In the Sindorim-dong area of Guro-gu, Seoul, opinions among members are divided regarding the promotion of the 'Sindorim Woosung 2nd' remodeling project. Members are at odds over whether to maintain the remodeling association or dissolve it.
According to the real estate industry on the 4th, the Sindorim Woosung 2nd remodeling association conducted a vote among its members during a recent general meeting to determine whether to continue the remodeling association.
It is reported that the number of votes in favor of 'continuing the remodeling association' was four more than the votes for 'dissolving the remodeling association.'
An official from a real estate agency in the Sindorim area said, 'While there were slightly more opposing votes, I understand that the vote was rejected that day,' and noted, 'For the decision to be valid, more than half of the total remodeling members must participate in the vote, and more than half of the participating members must cast their ballots, but there is room for interpretation regarding whether these requirements were met, so we must watch if the vote will take effect.'
The Sindorim Woosung 2nd apartment was approved for use in 1996 and consists of three buildings with 239 units, located at 639 Sindorim-dong in Guro-gu, Seoul. The complex was selected as a pilot remodeling project for Seoul in 2018 along with the Sindorim Woosung 1st. In 2021, GS Engineering and Construction was selected as the integrated remodeling contractor for the Sindorim Woosung 1st and 2nd.
Efforts to dissolve the remodeling association are continuing in various complexes. In the Daechi-dong area of Gangnam-gu, Seoul, the 'Seongwon Daechi 2nd' will hold a general meeting of members in September to switch from remodeling to reconstruction.
The 'Eungbong Daelim 1st' in Eungbong-dong, Seongdong-gu, Seoul, is also reported to have begun the process of dissolving its remodeling association. This is the result of an agreement between the remodeling association and the reconstruction promotion committee to dissolve the remodeling association and cooperate in establishing a reconstruction association.
Industry insiders note that as remodeling projects in various complexes across Seoul are experiencing delays, they are shifting direction toward reconstruction, but they assess that it will not be easy to dissolve remodeling associations due to the sunk costs incurred during the promotion of these projects.
An industry official said, 'Ten years ago, many complexes pursued remodeling due to the advantage of it being faster than reconstruction, but few have reached completion as the project duration has lengthened,' and added, 'There is also the issue of sharing the costs incurred during the remodeling push, so it might not be easy to make a decision to dissolve the remodeling associations.'