground floors on a 221,791-square-meter site around 503-7 Wooman-dong, Paldal-gu, Suwon. It boasts the largest area among all candidate maintenance project sites within Suwon City and is drawing attention as it is expected to become a landmark complex representing the area upon completion.
From the early stages, the project site has attracted industry attention as overwhelming support from local residents and the swift response of the local government have gone hand in hand.
When the project applied to be listed as a candidate maintenance site in April last year, it proved its business viability with a high resident consent rate of 75.7%, and on that basis, it was ultimately selected in October of the same year as a candidate maintenance project site by Suwon City.
This project is being carried out through the organic cooperation of three domestic trust companies: Korea Trust, Korea Land Trust, and Woori Asset Trust.
In particular, in the case of the Wooman "Ga" District redevelopment project, Korea Trust expects the project to gain speed because, under special provisions, the procedure to establish an association can be omitted while the establishment of the maintenance plan and the approval of the project implementation plan proceed in parallel.
A Korea Trust official stated, "This application for designation of the maintenance zone and project implementer is the result of combining the aspirations of residents, the systematic support of Suwon City, and the expertise of the three trust companies," adding, "To create a landmark that represents Suwon City, we will carry out the future schedule swiftly and transparently."
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