South Korea announced on the 8th that it has officially initiated the formulation of redevelopment plans for the Taepyeong 1 District and the Bank 1 Geumgwang 2 District, and has designated the relevant redevelopment areas.

This planning involves the Taepyeong 1 District in Sujeong-gu and the Bank 1 Geumgwang 2 District in Jungwon-gu. Both areas are concentrated with old residential buildings, covering a total area of approximately 191,000 square meters. Seongnam City stated that systematically redeveloping these neighborhoods aims to improve residents' living conditions and deliver tangible urban development outcomes. The planning formulation service is expected to last for 15 months, concluding in March 2027.

According to the planning process, the city's urban development plan aims to complete specific development plans and formally designate development promotion areas in the first half of 2027, after which the project implementation will be advanced in phases.