Woori Asset Trust said on Wednesday it has been designated as the project operator for the redevelopment of Mokdong 1 complex in Seoul’s Yangcheon district. Yangcheon designated Woori Asset Trust as the project operator under the Urban and Residential Environment Improvement Act and publicly announced it.

Mokdong 1 complex is the first complex in Mokdong New Town, completed in 1985. It is a residential area representing Seoul’s southwestern region, located near Sinmokdong Station on Seoul Subway Line 9 and offering strong school districts and convenient living facilities. It also has abundant green space, including Anyangcheon Stream, Paris Park and Yongwangsan Neighborhood Park, and is assessed as having a pleasant living environment.

Seoul recently designated and announced Mokdong complexes 1 to 3 as redevelopment zones and confirmed a redevelopment plan that includes a higher floor-area ratio, expanded public facilities and improvements to pedestrian axes. Under the plan, Mokdong 1 complex is set to be transformed from up to 15 floors with 1,882 households to up to 49 floors with 3,500 households.

Woori Asset Trust has signed a business agreement with the redevelopment preparatory committee and has participated from an early stage in trust consulting and project structure design. Through the latest designation, it plans to build a stable fund management system based on expertise accumulated so far and move ahead with full-scale project 추진 together with residents.

Chief executive Beom-seok Kim (김범석) said, "We will mobilise all of Woori Financial Group’s know-how so we can maximise the symbolic nature and locational value of Mokdong 1 complex." He added, "We will continue to actively participate in redevelopment projects to contribute to stable project 추진 and improvements to the residential environment."