A rendering of the Sookmyung Women's University Station transit-oriented long-term jeonse housing urban renewal redevelopment project [Provided by Daeshin Asset Trust]
A rendering of the Sookmyung Women's University Station transit-oriented long-term jeonse housing urban renewal redevelopment project [Provided by Daeshin Asset Trust]

A redevelopment project near Sookmyung Women's University Station in Galwol-dong, Yongsan-gu, Seoul has cleared the city's integrated review, giving the initiative fresh momentum.

According to industry sources, the Seoul Metropolitan Government convened its 17th Integrated Review Committee for Urban Renewal Projects on Thursday and conditionally approved a combined review covering six fields — architecture, landscape, education, environment, traffic and disaster prevention — for the zone.

The approval came roughly three months after project operator Daeshin Asset Trust submitted its review application on May 12. It also marks eight months since the zone was formally designated and announced last December, during which time the project operator designation and integrated review were completed in quick succession.

Under the approved plan, five buildings ranging from six basement floors to 40 above-ground floors will rise on a 26,493.5-square-meter site, yielding 900 units and ancillary welfare facilities. That is 15 units more than the 885 called for in the original urban renewal plan.

By housing type, the complex will include 231 transit-oriented long-term jeonse units and 72 mandatory rental units. The number of general pre-sale units rose by 27, from 570 to 597, after the project added smaller units in line with the Seoul Metropolitan Government's policy to promote transit-oriented long-term jeonse housing and received a 20-percentage-point floor-area-ratio incentive above the baseline.

The layout of the complex and public-facility plan were also finalized. The design incorporates a view corridor toward Namsan and an open streetscape along Duteokbawi-ro. Existing social welfare facilities will be relocated and rebuilt at a site with better access to Hangang-daero and Duteokbawi-ro, and public open space will be provided around the complex.

The project — the first trust-method redevelopment in Yongsan-gu — can now accelerate follow-on steps including project implementation authorization and contractor selection. Yun Myeong-suk, chairperson of the Sookmyung Women's University Station transit-oriented redevelopment committee, said the integrated review was completed quickly thanks to the participation and cooperation of landowners and property holders, adding that subsequent procedures would proceed without delay.

A Daeshin Asset Trust official said the company would fulfill the conditions attached to the integrated review while simultaneously preparing for contractor selection and project implementation authorization before the end of the year, pledging to manage the project with the utmost care.

Meanwhile, the Seoul Metropolitan Government said transit-oriented redevelopment projects have so far supplied more than 1,700 long-term jeonse units.


lucky@heraldcorp.com