Apartment redevelopment projects, once concentrated only in Seoul's Gangnam, are starting to stir in Gangbuk. Expectations are growing as redevelopment of Seongsan Siyoung in Mapo District and the "Miryung·Miseong·Samho Phase 3" (Miminsam) complex in Nowon District, cited as the largest redevelopment sites in Gangbuk, gains speed.
According to the renewal industry on the 24th, the committee to promote the establishment of the association for the Seongsan Siyoung apartment redevelopment and maintenance project received approval to establish an association from the Mapo District chief on the 22nd. It came nine months after the promoting committee was approved in Mar. Once approval to establish an association is obtained, the redevelopment project can be considered on track. The remaining steps are "approval of project implementation → application for sales → approval of the management and disposition plan → groundbreaking and sales."
Completed in 1986, Seongsan Siyoung is a large complex of 14 stories, 33 buildings, and 3,710 households, and it is set to be reborn through redevelopment as up to 40 stories, 30 buildings, and 4,823 households. It will have about 1,000 more households than Mapo Raemian Prugio (3,885 households), the largest complex in Mapo District. World Cup Stadium Station and Mapo-gu Office Station on Subway Line 6 are nearby, and World Cup Stadium and Peace Park are within walking distance.
Miminsam apartments in Wolgye-dong, Nowon District, another flagship redevelopment complex in Gangbuk, is also gaining momentum. The drafting of the renewal plan has been completed, and once the plan is finalized, procedures for designating the renewal plan and renewal zone will follow. The formation of the promoting committee and the establishment of the association will proceed thereafter. Completed in 1986, Miminsam is a large complex with 3,930 households and is expected to be transformed into 6,700 households after redevelopment. Adjacent to Gwangun University Station, Miminsam is expected to benefit from a station-area development project. HDC Hyundai Development Company is pursuing a large-scale mixed-use development project on a site of about 156,581 square meters near Gwangun University Station, investing about 4.5 trillion won to create commercial, office, residential, and public facilities.
The performance of the two complexes is expected to be a barometer for the redevelopment market outlook in Gangbuk. Gangbuk is traditionally a "barren land for redevelopment." According to the Seoul Metropolitan Government, there are 65 redevelopment business sites in the three Gangnam districts (Gangnam, Seocho, and Songpa), while there are only 22 redevelopment (multiunit housing) business sites across all districts in Gangbuk. In Nowon, Dobong, and Gangbuk districts, there are only two. To invigorate redevelopment and reconstruction in Gangbuk, the city is pushing measures such as expedited integrated planning, easing regulations for readjustment promotion districts, higher floor area ratios, and streamlined safety inspections.
Park Won-gap, chief real estate expert at KB Kookmin Bank, said, "Redevelopment projects inevitably concentrate in Gangnam because high land prices are needed to raise profitability," adding, "However, even in Gangbuk, redevelopment is making progress in large complexes with ample land equity and locations near stations."