Seongsan-Siyeong Apt. in Mapo District, Seoul has begun selecting an appraisal firm for its reconstruction. Completed in 1986, the complex is the largest reconstruction site not only in Mapo but also across northern Seoul, and the number of households after reconstruction will approach 5,000. The builder selection is expected as early as the second half of this year, and major tier-one builders such as Samsung C&T, Hyundai Engineering & Construction, and GS Engineering & Construction are considering bidding.
According to the maintenance industry on the 12th, the reconstruction maintenance project association for Seongsan-Siyeong Apt. is working to select an appraisal firm for the reconstruction project. After distributing the bidding guidelines from the 12th to the 13th, it plans to accept bids until the 23rd. Selecting an appraisal firm is a process to evaluate asset values before and after reconstruction and, based on that, determine each association member's contribution and the proportional rate. Compensation for those receiving cash settlements is also calculated at this time.
Seongsan-Siyeong Apt. is located across 182,618 square meters (about 55,241 pyeong) around 446 Seongsan-dong, Mapo District. It currently consists of 33 buildings with 14 floors and 3,710 households. It is close to the Gangbyeonbuk-ro and the Inner Ring Road, with Gayang Bridge to the north and Seongsan Bridge, Yanghwa Bridge, Seogang Bridge, and Mapo Bridge over the Han River to the south. The recent opening of the World Cup Bridge also improved access to Gangnam and Yeouido. To the west of the complex is World Cup Stadium, and to the southwest is Haneul Park.
It is the largest reconstruction complex in Mapo District at present and the second largest across northern Seoul after the integrated reconstruction site of Miseong, Miryung, and Samho 3rd in Nowon District (3,930 households). Seongsan-Siyeong Apt. obtained approval to establish an association from Mapo District on Dec. 22 last year and is pursuing reconstruction. The project aims to create up to 40 floors across 30 buildings with 4,823 households. There are 3,516 association members.
Separately from selecting the appraisal firm, the association and Mapo District are also working to select a public support specialized maintenance project manager. A public support specialized maintenance project manager is a company that, with support from the public sector (local government), acts on behalf of and supports the association's tasks in maintenance projects. Mapo District and the association are conducting evaluations to select the specialized maintenance project manager. An official at Mapo District said, "Mapo District has informed the association of the specialized maintenance project manager initially selected through our evaluation." The association plans to hold a general meeting of members on Apr. 25 to select the specialized maintenance project manager and the appraisal firm.
Park Hapsu, an adjunct professor at the Konkuk University Graduate School of Real Estate, said the site is expected to serve as a residential base behind the Sangam DMC commercial and business district after reconstruction. Kim Jegyeong, a doctor at Toomi Real Estate Consulting, said, "As one of Mapo District's representative reconstruction complexes, the association and its members are working together, and reconstruction is proceeding quickly," adding, "Given the sheer scale, economies of scale are expected. However, realistic business feasibility analysis will be necessary amid recent increases in construction costs."
Meanwhile, Seongsan-Siyeong Apt. will begin the Sigongsa selection process as early as the second half. Major builders are already showing interest in securing the Seongsan-Siyeong construction mandate. Samsung C&T, Hyundai Engineering & Construction, GS Engineering & Construction, and HDC Hyundai Development Company, among other major firms, are considering bidding for the mandate. An industry official said, "As a reconstruction complex to be developed into a large-scale site with nearly 5,000 households, we expect intense competition among major builders for orders."