In Seoul's Songpa District, complexes with more than 1,000 dwellings are accelerating their redevelopment projects. The Olympic Family Town in Munjeong-dong has begun the process to establish a redevelopment association led by the district itself. The Asian Athlete Village Apartments in Jamsil-dong are also obtaining consent from landowners to draft a maintenance plan.
These complexes are located within Songpa District, which is part of the Gangnam Three Districts, attracting significant market interest. The Olympic Family Town and the Asian Athlete Village Apartments are known as the 'Olympic Big Three' along with the Olympic Athletes' Journalist Village.
According to the maintenance industry on the 20th, Songpa District is providing public support to aid in establishing the redevelopment association and the project for the Olympic Family Town. The public support system allows local governments to act as public supporters to assist in the overall redevelopment project, helping with the establishment of the association (including the promotion committee) and supporting tenants' housing and relocation plans, as well as selecting construction companies. A housing official in Songpa District noted, 'We plan to select a maintenance management firm around early September to support the maintenance project of the Olympic Family Town.'
Completed in 1988, the Olympic Family Town is an apartment complex located at 150 Munjeong-dong. It features a total of 4,494 dwellings across 56 buildings with heights of up to 13 stories, and there are 4,755 landowners. Lee Jong-han, Chairperson of the Olympic Family Town Redevelopment Promotion Committee, said, 'If all goes well, the promotion committee could be established within this year, and the establishment of the association could be possible next year.'
The Asian Athlete Village Apartments in Jamsil-dong are also accelerating their planning for renovations. This complex consists of 18 buildings with 1,356 dwellings located at 86 Jamsil-dong, built for the athlete accommodations during the 1986 Asian Games, primarily consisting of large units ranging from 124.77㎡ to 213.36㎡. It is also close to the stadium station, which is a transfer station for Seoul Subway Line 2 and Line 9.
Since the end of last month, the Asian Athlete Village Apartments Redevelopment Promotion Committee has been receiving 'Agreement for Proposed Maintenance Plan' forms from landowners. This is a procedure to officially propose a maintenance plan to the local government, which requires the consent of a majority (50%) of landowners. A member of the promotion committee stated, 'After obtaining the majority's consent, we will submit it to Songpa District, and the maintenance plan agreed upon with the district will be finalized after going through Seoul's deliberation process.'
Song Seung-hyun, representative of the Urban and Economic Group, said, 'Both complexes have high investment value, and because they are large, there is potential for housing supply from general sales in the market. However, construction costs have been consistently rising, and the local government's redevelopment licensing policies are also changing, prompting the associations to push for the maintenance projects to move more quickly.' This suggests that they want to accelerate the project as the market conditions and the stance of the local governments, which hold the licensing rights, may change.
Meanwhile, the Olympic Athletes' Journalist Village Apartments in Bangi-dong were classified as a D grade in a precision safety inspection in February 2023, leading to a decision for redevelopment. However, a promotion committee for establishing the association has yet to be formed. This apartment complex, located in Bangi-dong 89, comprises 122 buildings with 5,540 dwellings and is close to the Olympic Park Station on Subway Lines 5 and 9. It was originally built to accommodate athletes and journalists participating in the 1988 Seoul Olympics.