In the Shinjung-dong area of Yangcheon District, Seoul, approximately 84,500 square meters (25,800 pyeong) of land will be redeveloped to accommodate 3,000 households. Detached houses and villas between Shinjung Station on Line 5 of the Seoul Subway and the Gyeongin Expressway will be transformed into an apartment complex. The area is close to Mokdong Rodeo Street and the academy district. If selected as a target site for the Seoul Rapid Integrated Planning early next year, it is highly likely to be designated as a land transaction permission zone.
According to Yangcheon District and the redevelopment industry on the 19th, the Shinjung Station 1 Redevelopment Promotion Committee submitted a request for a redevelopment plan to designate the area for Seoul's Rapid Integrated Planning to Yangcheon District on the 16th. Once it is finalized as a target site after review by Yangcheon District and the selection committee for redevelopment candidates at Seoul City, full-scale redevelopment will proceed.
This area, located at 922-940 Shinjung 4-dong, spans 84,505.4 square meters (approximately 25,835 pyeong) and is situated between Shinjung Station on Line 5 of the Seoul Subway and the Gyeongin Expressway. It is also close to the Mokdong academy district and Rodeo Street. An official from Yangcheon District said, "As this is a large-scale redevelopment area, a review will likely take place in about 1-2 months." Considering that the Rapid Integrated Planning review will take no longer than six months, it is expected to be selected as a target site around March 2-3 of next year.
Currently, the number of members in the redevelopment area, including multiple property owners, is 1,269, with a total of 1,529 households based on household count. If chosen for Rapid Integrated Planning and subject to the government's station area redevelopment policy (New: Home), a floor area ratio of 360% will be applied, creating a large complex of over 3,000 households.
Looking at the redevelopment plan by household, there are plans to allocate 2,334 households for members and general sale, 584 households for public rental, and 320 households for public sale, with floor areas ranging from 36.9 square meters to 109.9 square meters. Among major construction companies, Hyundai Engineering and POSCO Engineering & Construction are reportedly interested in the redevelopment project in this area.
Chairperson Kim Ho-woo of the Shinjung Station 1 Redevelopment Promotion Committee noted, "A large number of members submitted redevelopment consent forms in a short period, leading to the submission of a redevelopment plan for Rapid Integrated Planning," adding, "The willingness of the members toward redevelopment is quite high." Director Kim Je-kyung of Tumi Real Estate Consulting pointed out, "The Shinjung Station 1 redevelopment is favored by commuters traveling to Yeouido and Gwanghwamun, as it is located in a subway Line 5 station area and is also accessible to the Mokdong academy district. Given that it will consist of 3,000 households, it is expected that the redevelopment will significantly improve the surrounding residential environment and maintenance effects."
Meanwhile, if designated as a target site for Rapid Integrated Planning, it is highly likely to be designated as a land transaction permission zone to prevent speculation.