Saelyou Residential Environment Improvement District to Complete Compensation by February Next Year

Suwon City approved the implementation of the Saelyou District Residential Environment Improvement Project on the 6th.

The Saelyou District Residential Environment Improvement Project established its basic plan in January 2006 and designated and announced the improvement zone last December.

Additionally, Suwon City received an application for project implementation approval from the Korea Housing Corporation in September this year and completed consultations with 27 related agencies including the Fire Department.

As of November, the project area is home to 6,375 people across 2,787 households, and the city plans to complete land and building compensation for 911 properties within the district by the end of February next year.

The Saelyou District, to be developed with a project budget of 650 billion won, will accommodate a total of 2,359 households with a population of 6,967 people, consisting of 510 rental units and 1,849 for-sale units.

A Suwon City official stated, "We will pursue residential environment improvement projects for the development of the declining old city center and make efforts toward balanced urban development."