The HanShinCoa mixed-use apartment complex in Sincheon-dong, Songpa District, Seoul, is launching a maintenance project through the rapid integrated planning consulting method.
According to the maintenance industry on the 29th, the HanShinCoa Apartment Reconstruction Promotion Committee (reconstruction committee) held its first briefing session for apartment, officetel, and commercial property owners on the 26th.
The HanShinCoa reconstruction committee is collecting consent forms for the maintenance project starting from this briefing session. Representatives from the Daesin Asset Trust also participated and reportedly explained the trust-based maintenance project.
Completed in 1988, the HanShinCoa in Sincheon-dong is a mixed-use apartment complex covering an area of 13,485.3 square meters located at 11-9 Sincheon-dong, Songpa District, Seoul. It consists of 493 apartment units and 258 officetels spanning from 2 basement levels to 15 above-ground floors. The current floor area ratio is approximately 390%, with a building coverage ratio of about 29%.
Since this complex has been completed for over 30 years, it is possible to pursue reconstruction without a reconstruction diagnosis. However, many in the real estate industry expressed that pursuing reconstruction may not be easy due to the differing positions of property owners, such as those of apartments, officetels, and commercial properties, since it falls under a general commercial area.
However, recently, the Seoul city government amended the 2030 Basic Urban and Housing Environment Maintenance Plan, allowing for the maintenance project to be carried out as an urban maintenance-type redevelopment project.
On the 14th, the Seoul city government added the northeastern region's Changdong and Sangye centers, southeastern region's Gangnam city center, and Jamsil metropolitan center as targets for urban maintenance-type redevelopment projects in order to stimulate large-scale complex developments and expand public spaces to revitalize aging urban center areas.
A representative from the HanShinCoa reconstruction committee noted, "If opting for the reconstruction project, the legally permitted floor area ratio is 420%, but if pursued as an urban maintenance-type redevelopment, it can increase to 880%. Also, the housing ratio for reconstruction is 50% (with a non-housing ratio of 50%), whereas redevelopment allows for a 90% housing ratio (with a 10% non-housing ratio), meaning that even excluding the rental ratio (23%), the proportion of members and sale items would account for 68% of the total."
He continued, "We plan to simplify the project procedures and swiftly establish the maintenance plan by proceeding with the rapid integrated planning consulting method from the initial stage of the maintenance project."