Korea Asset Trust Designated as Project Implementer for Taereung Woosung Apartment Reconstruction Project

A landmark reconstruction project with up to 33 stories and 704 units

Korea Asset Trust has been designated as the project implementer for the Taereung Woosung Apartment reconstruction project in Nowon-gu, Seoul. The company plans to proceed with the subsequent steps in order, including holding a general meeting of all land and building owners, obtaining an integrated review, and selecting a construction company.

On November 12, Nowon-gu designated and publicly announced Korea Asset Trust as the project implementer for the Taereung Woosung Apartment reconstruction project. With the designation of the redevelopment area in May followed by the designation of the project implementer, the reconstruction project is expected to get fully underway. The designation came just 23 days after Korea Asset Trust applied to become the project implementer.

Aerial view of the Taereung Woosung Apartment reconstruction project in Nowon-gu, Seoul. Korea Asset Trust

The Taereung Woosung Apartment complex, which currently has 432 units, will be rebuilt with a floor area ratio of 299.46% as a 33-story apartment complex with 704 units and ancillary community facilities. The total includes 87 public housing units.

By exclusive floor area, the units will comprise 87 units of 59 square meters, 120 units of 74 square meters, 433 units of 84 square meters, and 64 units of 103 square meters. In particular, the project received a project feasibility adjustment coefficient of 1.68, an indicator that helps improve project profitability, during the preparation of the redevelopment plan. This significantly increased the floor area ratio incentive. Detailed building plans will be adjusted during the integrated review and project implementation plan approval stages.

The pedestrian environment in the surrounding area will also be improved. A 6-meter-wide public pedestrian passage connecting Nowon-ro 1ga-gil and Madang Park will be created within the complex and kept open at all times to improve walking convenience for residents and protect elementary school students on their way to and from school. Pedestrian space will be secured along Nowon-ro, and the complex will also include facilities for shared use by local residents, such as childcare facilities and services for older adults.

The site is within walking distance of Hwarangdae Station on Subway Line 6, and its educational environment is considered excellent, with Taereung Elementary School and Gongneung Middle School nearby. Madang Park borders the site to the north, and large residential complexes, including Taereung Harrington Place, Taegang Apartment, and Isu Cheongsol Apartment, are located in the surrounding area.

Nowon-gu's active administrative cooperation supported the designation of the project implementer. The district worked closely with Korea Asset Trust in advance on the matters required for the designation and helped ensure that the relevant procedures proceeded smoothly.

To support redevelopment projects, Nowon-gu established the Reconstruction Fast-Track Task Force (TF) and took the lead in resolving issues and improving regulations for reconstruction and redevelopment projects in the district. The district plans to continue closely monitoring the progress and challenges of each project and actively support their implementation through coordination with relevant organizations and administrative assistance.

As the project implementer, Korea Asset Trust will transparently manage all aspects of the project, from financing and design to permits and approvals, construction, and sales. Key matters, including finalizing the project implementation rules and selecting designers and construction companies, will proceed after approval at a general meeting of all land and building owners.

Meanwhile, Korea Asset Trust has built up experience by serving as project implementer for major reconstruction projects in the Seoul metropolitan area, including Mok-dong Complexes 9 and 11, Bundang THE Si-beom, Yeouido Si-beom Apartment, and Gwangjang Apartment. Building on its expertise in key reconstruction procedures, including obtaining permits and approvals and selecting construction companies, the company plans to lead the Taereung Woosung Apartment reconstruction project with greater stability and a more systematic approach.

This content was produced with the assistance of AI translation services.