The Cheonho Hangang district urban complex development project in Gangdong District, Seoul, is moving into full swing. Having completed the selection of a preliminary project operator, the project is set to enter stages including designation of the project operator, securing resident consent, and administrative approvals.
According to the redevelopment industry on the 24th, the Cheonho Hangang district urban complex development project preparation committee signed a memorandum of understanding with Daishin Asset Trust and a redevelopment project professional manager on the 21st and began procedures for designating the project operator and obtaining permits and approvals.
The Cheonho Hangang district urban complex development project is a housing-focused urban complex development targeting the Han River area between Amsa Station and Cheonho Station. According to the review plan, if the zoning is upgraded, a complex residential community of about 1,250 to 1,421 households is expected to be feasible.
Under the memorandum of understanding, Daishin Asset Trust will handle designation as the prospective project operator, designation as an innovation district, conclusion of a trust agreement, and support for permits and approvals. Support for initial project costs will also proceed after consultations with the preparation committee.
In a trust-based urban complex development, the trust company carries out project implementation, including initial financing, permits and approvals, and project management. Compared with the existing method that goes through a cooperative establishment process, it can simplify the project promotion system.
A redevelopment industry official said, "Because the initial pace of an urban complex development has a major impact on the overall schedule, the role of a trust company with project experience and financing capability is important," adding, "After selecting the trust company, the schedule for the Cheonho Hangang 2 project is also expected to gain momentum."