Compensation begins for urban complex project west of Ssangmun Station and in Yeonsinnae, accelerating delivery of 1,796 homes

[Financial News] The public-led urban complex project to build 1,796 homes west of Ssangmun Station in Dobong District, Seoul, and around Yeonsinnae Station in Eunpyeong District has entered the compensation stage.
Korea Land and Housing Corporation (LH) said on the 26th that it began negotiated compensation on the 23rd for the urban public housing complex projects (urban complex projects) at two sites: west of Ssangmun Station and at Yeonsinnae Station.
The projects will supply 1,404 homes west of Ssangmun Station and 392 in Yeonsinnae. The area west of Ssangmun Station is served by Seoul Subway Line 4, while Yeonsinnae is served by Lines 3 and 6 and the Great Train eXpress (GTX-A), making both station areas convenient for travel to and from downtown. LH plans to expedite follow-up procedures, aiming to break ground in 2028 after completing compensation and relocation. GS Construction will build the project west of Ssangmun Station, while Kumho Engineering & Construction Co., Ltd. and Daebo Construction will handle the Yeonsinnae project.
With the addition of these two districts, work has also gained momentum on the six urban complex districts underway in Seoul, which together will provide 7,755 homes. The project furthest along is the Banghak Station district, with 420 homes. Compensation has been completed there and in the East Ssangmun Station district, which will provide 639 homes. Last September, the Banghak district became the first urban complex district to begin demolition, five years after being designated a candidate site. Compensation schedules have also been set for the two remaining sites. LH plans to sign compensation agreements next month for the Singil 2 district, with 1,332 homes, and the Jeungsan 4 district, with 3,568. The two districts alone account for 4,900 homes.
Measures have also been put in place to facilitate compensation work. LH plans to open compensation offices near the complex districts and assign professionals, including judicial scriveners, tax accountants and financial institution employees, to help residents with compensation procedures and relocation.
The urban complex project was first introduced in February 2021 under the government’s 2·4 Housing Supply Measures, which set a nationwide target of supplying 830,000 homes. Under the scheme, public entities such as LH carry out high-density development in station areas, quasi-industrial areas and low-rise residential neighborhoods. The legal basis for the project was established on a temporary three-year basis. The 21 candidate sites for the first pilot projects, announced on March 31 that year, included nine in Eunpyeong District, seven in Dobong District, four in Yeongdeungpo District and one in Geumcheon District. At the time, the government said the projects would supply about 25,000 homes.
An LH official said, “As compensation procedures for the urban complex districts west of Ssangmun Station and in Yeonsinnae have also begun five years after their selection as candidate sites, we will strengthen cooperation with residents and ensure that follow-up procedures proceed without a hitch so that homes can be supplied quickly and reliably.”
[email protected] Jeong Gyeong-su Reporter