Korea Land & Housing Corporation (LH) said on the 29th that it has been designated as the project operator for Sections 6 and S3, the leading district in Seongnam Bundang New Town.
Seongnam Bundang Sections 6 and S3 (planned 2,475 households) was designated and announced as a special maintenance district in January this year under the Special Act on Maintenance and Support for Aged Planned Cities.
The district secured a consent rate of more than 80% just a month and a half after it began collecting consent forms for the project operator on Apr. 18. This exceeds the legal threshold of 50% and is seen as reflecting residents' trust in the public implementation method and their will to push the project forward.
LH plans to sign a project implementation agreement with the residents' representative council in July and swiftly proceed with follow-up procedures, including selection of a contractor, project implementation approval and a management and disposal plan.
Kang O-sun, head of LH's Regional Balance Headquarters, said, "We will concentrate LH's capabilities and do our best to promote the project so it can become a model case for the first new town redevelopment."