Yangcheon District said on the 22nd that it designated and announced Korea Asset In Trust as the project implementer for the "Mok-dong Complex 11 apartment reconstruction and maintenance project." The announcement comes two months after Complex 11 was designated as a maintenance zone.
The project implementer will push forward the maintenance project by going through the resolution procedures of a meeting composed of all land and other owners for items including: finalizing the regulations for carrying out the maintenance project; contracting with a professional maintenance project management firm; and selecting designers and a construction company.
Currently a 15-story, 1,595-household complex, Complex 11 will be rebuilt on a site area of 128,668㎡ with a floor area ratio of about 300% into a development with a maximum of 41 stories and 2,679 households.
Of the 14 Mok-dong apartment complexes, eight are pursuing maintenance projects using the trust method. Earlier, five complexes—Complexes 5, 9, 10, 13 and 14—were designated and announced as project implementers.
Under the trust-method maintenance project, a union is not established; instead, a trust company is directly designated as the project implementer and carries out the entire process of the maintenance project—from approval application to selecting a construction company, sales, and settlement—directly.