The 'Banpo MV' apartment located at 46 Banpo-dong, Seocho-gu, has become the first complex to pass Seoul's review for vertical expansion remodeling.
According to the remodeling industry on the 31st, the Banpo MV apartment received an official document for vertical expansion remodeling permission from Seocho-gu on the 25th of last month.
The complex is expected to be remodeled from its current structure of 2 basement levels and 18 above-ground floors, with 1 apartment building and 154 units, to a new apartment with 5 basement levels and 21 above-ground floors, comprising 169 units.
This is the result of applying a building coverage ratio of 42.04% and a floor area ratio of 538.67%. Hyundai E&C is responsible for the remodeling construction of the complex.
Vertical expansion remodeling is conducted by adding 2 to 3 floors to existing apartments, increasing the number of units by up to 15%. Compared to horizontal expansion remodeling, it is seen as more profitable, but the remodeling industry assesses that it is relatively difficult to pass structural safety and legal regulations. Additionally, if the remodeling is for less than 20 floors, it must undergo review by the jurisdiction, while for more than 20 floors, it must go through more procedures with the Seoul city's review compared to the district.
The Banpo MV remodeling association applied for a building review to remodel into a new apartment of up to 21 floors through vertical expansion and passed the review in September of last year. Subsequently, both safety evaluations conducted by the Korea Authority of Land & Infrastructure Safety (KALIS) and the Korea Institute of Civil Engineering and Building Technology (KICT) were passed in June of this year.
According to the remodeling industry, it generally takes 8 to 10 years from the establishment of the association to obtaining building permits for remodeling projects. Since Banpo MV took about 4 years from establishing the association to receiving building permits, it is being evaluated as having received remodeling permission quickly.
Park Byeong-yeol, the head of the Banpo MV remodeling association, noted, 'We plan to start relocation and demolition in December of this year, and after commencing construction, we aim for occupancy in 2029,' adding, 'The construction period is expected to be 43 months.'