A consortium comprising Woori Asset Trust, KB Real Estate Trust and Shinhan Asset Trust has signed a memorandum of understanding (MOU) to push forward an urban complex development project west of Myeonghak Station in Anyang, it said on Saturday.

The project will redevelop aging residential areas and underused land around the west side of Myeonghak Station in Manan-gu, Anyang. It aims to create a mixed-use space combining housing and commercial functions.

The site is near Myeonghak Station on Seoul Subway Line 1 and is adjacent to an existing downtown living area. Given transport access and nearby commercial and living facilities, improvements in the residential environment and revitalisation effects in some areas are expected.

The consortium will take on project management roles, including reviewing the project structure, drawing up funding measures and supporting consultations among stakeholders. It plans to support early-stage implementation based on each company's experience in redevelopment projects and fund management functions.

A consortium official said the project is important for improving the residential environment in downtown Anyang and reorganising urban functions more efficiently. The official said the three companies will do their best to help ensure the project moves forward in a stable manner, based on their experience and capabilities.