The outline of the redevelopment project has been unveiled for Wolgye Siyoung Apartment (Miseong, Miryung, Samho Phase 3, hereafter Mimisam) in Nowon-gu, Seoul, the biggest redevelopment in northern Seoul. The draft redevelopment plan for Mimisam calls for high-density development into a mega complex with 6,103 households and towers up to 50 stories. Adding the nearby redevelopment complex "Seoul One IPark," a 3,032-household mega complex slated for move-in in July 2028, the area is expected to be transformed into a mini new town of 10,000 households.
According to the redevelopment industry on the 29th, the Nowon-gu district chief in Seoul on the 26th announced for public inspection the "designation of a redevelopment zone and establishment of a redevelopment plan (draft) for Wolgye Siyoung Apartment." The period for public inspection and submitting opinions runs from the 30th to May 6. During this time, a resident briefing will be held, followed by hearing the views of the local council and deliberation by the urban planning committee before designation and notice of the redevelopment zone.
Mimisam is a large-scale complex built in June 1986 with a maximum of 14 stories and 3,930 households. According to the redevelopment plan, 27,386 square meters (11% of the total area) within a Type-3 general residential zone will be upzoned to a semi-residential zone. When the use changes from a Type-3 general residential zone to a semi-residential zone, the floor area ratio rises from 300% to 500%. Accordingly, a residential-commercial complex (mixed-use) with towers up to 50 stories will be built in the semi-residential zone. The apartment complex will be created as a mega complex with buildings up to 40 stories.
A key feature is that 90.3% of all units are small to mid-size with exclusive areas of 84 square meters or less. Units in the 10-pyeong range account for 22%. By size, there will be 672 units (11%) at 39.98 square meters exclusive, 685 units (11.2%) at 49.98 square meters, 1,654 units (27%) at 59.98 square meters, 806 units (13.2%) at 74.98 square meters, 1,692 units (27.7%) at 84.98 square meters, and 594 units (9.7%) at 99.98 square meters. Public sale and rental dwellings total 452 units. Song Seung-hyun, head of Urban and Economy, said, "As the number of small-sized units increases, the sales supply will also grow," and added, "In general, if the sales supply exceeds 1,000 units, it is sufficient in terms of profitability, but if the project is delayed and the housing market deteriorates, the burden of additional contributions could grow."
Redevelopment projects at nearby apartments are also picking up speed. Wolgye-dong "Samho Phase 4," which is adjacent to Mimisam, also posted a notice on the same day for public inspection for designating a redevelopment zone and establishing a redevelopment plan. According to the plan, this complex will be transformed into a mega complex with up to 41 stories and 1,239 households.
These complexes' redevelopment is drawing attention because there are considerable development catalysts nearby. Across from Mimisam and Samho Phase 4 is Seoul One IPark, scheduled for move-in in July 2028. Seoul One IPark is part of the "Seoul One Project," which develops the logistics yard at Gwangun University Station. HDC Hyundai Development Company is pushing a large-scale mixed-use development project in the Gwangun University Station area, building a mega apartment complex along with a five-star hotel, a mixed-use shopping mall, and offices. News of the opening of the Great Train Express (GTX)-C line is also having an effect. The GTX-C line is an 86.5-kilometer metropolitan express rail linking Deokjeong in Yangju, Gyeonggi Province, to Suwon and Sangnoksu stations, with groundbreaking targeted for this year.