The Mokdong 6th complex in Yangcheon District, Seoul, will be the first among 14 complexes in the Mokdong new city to establish a reconstruction association. The strategy involves skipping the association promotion committee stage to directly establish the association, thereby reducing the duration of the reconstruction project.
According to the maintenance industry on the 22nd, the resident council for the establishment of the Mokdong 6th complex association plans to hold a founding general meeting for association establishment on May 10.
A representative from the Mokdong 6th complex association establishment resident council noted, "Recently, approximately 85% (1,191 out of 1,401 total members) have given their consent," and "Once the association is established next month, we plan to obtain approval for the establishment of the association and proceed with selecting a construction company."
The Mokdong 6th complex association establishment resident council is expected to fire the starting signal for reconstruction at the fastest pace among the 14 complexes in the Mokdong new city.
The Mokdong new city was built between 1985 and 1988 with a total of 14 complexes, consisting of 392 buildings and 26,629 households. All 14 complexes have passed the safety inspection for reconstruction, and it is expected that upon completion of the reconstruction, they will be transformed into a mini new city with over 53,000 households.
The Mokdong 6th complex is an apartment complex with 1,368 households built in 1986, consisting of 15 buildings up to 20 stories high. Through the reconstruction project, it is expected to transform into a new apartment complex with a maximum of 49 stories and 2,173 households.
The direct establishment system for the association does not go through the association promotion committee stage, allowing the reconstruction project duration to be shortened by an average of about six months. It also has the advantage of potentially receiving initial funding or administrative support from the public.
However, it has been pointed out that the resident council for the establishment of the association is not a legal entity, making negotiations with business owners for reconstruction difficult. This is because direct establishment of the association is only possible if the overall consent rate is 75% or more, and the consent rate for each section, including business sections, is more than 50%.
Until early March, the Mokdong 6th complex was struggling as it failed to meet the business consent requirement of 50% due to opposition from some business owners. The resident council for the establishment of the association experienced difficulties in securing consent rates, as there were differences of opinion with some business owners regarding the reconstruction methods.
Subsequently, the resident council for the establishment of the association successfully obtained consent from more than half of the business owners through continuous negotiations.
As the establishment of the first reconstruction association approaches, the Mokdong 6th complex is continuously renewing its reported prices.
A 95.03㎡ unit was sold for 2.45 billion won on the 20th of last month and for 2.49 billion won on the 21st. This is more than 100 million won higher than the reported price of 2.34 billion won last August. A 115.19㎡ unit also recorded a maximum price in February with a transaction of 2.695 billion won. On the 10th of this month, a 65.1㎡ unit was traded for 2.05 billion won, setting a new reported price.
Listings for the Mokdong 6th complex have also become scarce. A representative from a Mokdong A real estate agency said, "As the reconstruction of the Mokdong 6th complex is being pushed forward at the fastest pace, there are only 9 to 10 listings available," adding, "Even these are being offered at prices that are about 200 to 300 million won higher than the actual transaction prices."