Coramco Asset Trust will participate in a project to develop the commercial area of Gwacheon’s old downtown into a mixed-use urban complex combining residential and commercial facilities.
On September 9, Coramco announced that it has signed a business agreement with the Integrated Preparatory Committee for the Government Gwacheon Station District 1 Urban Complex Development Project to promote the development through a private trust method.
The Government Gwacheon Station District 1 is located in the core commercial area of Byeollyang-dong, Gwacheon City, Gyeonggi Province, near the Government Gwacheon Station on Seoul Subway Line 4.
The area covers 12,415 square meters. According to the plan, a complex with approximately 590 residential units and commercial facilities will be developed, featuring six underground floors and up to 40 above-ground floors. The total floor area is expected to be around 156,300 square meters. Detailed architectural plans may be adjusted during the permitting process.
Although the site has significant potential due to its proximity to the Government Gwacheon Station, challenges such as aging buildings and complex property rights have hindered the advancement of redevelopment projects.
Coramco plans to lead the project as the implementer, overseeing the overall process, including project structure review, permitting strategy, feasibility analysis, financing, and contractor selection.
If the redevelopment of the commercial area near Gwacheon’s old downtown progresses, it is expected to enhance not only housing supply but also the recovery of aging commercial districts and improvements in living infrastructure.
Lee Chung-sung, CEO of Coramco Asset Trust, stated, “The Government Gwacheon Station District 1 is a symbolic location that can revitalize the functions of Gwacheon’s old downtown. We aim to create a mixed-use development model that balances residential and commercial functions while protecting the rights of existing landowners.”
* This article has been translated by AI.
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