The Korea Land and Housing Corporation (LH) announced on the 23rd that it held a joint business execution agreement ceremony with Hyundai Engineering for the public redevelopment project in the Jeonnong 9 area on the 14th.
According to the agreement, LH and Hyundai Engineering plan to promote joint business execution that defines responsibilities and obligations for the Jeonnong 9 area public redevelopment project.
The two companies plan to cooperate on ▲ excellent apartment construction ▲ prevention of excessive construction cost increases ▲ reflection of residents' opinions ▲ price linkage ▲ reduction of private business operator risks.
LH and Hyundai Engineering plan to actively promote the project in collaboration with the Residents' Representative Council, which is the representative body of the Jeonnong 9 area residents.
Designated as a maintenance target area in 2004, the Jeonnong 9 area has faced difficulties in promoting the private redevelopment project for about 16 years until 2020, even forming a cooperative establishment promotion committee in 2007.
In March 2021, it was selected as a candidate site for public redevelopment by the Seoul City, and it was designated as a maintenance zone in June 2023, reflecting public contributions and floor area ratio incentives. It is currently promoting the redevelopment project in collaboration with LH.
The Jeonnong 9 area is expected to be transformed into a new apartment complex with a total of 1,159 dwelling units in buildings of no more than 35 stories and a floor area ratio of less than 300% on approximately 50,000 square meters of project site east of Cheongnyangni Station. A total of 920 housing units for sale and 239 public dwellings will be supplied, with construction scheduled to begin in 2028 and occupancy targeted for 2031.
LH is promoting public redevelopment projects totaling 28,671 dwellings across 20 zones in 13 autonomous districts of Seoul. Among these, the designation of maintenance zones has been completed for 10 zones.
An LH official said, “Through this agreement, we will actively cooperate with residents to swiftly and successfully carry out the public redevelopment project,” adding, “We will do our best to improve residents' living environments and expand housing supply in downtown Seoul.”
The agreement ceremony held on the 14th was attended by Park Hyun-geun, Deputy Minister of LH Seoul Regional Headquarters, Park Sang-jun, Deputy Minister of Hyundai Engineering, and Kim Sam-geun, Chairperson of the Residents' Representative Council.