Planned Districts Designated Near Suraksan and Daerim Stations; 3,207 Housing Units to Be Supplied

[Financial News] Aging urban areas near Suraksan Station and Daerim Station in Seoul have been designated as planned districts for an urban public housing complex project. The two districts cover approximately 87,000 square meters in total and are expected to provide 3,207 housing units. According to the Korea Land and Housing Corporation (LH) on the 1st, the planned districts for the urban public housing complex project near Daerim Station and Suraksan Station were designated and publicly announced that day.
The urban public housing complex project is a government-led initiative to supply housing in aging urban areas, including station areas where development has stalled for extended periods because private-sector redevelopment is difficult. The government uses expropriation and in-kind compensation for these projects. Since 2021, LH has been pursuing projects involving approximately 73,000 housing units across 44 locations nationwide.
The planned district near Daerim Station covers 59,145.2 square meters and will accommodate 2,016 housing units. It is conveniently located for travel to Seoul's major business districts, with access to Daerim Station, where Subway Lines 2 and 7 intersect.
The planned district near Suraksan Station covers 27,921 square meters and is expected to accommodate 1,191 housing units. Suraksan Station on Subway Line 7 provides access to central Seoul and major living areas, while the district is also close to Hongjecheon.
Within one year of the planned district designation date, LH will undertake procedures to secure consent from at least two-thirds of landowners and other property owners, as well as from owners representing at least half of the total land area.
Once the statutory consent threshold is met, LH plans to pursue formal district designation after completing the relevant approval procedures, including deliberation by the Central Land Tribunal.

[email protected] Choi Ga-young Reporter