As reconstruction of aging apartment complexes along the Banpo Han River area gains speed, the "Shinbanpo 27th" apartments have cleared the eighth ridge toward redevelopment. After struggling to find a builder due to the small scale of the project, the complex has received approval for its management and disposal plan and is entering full-fledged preparations for groundbreaking, including relocation.
According to the maintenance industry on the 26th, the Seocho District Office approved the management and disposal plan for the Shinbanpo 27th reconstruction maintenance project in Jamwon-dong, Seocho-gu, Seoul, and notified the association. The district office posted the approval of the management and disposal plan in the official gazette starting that day.
The Shinbanpo 27th reconstruction project is a plan to build two apartment buildings and ancillary welfare facilities, spanning from five floors underground to 28 floors above ground, on a 5,764.9-square-meter site at 56-2 Jamwon-dong, Seocho-gu. It will have 210 households in total: 182 units of 60 square meters or less and 28 units of 60 to less than 85 square meters. The complex is close to Jamwon Station on Subway Line No. 3 and has strong school districts. It also offers Han River views.
The Shinbanpo 27th reconstruction project faced difficulties at the builder selection stage. Because the project was small, profitability was weak and builders showed low participation. The Shinbanpo 27th reconstruction association worked to improve viability, including raising the construction cost from 9.08 million won to 9.58 million won per 3.3 square meters, and ultimately selected SK ecoplant as the builder. The construction cost is about 103.9 billion won.
SK ecoplant will apply its high-end brand "Define" to Shinbanpo 27th for the first time in the Gangnam area. The apartment name for Shinbanpo 27th is expected to be "Define The First Banpo."
The Shinbanpo 27th reconstruction association plans to begin relocation at the end of this year. If construction starts after relocation is completed, the apartments could be finished as early as the end of 2029. An association official said, "Relocation is scheduled to begin in December and will take four months," adding, "If the main construction begins after demolition, completion is expected by the end of 2029 or early 2030."
As reconstruction becomes visible, asking prices at Shinbanpo 27th are also rising. Even at the start of the year, this apartment, based on a 58-square-meter supply area, changed hands at 1.5 billion to 1.6 billion won, but this month there was a transaction at 2.4 billion won. Current asking prices for listings of the same layout are in the 2.7 billion to 2.8 billion won range.