Seoul Housing and Communities Corporation (SH) announced on the 2nd that its "Sangye Madal District Redevelopment Project," which is being promoted as the first case of public rental dwellings redevelopments, has received approval for the housing construction project plan from the Seoul city government.
SH Corporation is promoting a project to redevelop old public rental dwellings that have been completed for more than 30 years to improve the living environment and expand housing supply.
Sangye Madals are set to be redeveloped into high-quality public dwellings after the demolition of 170 units of old permanent rental dwellings (with a floor area of 33㎡) located in Sangye-dong, Nowon District, which has been completed for more than 30 years. A total of 363 units (with floor areas of 39㎡ and 45㎡) will be re-supplied, including 170 integrated public rental dwellings and 193 long-term rental units. The complex plans to include various community facilities and green spaces that can be utilized together by residents and nearby neighbors under the theme of "Everyone's Park."
SH Corporation plans to apply the latest interior designs and high-quality products within the units and install various community welfare facilities, such as a small library, fitness center, resident cafe, and guest house, in accordance with the "Seoul Rental Housing Innovation Plan" introduced by Seoul Mayor Oh Se-hoon in 2022.
According to the approval of the housing construction project plan for the Sangye Madal District redevelopment, SH Corporation will relocate existing residents to nearby permanent rental dwellings and purchased rental dwellings. The demolition is planned for next year, with a target completion in 2028.
Hwang Sang-ha, president of SH Corporation, noted, "The Sangye Madals will serve as the first public rental dwellings redevelopment project in the country and will become a leading model for future redevelopment projects of old rental dwelling complexes," adding, "Improving the living conditions of aging public rental dwellings will revitalize the supply of high-quality housing and contribute to housing stability."