Korea Land & Housing Corporation (LH) said on the 13th that the public redevelopment maintenance zone designation notice for the area around 77, Sinwol 5-dong, Yangcheon-gu, Seoul, has been completed.
The area around 77, Sinwol 5-dong, has an area of 53,820 square meters, and applying a building plan floor area ratio of 249.94%, 25 apartment buildings with 14 floors, totaling 1,241 households (including 201 public housing units), are slated to be supplied.
This zone was designated as a planned maintenance zone in 2010, but due to reasons such as being a Type 2 general residential area (7 floors) and a height restriction (near Gimpo Airport), its business feasibility was weak, making it difficult to push the project forward, and it was released from the planned maintenance zone. Afterward, in 2022, it was selected as a public redevelopment candidate site under the government's Aug. 4 measures, and as LH joined the project as a preliminary project implementer, the project gained momentum.
To ensure smooth project progress, LH upgraded the Type 2 general residential area (7 floors) to a Type 2 general residential area during the maintenance plan formulation process and significantly improved business feasibility by applying a profitability correction coefficient in line with the 2030 basic plan for urban and residential environment maintenance.
With the area around 77, Sinwol 5-dong, reassigned as a maintenance zone 12 years after being released from the planned maintenance zone, improvements to the residential environment of long-stagnant aging neighborhoods as well as the effect of expanding new housing supply in the city center are expected.
In addition, LH plans to link the redevelopment zone around 72, Sinwol 5-dong, adjacent to the zone, to plan an east–west public passageway and to build community facilities such as care facilities and senior facilities around the passageway, thereby establishing everyday infrastructure that local residents can use together.
It also plans to expand basic living facilities by increasing the area of children's parks within the project site from one site of 937 square meters to two sites totaling 4,262 square meters (2,165 square meters on the southeast side and 2,097 square meters on the northwest side).
Park Hyeon-geun, head of LH's Special Headquarters for Metropolitan Area Maintenance Projects, said, "Through public redevelopment, we will focus on improving the residential environment in areas left behind due to a lack of business feasibility and resolving the imbalance in housing supply in downtown Seoul."