Deal supports systematic project management, stable financing

Roughly 3,100 housing units planned in Osan-dong area

Park Min-gyu (left), head of division at Korea Investment Real Estate Trust, and Ko Jin-sang, chairman of the Osan Station Urban Redevelopment Project Committee, pose for a photo after signing an MOU at a ceremony held Sept. 9 for the Osan Station urban redevelopment project. (Korea Investment Real Estate Trust)
Park Min-gyu (left), head of division at Korea Investment Real Estate Trust, and Ko Jin-sang, chairman of the Osan Station Urban Redevelopment Project Committee, pose for a photo after signing an MOU at a ceremony held Sept. 9 for the Osan Station urban redevelopment project. (Korea Investment Real Estate Trust)

Korea Investment Real Estate Trust said Friday that it signed a memorandum of understanding with the Osan Station Urban Redevelopment Project Committee on Wednesday to support the successful execution of the Osan Station urban redevelopment project underway in Osan, Gyeonggi Province.

Under the agreement, the two sides will cooperate on comprehensive administrative support for advancing the project, feasibility studies and development planning, project management and financing review, and other matters needed to efficiently carry out the trust-based urban redevelopment project.

The Osan Station urban redevelopment project is a large-scale mixed-use development planned for an area around 608-1 Osan-dong in Osan, involving roughly 3,100 housing units and a range of lifestyle facilities. The project aims to expand housing supply in the city center and improve aging residential conditions.

Korea Investment Real Estate Trust provides trust services spanning the real estate sector, including land trusts, trust-based urban redevelopment projects and real estate investment trusts. In a trust-based urban redevelopment project, a cooperative or its members entrust land and other assets to Korea Investment Real Estate Trust, which then raises the funds needed to carry out the redevelopment before returning the completed project to the members.

"The Osan Station urban redevelopment project is a meaningful undertaking that will improve housing conditions in the aging old town center and elevate the value of this transit-oriented location," said Park Min-gyu, head of division at Korea Investment Real Estate Trust. "Drawing on our expertise and experience in trust-based development, we will support systematic project management and a stable financing structure, and we will do our best to communicate closely with the committee to ensure the project's success."


jiyun@heraldcorp.com