Jungnang-gu Says SH Corporation’s Relocation to Sinnae-dong Gains Momentum as Project REIT Establishment Is Completed

[Financial News] Jungnang-gu said on the 7th that it had completed the process of establishing a project REIT to advance the relocation of the Seoul Housing & Urban Development Corporation (SH Corporation) headquarters. Seoul Sinnae Complex Development Project REITs Management Company, established to carry out the project, completed its corporate registration on July 15 and received approval from the Ministry of Land, Infrastructure and Transport (MOLIT) for its project REIT filing on August 27.
A project REIT is a real estate investment company established to pursue a specific property development project. Jungnang-gu explained that the completion of the establishment and filing approval means the SH Corporation headquarters relocation project has entered the full-scale implementation stage. Follow-up procedures, including contribution of the project site and a design competition, will be carried out sequentially.
The SH Corporation headquarters relocation project involves developing a mixed-use complex in and around Sinnae-dong, including SH Corporation office facilities, a performance venue, apartment housing and neighborhood commercial facilities. The project aims to promote balanced development between southern and northern Seoul and revitalize the city’s northeastern area.
Jungnang-gu plans to continue cooperating with the Seoul Metropolitan Government and SH Corporation so that the project can help revitalize the local economy and create a new growth hub in northeastern Seoul.
Jungnang District Mayor Ryu Kyung-ki said, "With the completion of the project REIT establishment process, the SH Corporation headquarters relocation project can now move on to its next stage." He added, "We will work closely with the Seoul Metropolitan Government and SH Corporation to ensure the project proceeds without disruption and becomes a new growth engine for the area."
[email protected] Seong Cho-rong Reporter