Korea Investment Real Estate Trust signs MOU on Seoul Yangpyeong-dong 4-ga redevelopment
In short
Korea Investment Real Estate Trust (한국투자부동산신탁) signed a memorandum of understanding with the operating committee of the Yangpyeong-dong 4-ga urban complex development project in Seoul's Yeongdeungpo District, the company said on 22 October. The project is to supply housing of 2,300 households or more, including apartments and officetels.
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Korea Investment Real Estate Trust (한국투자부동산신탁) signed a memorandum of understanding with the operating committee of the Yangpyeong-dong 4-ga urban complex development project, the company said on 22 October. The project is being pursued at Yangpyeong-dong 4-ga, plot 247 and surroundings, in Seoul's Yeongdeungpo District. Yonhap described the trust company as a subsidiary of Hanguk Geumyung Jiju (한국금융지주). [ 1 , 2 , 3 ]
Yonhap and Korea Economic Daily said the two sides agreed to cooperate on business support for the project, stage-by-stage feasibility review and drawing up a development plan, and a review of project management and funding structures. Newsis said the sides will introduce a trust method from the early stage of the project to set up systematic project management and a funding structure, and to cooperate on feasibility review and the development plan. [ 1 , 2 , 3 ]
According to the outlets, the project is to redevelop old buildings and the residential environment and supply apartments and officetels for about 2,300 households or more. Yonhap and Korea Economic Daily called it a large-scale urban redevelopment project. Newsis said the site is close to Seonyudo Station on subway Line 9 and to Dangsan Station, a transfer station for Lines 2 and 9, giving access to Yeouido and Gangnam, and that it has an elementary school, commercial facilities and Seonyudo Park nearby. [ 1 , 2 , 3 ]
Lee Dong-hyun (이동현), chair of the operating committee, said in Newsis that the committee would pursue the project quickly and transparently by drawing on the trust company's expertise. Korea Economic Daily quoted him as saying the agreement with a company with strong capabilities in redevelopment had laid a base for speedy progress. [ 1 , 3 ]
Park Min-kyu (박민규), head of the trust business division at Korea Investment Real Estate Trust, said the company would actively support the practical work so the site becomes a leading residential complex in the southwest area, based on its accumulated know-how. In Korea Economic Daily he referred to know-how in redevelopment and urban development. [ 1 , 3 ]
Why it matters
The agreement sets out how the trust company and the project's operating committee will work together on feasibility review, development planning and funding structure. The documents do not give financial terms or a schedule.
Key facts
- Korea Investment Real Estate Trust signed an MOU with the operating committee of the Yangpyeong-dong 4-ga urban complex development project, the company said on 22 October. [ 1 , 2 , 3 ]
- The project is at Yangpyeong-dong 4-ga, plot 247 and surroundings, in Seoul's Yeongdeungpo District. [ 1 , 2 , 3 ]
- The two sides agreed to cooperate on business support, stage-by-stage feasibility review, drawing up a development plan, and reviewing project management and funding structures. [ 1 , 2 , 3 ]
- The project is to redevelop old buildings and the residential environment and supply apartments and officetels totalling about 2,300 households or more. [ 1 , 2 , 3 ]
- Newsis reported that the sides will bring in a trust method from the early stage of the project. [ 1 ]
Confirmed by several sources
- Korea Investment Real Estate Trust and the Yangpyeong-dong 4-ga urban complex development project operating committee signed an MOU, announced on 22 October. [ 1 , 2 , 3 ]
- The project covers about 2,300 households or more of apartments and officetels at Yangpyeong-dong 4-ga 247 and surroundings, Yeongdeungpo District. [ 1 , 2 , 3 ]
- The MOU covers stage-by-stage feasibility review and development planning, as well as project management and funding structure. [ 1 , 2 , 3 ]
Still unclear
- Financial terms and the project schedule are not given. None of the three documents states them.
- Whether the trust method will be used from the start of the project. Only Newsis says the sides will introduce a trust method from the early stage; the other two outlets do not mention it.