The remodeling project of the Jamwon Dong-A apartment, considered a prime location in the Banpo area of Seoul, is gaining momentum. Once completed, a new large development with over 1,000 households is expected to emerge in the Banpo area in about five years.
According to the maintenance industry on the 4th, the Jamwon Dong-A remodeling housing association is preparing for a review by the Seoul City Urban Planning Committee scheduled for March. After passing a preliminary consultation with the Urban Architecture Joint Committee in December of last year, the process is likely to proceed smoothly. This preliminary consultation reviews urban planning and architectural standards before the project undergoes formal scrutiny. The association plans to submit a traffic impact assessment in May and a building review in July.
A representative of the Jamwon Dong-A remodeling association noted, "We are currently awaiting the results after submitting the review to the city's Urban Planning Committee," adding, "We expect member relocations to be possible around 2027 to 2028."
Jamwon Dong-A is a 991-unit apartment completed in 2002. While it is administratively part of Jamwon-dong, its living environment is closer to Banpo-dong. The Banpo Xi apartment is located across the four-lane road, and the Maple Xi is situated right next to it. The association received establishment approval in 2021 and selected Hyundai E&C as the construction company that same year. The following year, it received a C grade for safety from the Seocho District Office.
Hyundai E&C has decided to apply its high-end brand "D.H." to this project. After remodeling, the name of the apartment will be "D.H. Le Haven," and the scale will increase to 1,073 households. Out of the total, 82 units will be released for general sale, excluding the member allocation.
Recently, many apartments that were pushing for remodeling have shifted towards reconstruction following a relaxation of reconstruction regulations. However, Jamwon Dong-A has steadily pursued the remodeling project. The plot ratio of Jamwon Dong-A is 316%, making it difficult to achieve revenue through reconstruction, according to industry analysis. Located next to Banpo Station on Line 7 and along the main road, the area is expected to transform into a large new development following the completion of remodeling, just after New Banpo. The Maple Xi, with a total of 3,307 households, is scheduled to welcome residents in June.
The sale prices of Jamwon Dong-A have recently been on the rise. In 2002, the price for a 84㎡ unit reached a peak of 2.81 billion won (11th floor), before dropping to 2 billion won. However, as momentum has picked up for the remodeling project over the past year, prices are recovering. A transaction occurred on the 23rd of last month at 2.75 billion won (19th floor).