Koramco Asset Trust will serve as developer of a project to build a 40-story mixed-use complex in a commercial district in central Gwacheon, near Government Complex Gwacheon Station on Seoul Subway Line 4.
The company said on the 9th that it signed a business agreement with the integrated preparatory committee for the Government Complex Gwacheon Station District 1 urban complex development project to push ahead with the private trust-based development.
The site sits in the core commercial area of central Gwacheon, covering lots 1-13, 1-14, 1-17 and 1-18 in Byeolyang-dong, Gwacheon, Gyeonggi Province. The district spans 12,415 square meters. Under the plan, the complex will rise 40 stories above ground with six basement levels and include about 590 apartment units along with commercial facilities. Total floor area is roughly 156,300 square meters. Detailed building plans will be adjusted during the permit process.
Although the site is within walking distance of Government Complex Gwacheon Station, aging buildings and tangled ownership claims had made redevelopment difficult. As developer, Koramco Asset Trust plans to oversee the entire project, including a review of the business structure, permit strategy, feasibility analysis, financing and contractor selection.
"Government Complex Gwacheon Station District 1 is a symbolic location where the functions of central Gwacheon can be renewed," Koramco Asset Trust CEO Lee Choong-sung said. "We will create a mixed-use development model that balances residential and commercial functions while protecting the rights of existing landowners."
