Dobong-gu has designated Daeshin Asset Trust as the project operator for the Banghak Shindonga 1 complex reconstruction, which will be redeveloped into a large-scale apartment complex of up to 47 stories and 4,099 units
The Banghak Shindonga 1 apartment complex, the site of Dobong-gu's largest reconstruction project, is set to accelerate its redevelopment after completing the designation of a trust company as its project operator.
Dobong-gu announced Monday that it had finalized the designation of Daeshin Asset Trust as the project operator — under the designated developer model — for the Banghak Shindonga 1 apartment reconstruction project, with an official notice to be issued Wednesday.
Completed in 1990, the Banghak Shindonga 1 complex spans 30 buildings and 3,169 units, making it the largest aging apartment complex in Dobong-gu and a long-standing focus of residents' reconstruction hopes.
The district completed the designation and official notification of the improvement zone last year. Under a floor area ratio of approximately 299.9 percent, the complex is set to be transformed into a new development of up to 47 stories and 4,099 units.
The complex opted for the designated developer model, which allows for a faster and more transparent process compared with the conventional method of forming a residents' association.
With Daeshin Asset Trust — a professional trust company — selected as the designated project operator, the redevelopment now has a stable and expert foundation from which to proceed.
Daeshin Asset Trust will take charge of all key subsequent procedures, including architectural review, project implementation planning and approval of the management and disposal plan.
"The Banghak Shindonga 1 reconstruction, a long-cherished project for Dobong-gu, has entered a full-fledged stage with the designation of a project operator," Dobong-gu District Mayor Kim Dong-wook said. "We will continue to listen to residents' voices and spare no administrative support to ensure the project proceeds without a hitch."
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