The Moa Town initiative redevelopment project next to Seongsan-Siyeong Apt. in Mapo District, cited as a large-scale renewal site in Seoul's northeastern area, is picking up speed. Of the four zones, all but one have received approval to establish an association, securing a legal basis to push the project forward. Daewoo Engineering & Construction has set out a plan to win linked contracts from zones 1 through 4 and create a 2,400-household "Prugio Town."
According to the renewal industry on the 24th, Mapo District in Seoul approved the establishment of the association for zone 4 of the Moa Town initiative around 200-258 Seongsan-dong on Feb. 26. It came about two months after the general meeting to establish the association in December last year. Reconstruction and redevelopment projects gain momentum starting from the association establishment approval. The remaining steps are selecting a contractor, approval of the project implementation plan (finalizing the architectural plan), approval of the management and disposal plan (finalizing sales and contributions), relocation and demolition, then groundbreaking and sales.
The Seongsan Moa Town initiative was selected as a first-round candidate site in June 2022, and in Feb. 2024 its management plan was approved and announced, finalizing a total of four zones. The Moa Town initiative is a fast-track renewal program under Oh Se-hoon that bundles old low-rise residential areas of 100,000 square meters or less and develops them through small-scale methods such as street housing renewal and self-help housing renewal.
The fastest-moving area is zone 1 of the Moa Town initiative around 165-72 Seongsan-dong. Zone 1 selected Daewoo Engineering & Construction as the contractor in July 2024. It passed the Seoul integrated review in July last year, fixing the dwellings supply plan, and relocations could begin as early as the second half of this year. A complex with 6 buildings, 5 underground to 29 above-ground floors, and 557 households (130 rental) is planned here.
Zone 3 of the Moa Town initiative in Seongsan-dong (around 200-323 Seongsan-dong) received association establishment approval in September last year. An official at a nearby real estate agency said, "Zone 3 is about to select a contractor, and Chinhung International and Daewoo Engineering & Construction are competing for the job, but association members are leaning toward Daewoo Engineering & Construction." Zone 2 (around 200-323 Seongsan-dong) is in the process of obtaining residents' consent to establish an association.
Daewoo Engineering & Construction is the most focused on the Seongsan-dong Moa Town initiative. The company is concentrating on creating a "brand town" of about 2,400 households by winning linked contracts from zones 1 through 4. The goal is to build a flagship Prugio complex to follow Mapo's leading apartment, "Mapo Raemian Prugio (moved in 2014; 3,885 households)," in Ahyeon-dong, Mapo District.
A large apartment town is expected to take shape in this area. To the north of the Moa Town initiative site lies Seongsan-Siyeong Apt., an ultra-large reconstruction complex in Seoul's northeastern area. Completed in 1986, Seongsan-Siyeong Apt. is set to be transformed into 30 buildings with up to 40 floors and 4,823 households. Adding the number of households supplied through the Moa Town initiative, roughly 7,000 new apartments would be supplied.
An official at a Seongsan-dong real estate agency said, "Seongsan-Siyeong Apt. gained traction for reconstruction after receiving association establishment approval in December last year. Combined with the Moa Town initiative, we expect considerable synergy in dwellings supply," adding, "Seongsan-dong had long been classified as a neglected area even within Mapo District, but it will establish itself as a core residential complex in the northwestern area."