The Munjeong Hyundai Apartments in Munjeong-dong, Songpa-gu, Seoul, will be expanded through remodeling. One new building, 15 stories high, will be constructed. Munjeong-dong is an area where urban renewal projects are actively underway, with the recent approval for the reconstruction of nearly 7,000 units at Olympic Family Town.
According to the construction industry on the 4th, Songpa-gu and the Munjeong Hyundai Apartment Remodeling Association are in discussions regarding the district unit plan and project plan for the apartment's remodeling. Located at 104 Munjeong-dong, the Munjeong Hyundai Apartments cover an area of 4,627.9 square meters, consisting of one building with one basement level and ten stories, containing 120 stand-alone units. It is close to Munjeong Station on Line 8 of the Seoul Subway, benefiting from a station area advantage, and is also near Munduk Elementary School and Munjeong Elementary and Middle Schools. It is adjacent to Munjeong Neighborhood Park and Yeonhwa Neighborhood Park.
Songpa-gu and the Remodeling Association are currently pushing to expand the number of units from 120 to 138. The floor area ratio will be relaxed from 232.69% to 357.98%, a decrease of 125.29%. The residential floor area is also planned to be increased from the current 9,583.2 square meters to 13,251.93 square meters.
Currently, one building with one basement level and ten stories will be expanded to two buildings with one basement level and ten stories, and one basement level and fifteen stories. Plans are in place to expand the apartments further underground as well as to construct a new 15-story annex. Songpa-gu and the Remodeling Association are expected to confirm the designation of the district unit plan area and the district unit plan decision (draft) as early as the first half of the year.
Previously, the nearby Olympic Family Town Apartments in Munjeong-dong were also confirmed for reconstruction. Olympic Family Town, located at 150 Munjeong-dong, announced its reconstruction maintenance plan in November of last year. Built in 1988, this complex originally consisted of 15 stories, 56 buildings, and 4,494 units, and plans are in place for it to be reconstructed into a large complex of up to 26 stories (83 m), with 62 buildings and 6,620 units (including 790 public rental units).
In addition, the Garak 1st Hyundai Apartments in the vicinity of Munjeong-dong, No. 3, obtained project approval for the reconstruction in January and is currently selecting a construction company. Built in 1984, this apartment complex consists of 8 buildings with 514 units (occupying an area of 33,953.70 square meters). The reconstruction plans call for it to be built as 8 buildings with a total of 842 units, ranging from 4 basement levels to 21 stories. Bids for the construction company will be accepted until April 14.
Park Hapsu, a visiting professor at the Korea University Graduate School of Real Estate, noted, "The success of the reconstruction of the Olympic Family, given its transportation conditions, scale, and location, seems likely to impact the future value of other apartment complexes in the area."