Seongnam City restarts Seongho Market modernization project

Seongnam City has moved to restart the Seongho Market modernization project after a 12-year delay. The project aims to transform the aging market area in Seongnam-dong into a complex space featuring residential housing, office facilities, and neighborhood living facilities.

The project originally began in 2014 in partnership with the Korea Land and Housing Corporation (LH). However, progress stalled after LH requested an additional 35 billion won in public subsidies in February 2024 due to rising inflation and declining profitability. In response, Seongnam City transitioned the project to a small-scale redevelopment model led by a trust company.

Following a proposal from Daeshin Asset Trust, the city secured an 80.95% consent rate from landowners in September, surpassing the 75% requirement for appointing a designated developer. The city aims to officially appoint the developer this November. Once appointed, the project will proceed through integrated reviews and business implementation plan approvals. The development is scheduled to break ground in 2029 with a target completion date of 2032.