|The purpose of this research is to analyze not only physical dimension but also social-psychological dimension in housing renewal project from the perspective of new-build gentrification. To do this, this paper conducts literature review, analyzes physical changes, performs survey and run statistical analysis. Research findings are as follows: first, physical environment has been improved after the project. Second, social-psychological changes such as place attachment, sense of community, and the degree of residential satisfaction have been changed after the project. Finally, significant factors related to the place attachment are `collective efficacy`, `interaction with neighbors`, `comparison with previous degree of residential satisfaction`. `collective efficacy` and `interaction with neighbors` have statistically significant influence on sense of community. And `perceived neighborhood disorder`, `comparison with previous degree of residential satisfaction` are significant factors related to the residential satisfaction.