Korea Land Trust: "Pyeongchon Saem Maeul Special Redevelopment District Designation and Public Notice Completed"

[Financial News] Pyeongchon Saem Maeul, one of the pilot districts in Pyeongchon New Town, has been designated and publicly notified as a special redevelopment district, formally launching its reconstruction project.
According to Korea Land Trust on the 22nd, Pyeongchon Saem Maeul, for which Korea Land Trust and KB Real Estate Trust serve as preliminary project implementers, received final approval from Anyang-si on the decision for a special redevelopment plan and the designation and public notice of a special redevelopment district under the Special Act on the Maintenance and Support of Aging Planned Cities on the 18th.
Located in Hogye-dong, Anyang-si, Gyeonggi Province, Pyeongchon Saem Maeul consists of four apartment complexes: Daewoo-Hanyang, Ssangyong, Imgwang and Woobang. The project achieved this result approximately three months after the proposal to designate it as a special redevelopment district was officially submitted to Anyang-si in June. Although concerns arose over delays in procedures such as hearing the city council's opinion, the designation and public notice were completed following deliberation by the Urban Planning Committee in August, thanks to property owners' active efforts to urge action on outstanding issues and smooth cooperation among the relevant authorities.
Korea Land Trust and KB Real Estate Trust, the preliminary project implementers, plan to immediately begin the process of obtaining residents' consent for their designation as project implementers, with the residents' representative group, following the designation of the special redevelopment district. They will then accelerate the reconstruction project by proceeding with follow-up steps, including forming a redevelopment project committee and selecting partner companies.
Pyeongchon Saem Maeul is currently an aging complex with 2,334 households, but the reconstruction project will completely transform it into a large-scale newly built apartment complex with a total of 4,127 households. Anyangnam Elementary School and Daean Middle School are located within the complex, which also boasts an excellent educational environment thanks to its easy access to the renowned Pyeongchon private education district in Anyang, Gyeonggi Province.
A Korea Land Trust official said, "Thanks to the wholehearted support of the property owners and close coordination among the owners, trust companies and relevant authorities, we were able to secure the designation as a special redevelopment district quickly. We will work closely with residents and do our utmost to successfully complete the project."

[email protected] Jeon Min-kyung Reporter