Suwon's Pajang Songjuk Zone B redevelopment moves forward with Korea Land Trust as project operator

The Pajang Songjuk Zone B redevelopment project in Suwon has formally launched after its preparatory committee completed applications to designate the area as an improvement zone and to appoint Korea Land Trust as the project operator.

The Pajang Songjuk Zone B Redevelopment Preparatory Committee announced Friday that it had submitted both applications to the city of Suwon on Oct. 30.

The committee had held a public information session on Sept. 5 and, 55 days later, recorded a 77 percent owner consent rate — well above the statutory requirement.

"We achieved an overwhelming consent rate in about two months after the public session," a committee official said. "Property owners' will to redevelop and their interest in the trust-based development model are both very high."

Pajang Songjuk Zone B is located near 421-4 Pajang-dong, Jangan-gu, Suwon, and covers a site area of 59,838 square meters. Once designated as an improvement zone and developed, it is expected to become a large apartment complex of up to 35 stories with 1,200 units. The site offers strong access to the wider road network, with the North Suwon Interchange within a 2-kilometer radius, and is drawing attention as a residential base close to the planned North Suwon Techno Valley. The area is also served by educational institutions including Suwil Elementary and Middle School, Gyeonggi Science High School and Suwil Girls' Middle School.

Korea Land Trust, named as the proposed project operator, has led trust-based redevelopment and reconstruction projects at major sites across Greater Seoul, including Yeouido, Mokdong, Heukseok and Gwangjin-gu. The company posted strong subscription competition rates this year at the Heukseok Zone 11 redevelopment and Singil Zone 10 reconstruction projects.

"Urban improvement projects are an area where risk management and expertise throughout the lengthy permitting process are paramount," a Korea Land Trust official said. "We will leverage the advantages of the trust-based model to pursue the Pajang Songjuk Zone B project efficiently and transparently."

Founded in 1996, Korea Land Trust is one of South Korea's longest-established real estate trust companies. Its core business lines include loan-type land trusts, urban improvement projects — covering trust-based redevelopment and reconstruction — real estate investment trusts and investment projects.