LH Signs Implementation Deal for Seoul’s Myeonmok District 9 Public Redevelopment

Korea Land and Housing Corp.’s Seoul metropolitan redevelopment unit said Tuesday it signed an implementation agreement with the residents’ representative council for the Myeonmok District 9 public redevelopment project in Seoul.
 
Myeonmok District 9 failed to make the cut in 2021 under the city’s fast-track planning program and the first round of public redevelopment candidates. It was later selected as a second-round public redevelopment candidate in 2022, backed by strong resident participation, with a 55% consent rate.
 
LH said coordination with the local government accelerated the process. After the plan cleared review by the Seoul Metropolitan Government’s Urban Planning Commission in December, the district designation was completed about a month later. In January, LH said it also completed administrative steps including designation of the project implementer and formation of the residents’ representative council.
 
LH said it plans to complete contractor selection this year through a public bidding process and to pursue approval of the project implementation plan next year.
 
Under the current redevelopment plan, the area would be rebuilt into a large complex of 1,057 households, with a floor area ratio of 275.2% and buildings up to 30 stories, or 135.5 meters. LH said it also plans to reflect possible changes tied to the legislative track of the so-called “9.7 measures,” including a higher floor area ratio and a shorter project timeline, to improve project feasibility.
 
“LH will bring its extensive public redevelopment capabilities to keep the Myeonmok District 9 project on track,” Park Hyeon-geun, head of LH’s Seoul metropolitan redevelopment unit, said in a statement. He said LH will work closely with the residents’ council to deliver faster housing supply and improved living conditions.