SH-Samsung C&T to Jointly Execute Jangwi 8 District Public Redevelopment

[Financial News] Seoul Housing and Communities Corporation (SH) announced on the 1st that it has signed a joint business execution agreement with Samsung C&T, which was selected as the contractor for the 'Jangwi 8 District Public Redevelopment'.
Jangwi 8 District in Seongbuk-gu, Seoul was selected as a candidate site for public redevelopment in March 2021, following the government's plan to strengthen the housing supply base in the metropolitan area. Since then, SH has been swiftly proceeding with major procedures such as designation as a redevelopment promotion zone in 2023 and designation of an executor in 2024.
This agreement was made as the Jangwi 8 Residents' Representative Meeting recommended Samsung C&T as a joint business executor and contractor through a residents' general meeting in April this year. Based on the agreement, SH and Samsung C&T plan to clearly define role division and business promotion methods and establish a cooperation system to actively promote the project.
The two institutions plan to maximize their capabilities and expertise to contribute to the successful promotion of the Jangwi 8 District project, housing supply activation, and regional development.
Hwang Sang-ha, CEO of SH, stated, "Through this agreement, we expect the two institutions to combine their strengths to create synergy," and "We will do our best to make the Jangwi 8 District public redevelopment project a model case for regional development."
The Jangwi 8 District is expected to be developed into a large complex with 21 buildings, 2,801 households, from 3 basement floors to 46 above-ground floors.


ming@fnnews.com Jeon Min-kyung Reporter