Banghak Shindonga Complex 1 to be redeveloped with 4,099 homes... Daishin Asset Trust applies for designation as project operator

[Financial News] Daishin Asset Trust is accelerating progress on the redevelopment of Banghak Shindonga Complex 1 in Dobong-gu, Seoul, after completing its application to be designated as the project operator. The complex, which currently has 3,169 households, is set to be redeveloped into a complex with 4,099 households under the improvement plan.
Daishin Asset Trust, an affiliate of Daishin Securities, said on the 8th that it had met the legal requirements for designation as project operator of Banghak Shindonga Complex 1 and had completed its application.
Banghak Shindonga Complex 1 is an apartment complex with 3,169 households in Banghak-dong, Dobong-gu, Seoul. It is currently pursuing redevelopment under a trust-based model, and the redevelopment district was designated and publicly announced in October last year.
Under the improvement plan, the existing complex will be transformed into a new residential complex with four basement levels and 47 above-ground floors, comprising a total of 4,099 households. That is 930 more households than at present.
The application for designation as project operator is a follow-up step to establish a full-fledged project framework after the redevelopment district has been designated. Daishin Asset Trust plans to proceed in stages with the procedures needed for redevelopment, including obtaining related permits and approvals, once it is designated as the project operator.
Kim Song-gyu, CEO of Daishin Asset Trust, said, "Banghak Shindonga Complex 1 is a large-scale redevelopment project of great significance for improving the residential environment in Dobong-gu and northern Seoul. We will communicate closely with residents and systematically manage the permitting and approval process to ensure the project proceeds steadily."   

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