Korea Land Trust signs MOU for integrated reconstruction of Bundang Jangan Town complex

Korea Land Trust announced Monday that it signed an MOU with the Bundang Jangan Town integrated reconstruction preparatory committee on May 20 to pursue a trust-based improvement project.

The two sides agreed to cooperate toward securing designation as a second-round special improvement zone. Seongnam has been designating special improvement zones within Bundang to accelerate reconstruction and announced a call for second-round zone proposals late last year.

The preparatory committee selected Korea Land Trust as its preferred negotiating partner after holding a bidding process in March to identify candidates, followed by a resident vote and briefing session in April.

The Jangan Town residential complex, located in Bundang-dong, Bundang-gu, Seongnam, comprises 539 households across four developments — Punglim I-One, Prime House, Kunyoung Doosan and Life Hanshin — along with adjacent neighborhood commercial facilities. Jangan Elementary School sits within the complex, and Yuldong Park and Bulgoksan are nearby.

The two parties plan to submit a special improvement zone designation proposal to Seongnam in July.

According to the city's announcement, the second-round special improvement zone is estimated to encompass 12,000 households in total. Applicants must secure the consent of a majority of landowners and property holders, draw up a special improvement plan, and then formally propose the zone designation. Whether the zone receives official designation will be decided by year-end, following a public review period and consultations with the city council.

"Once developed, the complex will be reborn as a large-scale development of more than 1,000 households," a Korea Land Trust official said. "We will work closely with the preparatory committee and the relevant authorities to ensure the project is selected as a second-round special improvement zone, in keeping with residents' strong will and unity."