Complex to be rebuilt up to 33 stories with 704 units

A rendering of the Taereung Woosung apartment reconstruction project in Gongneung-dong, Nowon-gu, Seoul. [Korea Asset In Trust]
A rendering of the Taereung Woosung apartment reconstruction project in Gongneung-dong, Nowon-gu, Seoul. [Korea Asset In Trust]

Korea Asset In Trust has been designated as the project operator for the Taereung Woosung apartment reconstruction project in Gongneung-dong, Nowon-gu, Seoul. With the designation process complete, the company plans to move forward with subsequent steps, including convening a general meeting of landowners and other rights holders, conducting an integrated review, and selecting a contractor.

According to industry sources, Nowon-gu officially designated Korea Asset In Trust as the project operator for the Taereung Woosung reconstruction project on Thursday. The designation comes just 23 days after Korea Asset In Trust submitted its application, and follows the project zone designation in May, putting the reconstruction on track to proceed in earnest.

The current 432-unit complex will be rebuilt into a development of up to 33 stories and 704 units, along with ancillary welfare facilities, applying a floor area ratio of 299.46 percent. The total unit count includes 87 public housing units.

By exclusive use area, the units break down as follows: 87 units at 59 square meters, 120 units at 74 square meters, 433 units at 84 square meters, and 64 units at 103 square meters. Particularly notable is the application of a "project viability correction coefficient" of 1.68 — an index used during the planning process to bolster a project's financial feasibility — which significantly expanded the allowable floor area ratio incentive. Detailed architectural plans are to be finalized during the integrated review and project implementation authorization stages.

The surrounding pedestrian environment will also be improved. A 6-meter-wide public walkway connecting Nowonno 1-ga-gil and Madang Park will be created within the complex and kept open at all times to enhance residents' walking convenience and the safety of elementary school students commuting to school. Along Nowonno, pedestrian space will be secured, and facilities for shared community use — including childcare and senior services — will also be provided.

The project site is within walking distance of Hwarangdae Station on subway Line 6, and is close to Taereung Elementary School and Gongneung Middle School, giving it strong educational surroundings. Madang Park borders the complex to the north, and large residential developments nearby — including Taereung Harrington Place, Taegang Apartments and Isu Cheongsol Apartments — provide abundant lifestyle infrastructure.

Nowon-gu's active administrative cooperation is credited as a key factor behind the swift designation.

A Korea Asset In Trust official said the district had worked closely with the company in advance to coordinate the requirements for the designation, providing full support to ensure the process proceeded smoothly. The official added that Nowon-gu had established a dedicated task force to accelerate reconstruction projects and was taking the lead in resolving pending issues and improving the regulatory framework for reconstruction and redevelopment projects in the district.

Nowon-gu said it would continue to closely monitor the progress and challenges at each project site, and actively support redevelopment initiatives through coordination with relevant agencies and administrative assistance.

As project operator, Korea Asset In Trust will oversee the entire process transparently, from financing and design through permitting, construction and pre-sales. Key decisions — including finalizing the implementation rules and selecting designers and contractors — will be made through resolutions at general meetings of landowners and rights holders.

Meanwhile, Korea Asset In Trust has recently taken on the role of project operator in several major Greater Seoul reconstruction projects, including the Mok-dong complexes 9 and 11, Bundang THE Sibeom, and the Yeouido Sibeom and Gwangjang apartment complexes.

A Korea Asset In Trust official said the company plans to lead the Taereung Woosung reconstruction project in a stable and systematic manner, drawing on its expertise in key procedures such as permitting and contractor selection.


hss@heraldcorp.com