Cheonho Useong Apartment, which is pushing ahead with reconstruction at the fastest pace in Myeongil-dong, Gangdong District, Seoul, received management disposition approval from Gangdong District about four years after establishing the association.
According to the real estate industry on the 12th, Gangdong District Office sent a management disposition plan approval letter on 11th to the Cheonho Useong Apartment dwellings reconstruction and maintenance project association (Cheonho Useong reconstruction association).
Cheonho Useong Apartment is a reconstruction apartment located at 19-1 Cheonho-dong, Gangdong District, Seoul, completed in 1985, with a maximum of 13 floors and a total of 479 households.
The Cheonho Useong reconstruction association plans to transform it through reconstruction into new apartments with up to 15 floors and 629 households.
By exclusive area, the number of households is as follows: ▲49㎡ 111 households ▲59㎡ 128 households ▲74㎡ 182 households ▲84㎡ 208 households. The construction cost is about 7.99 million won per 3.3㎡.
The Cheonho Useong reconstruction association established the association in Feb. 2021, received project implementation approval in Jun. last year, and selected Lotte Construction as the builder. After pushing the reconstruction forward at a rapid pace, it received management disposition approval this month, 4 years and 7 months after the association was formed.
According to the real estate industry, Cheonho Useong Apartment is currently the fastest-moving complex in reconstruction in Myeongil-dong, Gangdong District. Cheonho Useong, Samik Green 2nd, Samik Garden, and Samik Park all formed associations in the same year, 2021, but Cheonho Useong was the first to receive management disposition approval.
Samik Park, which is speeding up reconstruction after Cheonho Useong, has set a goal of applying for management disposition approval next year. Samik Garden is currently preparing to apply for project implementation approval. Samik Green 2nd switched from the trust method to the association method, and due to internal strife within the association, its progress was the slowest, but it resolved internal conflicts and received designation as a maintenance zone in 5th.
The Cheonho Useong reconstruction association plans to soon select the bank that will execute the relocation loan to start moving in Jan. next year. After about six months of relocation, demolition is expected to begin as early as the second half of next year. The association plans to proceed with the reconstruction project with the goal of starting construction in 2027 and move-in in 2031.
Jeon Ok-dong, head of the Cheonho Useong reconstruction association, said, "With management disposition approval in hand, we will begin work for relocation and demolition," and added, "We plan to decide on the complex name and other matters through consultation with the builder, Lotte Construction."