The Seogye-dong Station Area Revitalization Committee in Yongsan District announced on May 19 that it signed a memorandum of understanding (MOU) with Korea Land Trust on May 15 to advance a trust-based redevelopment project.
The revitalization project aims to transform the aging low-rise residential areas in Seogye-dong, specifically the sites at 234-5 (Zone A) and 32-1 (Zone B), into a vibrant hub with a total of 578 housing units (407 in Zone A and 171 in Zone B) centered around the Seoul Station area.
The project site is strategically located at the intersection of Seoul Subway Lines 1, 4, Airport Railroad, and Gyeongui-Jungang Line, having passed the selection review for the station area revitalization project by the Seoul city government in March. On April 14, a bidding announcement was made for the trust company, leading to Korea Land Trust being selected as the final pre-trust company to sign the agreement.
The committee stated, "We will work closely with Korea Land Trust, which has demonstrated outstanding results in trust-based redevelopment projects, to transform the area into a landmark around Seoul Station."
The Seogye-dong revitalization project falls within the district unit plan area, where the need for improving the residential environment has been consistently highlighted due to the concentration of aging housing. Nearby areas, including the northern Seoul Station development project and the rapid integrated planning redevelopment in the Seogye-dong 33 area, are undergoing significant development, which is expected to create synergies.
Particularly, the project benefits from excellent transportation access as it is part of the Seoul Station area, with easy connections to major arterial roads such as Manrijae-ro and Cheongpa-ro, which will diversify urban functions through enhanced connectivity with surrounding regions.
Following the signing of the MOU, the committee and Korea Land Trust plan to promptly initiate the designation of the redevelopment area and the selection of the project implementer.
A representative from Korea Land Trust remarked, "Given the large-scale redevelopment projects underway in the vicinity, we will strive to create differentiated residential value within Seoul through systematic development."
Meanwhile, the station area revitalization project has been underway since 2019, aimed at creating a living space that integrates work, residence, and leisure activities.
Meanwhile, the station area revitalization project has been underway since 2019, aimed at creating a living space that integrates work, residence, and leisure activities.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.