A rendering of the Sanbon District 1 Zone 1 redevelopment complex. [Korea Asset Trust]
A rendering of the Sanbon District 1 Zone 1 redevelopment complex. [Korea Asset Trust]

The Gunpo Sanbon District 1 Zone 1 redevelopment project, in which Korea Asset Trust serves as project operator, has received project implementation plan approval, picking up pace as key procedural milestones fall into place. With the implementation plan now confirmed, follow-on steps — including asset valuation, pre-sale applications from landowners and other rights holders, and the establishment of a management and disposal plan — are set to move forward in earnest.

According to Korea Asset Trust on Friday, the project will develop an approximately 84,396-square-meter site at 78-5 Sanbon-dong, Gunpo, into 15 residential towers ranging from five below-ground to 35 above-ground floors, comprising a total of 1,765 units along with community facilities. Anchored by double transit access at Geumjeong Station on subway lines 1 and 4 and strong lifestyle infrastructure, the development is expected to transform the area into a flagship residential complex for Gunpo.

Sanbon District 1 Zone 1 is being developed under a trust-based redevelopment model, which has allowed the project to advance more quickly than conventional association-led schemes. After the zone was designated in December 2021, the project operator designation was secured within eight months — without the need for a separate association formation process.

Under the conventional association model, a project implementation plan can only be drawn up after a promotion committee is formed and an association establishment permit is obtained following zone designation. By contrast, the trust-based model has the trust company involved as operator from the outset, allowing key procedures to proceed without interruption. The main advantages are a shorter timeline by eliminating the association formation stage, as well as minimized operational gaps and decision-making delays that can arise when the lead entity changes.

Korea Asset Trust has leveraged these structural advantages to manage the permitting process on a stable footing. Industry observers have noted that Sanbon District 1 Zone 1 stands as a demonstration of the trust-based redevelopment model's strengths.

With project implementation plan approval secured, Sanbon District 1 Zone 1 will move into asset valuation and pre-sale application procedures for landowners and rights holders before the end of the year. The project will then proceed sequentially through the management and disposal plan, relocation and ground-breaking, with the aim of delivering a 1,765-unit landmark development around Geumjeong Station.

Sanbon District 1 Zone 1 is considered the fastest-moving redevelopment zone in Gunpo. Beyond improving aging residential conditions, the project is expected to play a positive role in reshaping the urban fabric around the transit hub and expanding housing supply in the area.

"This project implementation plan approval is a meaningful achievement made possible through close cooperation and communication among landowners and rights holders, Gunpo city, and relevant agencies," a Korea Asset Trust official said. "We will continue to do our utmost — through transparent project management and active communication — to ensure that all follow-on procedures proceed without a hitch and that Sanbon District 1 Zone 1 establishes itself as a model redevelopment complex representing Gunpo."

Meanwhile, Korea Asset Trust has been expanding its related services, signing an MOU last month with ING Story, the operator of premium study cafe and reading room brand Zaksim, to develop premium community facilities within its residential complexes.


lucky@heraldcorp.com