Korea Trust said on the 25th that it completed an application on the 13th to designate the maintenance zone and the project implementer for the "Uman (ga) district redevelopment project," which will transform an aging residential area in Uman-dong, Paldal-gu, Suwon Special City.
The Uman (ga) district is a project jointly participated in by three trust companies—Korea Trust, Korea Land Trust, and Woori Asset Trust—to build a multi-family housing complex with 4,164 households in total, from 3 underground floors to 49 above-ground floors, on a 22,791-square-meter site around 503-7 Uman-dong, Paldal-gu, Suwon.
The project is moving at a fast pace. After applying as a candidate site for a maintenance project in April last year, it was finally selected as a candidate site in October. After that, the promotion preparation committee and the three trust companies met the requirements for applying for designation of the maintenance zone and the project implementer in just over two months from the start of collecting consent forms. With special provisions for designated developers applying to the Uman (ga) district, the cooperative establishment process can be skipped, and the establishment of the maintenance plan and the approval of the project implementation plan can proceed in parallel, making it likely that the project will move forward quickly.
A Korea Trust official said, "With a sense of responsibility to create a landmark complex representing Suwon, we will push all processes swiftly and transparently, from permits and approvals to sales and completion."