The Seogye-dong station area revitalization project preparation committee said on the 19th that it signed a business agreement on the 15th with Korea Real Estate Investment & Trust Co. (KOREIT) to promote a trust-based redevelopment project.
The project will overhaul aging low-rise housing in the areas around 234-5 Seogye-dong (zone A) and 32-1 Seogye-dong (zone B) in Yongsan District, Seoul, to create a 578-household residential complex in the Seoul Station station area. The supply scale is 407 households in zone A and 171 households in zone B.
The project site is near Seoul Station, served by subway lines 1 and 4, the Airport Railroad, and the Gyeongui-Jungang Line. It passed the review for selection as a target site for the Seoul station area revitalization project in Mar., and on Apr. 14 proceeded with a trust company bidding notice, after which Korea Real Estate Investment & Trust Co. (KOREIT) was selected as the final preliminary trustee.
The preparation committee said, "We plan to work with Korea Real Estate Investment & Trust Co. (KOREIT), which has delivered results in trust-based redevelopment projects, to create a landmark in the Seoul Station area."
The Seogye-dong station area revitalization project targets areas with concentrations of aging housing within the Seogye-dong district unit planning zone. The need to improve the residential environment has been raised consistently, and large-scale developments such as the Seoul Station north station area development and the rapid integrated planning redevelopment of the 33 Seogye-dong area are also underway nearby.
Transportation is also cited as a strength. It sits within the Seoul Station station area, and has excellent access to major arterial roads such as Manrije-ro and Cheongpa-ro, earning high marks for connectivity with surrounding areas.
The preparation committee and Korea Real Estate Investment & Trust Co. (KOREIT) plan to accelerate permitting procedures for designating the redevelopment zone and the project operator under the agreement.
An official at Korea Real Estate Investment & Trust Co. (KOREIT) said, "As large-scale redevelopment projects are being promoted around the project site, we will work to create differentiated residential value through systematic development."
Meanwhile, the station area revitalization project aims to overhaul aging low-rise housing and, through mixed-use development around stations, foster hubs that combine residential, commercial and office functions. It is characterized by simultaneously promoting regional balance and revitalization while supplying necessary local facilities.