Korea Asset Trust submits special maintenance zone proposal for Bundang Imaechon Samsung-Samhwan reconstruction

Korea Asset Trust said Wednesday it submitted a special maintenance zone designation proposal to Seongnam City together with the integrated reconstruction promotion committee for the Imaechon Samsung and Samhwan apartment complex (Zone 17) in Bundang.

The submission was made through a resident proposal process. Seongnam City plans to have an advisory committee review the submitted documents — including a special maintenance plan and resident consent forms — before notifying the committee of its advisory findings this month.

The Imaechon Samsung and Samhwan apartment complex competed in the first round of pilot district applications in 2024 but was not selected. Drawing on that experience, the promotion committee signed an MOU with Korea Asset Trust in December last year and has since been preparing a second zone designation proposal. Korea Asset Trust has built a track record in related applications: both the Bundang Sibeom Woosung-Hyundai & Geonyeong integrated zone and the Pyeongchon Minbaek block integrated zone — each covered by MOUs with the firm — were selected as first-round pilot districts.

The complex currently comprises 1,734 units and is home to Imaechon Middle School, with Tancheon stream and the Seongnam Arts Center nearby. If designated as a second-round special maintenance zone, it is expected to be redeveloped into a large-scale complex of more than 2,700 units. Korea Asset Trust said it expects the project to move forward quickly, as owners have already formed a unified resident representative body and reached early agreement on integrated development and settlement.

Shim Yeong-seon, chair of the Imaechon Samsung-Samhwan integrated reconstruction promotion committee, said the plan "is not a reconstruction driven solely by business viability, but one that aligns with Seongnam City's master plan and reflects public interest." He added that the committee would "do its utmost to create a model complex with excellent schools and a natural environment."