The integrated reconstruction district of Gyeongnam, WOOSUNG 3rd, and Hyundai 1st Apartments (Gyeong, WOOSUNG, Hyundai) in Gaepo-dong, Gangnam-gu, Seoul, is set to be designated as a maintenance area next week. Given that the project is proceeding under Seoul's rapid integrated planning, the association anticipates occupancy within the next eight years.
According to the Seoul City and the maintenance industry on the 12th, the Gyeong, WOOSUNG, and Hyundai integrated reconstruction project is pending a review for maintenance area designation by the Seoul Urban Planning Committee (Authority Subcommittee) on the 17th. Because Seoul's rapid integrated planning is being applied, there seem to be no major issues expected for the review to pass. The Gyeong, WOOSUNG, and Hyundai Integrated Reconstruction Preparatory Committee plans to establish a promotion committee by June and aims to establish the association in the first half of next year.
Chairperson Lim Byeong-eop of the Gyeong, WOOSUNG, and Hyundai Integrated Reconstruction Preparatory Committee said, "We have closely collaborated with the Seoul City and expect there to be no issues in passing the review," adding, "After that, we aim to proceed with the project as quickly as possible and hope to have residents move in within eight years."
Gyeong, WOOSUNG, and Hyundai are regarded as one of the major reconstruction APT. in Gangnam-gu, along with 'WOOSUNG, Seonggyeong, and Mido' in Daechi-dong. The three APT. completed in 1984 consist of a total of 1,499 units: ▲ Gyeongnam 678 units ▲ WOOSUNG 3rd 405 units ▲ Hyundai 1st APT. 416 units. The rapid integrated planning proposal confirmed reconstruction into a maximum of 49 floors and 2,340 units by 2023. Gyeong, WOOSUNG, and Hyundai are evaluated as having an excellent location, being situated between the 'DH Puesteer I Park (Gaepo Jugong Complex 1)' and the high-end mixed-use 'Tower Palace' near the Yangjaecheon riverbank.
Ham Young-jin, head of the real estate research lab at Woori Bank, noted, "If Gyeong, WOOSUNG, and Hyundai grow larger through integrated reconstruction, it could lead to a mammoth-scale maintenance project," adding that being close to Guryong Station on the Suin-Bundang Line would increase consumer interest compared to before.
The Gyeong, WOOSUNG, and Hyundai Integrated Reconstruction Preparatory Committee has established principles based on 'independent settlement by unit and on-site reconstruction with owner consent.' At the end of last year, they disclosed estimated shared costs by unit and by size. Most owners of the Gyeongnam APT. adjacent to the Yangjaecheon river are expected to receive Yangjaecheon views.
However, the conflicts between residents of Gyeongnam 1st and 2nd APT. are a challenge that needs to be resolved. There are opinions among residents of Gyeongnam 1st suggesting that value assessments should be made in proportion to the building area ratio and land ownership. Gyeongnam 1st is a 12-story building consisting of Blocks 1 to 7, while the remaining Blocks 8 to 10 are the 15-story Gyeongnam 2nd. The building area ratio of Gyeongnam 1st is 158%, while that of Gyeongnam 2nd is 203%. The preparatory committee argues that it is difficult to separate settlements since Gyeongnam 1st and 2nd are connected as a single parcel.
Chairperson Lim stated, "While there are conflicts among the units during the integrated reconstruction, I believe they can be sufficiently resolved in the future," and added, "We will actively communicate to adequately reflect the residents' opinions."