Korea Trust announced on the 12th that it has been designated as the project implementer for the redevelopment of Zone 1 in Sinwool 7-dong, Yangcheon District, Seoul.
The redevelopment project for Zone 1 in Sinwool 7-dong spans an area of 130,483.7㎡, making it the largest redevelopment area among the sites selected in the first phase of Seoul's rapid integrated planning.
A total of 2,890 housing units, including 581 rental units, will be supplied through the redevelopment, comprising 30 buildings. By floor area, the breakdown includes ▲460 units of 36.90㎡, ▲1,000 units of 49.90㎡, ▲976 units of 59.90㎡, and ▲454 units of 84.90㎡.
The trust method for the maintenance project is a system where a real estate trust company commissions the landowners to undertake the project, rather than a reconstruction or redevelopment association. The designated developer method allows the project to be expedited without the need for a separate association establishment, providing stable initial financing as an advantage.
The trust company features expertise in real estate development along with regulatory compliance from financial authorities, ensuring transparency in the project.
Residents led the application for the rapid integrated planning for Zone 1 in Sinwool 7-dong. After the designation of the maintenance area, landowners preferred the trust method for the project, and Korea Trust secured the requirements for the project implementer designation on March 10 of this year, about 48 days later. Subsequently, on the 5th, about a month later, it was finally designated as the project implementer through an announcement by Yangcheon District Office.
An official from Korea Trust noted, "Based on the transparency and expertise of the trust method maintenance project, we will protect the rights and interests of landowners and repay their trust through stable project management," and said, "We will do our best to improve the local residential environment and enhance urban competitiveness in connection with surrounding maintenance projects such as Zone 2 in Sinwool 7-dong and the Sinwool Apartment."