Redevelopment projects across Dongjak District in Seoul are picking up speed. As "Noryangjin New Town" (Noryangjin Redevelopment Promotion District) kicked off initial sales, major zones in Sangdo and Sadang are also entering full swing, gaining momentum.
According to the redevelopment industry on the 8th, Daishin Asset Trust, the project operator for the Sangdo 15 zone redevelopment, posted a bid notice on the 6th to select a Sigongsa. The Sangdo 15 zone project will create 33 buildings, up to 35 stories, with 3,204 dwellings on approximately 141,286 square meters around 279, Sangdo-dong, Dongjak District. In terms of housing supply volume, it is the largest in Dongjak District. The planned construction cost is about 1.4367 trillion won.
The project is moving quickly. After being confirmed in March 2024 as a target site for Seoul's fast-track integrated planning redevelopment, it completed the designation of the redevelopment plan and district in April last year and selected the project operator in June. The general meeting to select a Sigongsa will be held on June 27, followed by project implementation approval and management and disposal approval, with completion targeted for 2032.
The Sangdo 14 zone redevelopment around 244, Sangdo-dong is also on track. A project is underway to build 1,191 apartment homes from three basement levels to 29 aboveground stories on 50,788 square meters around 244, Sangdo-dong, with a bid to select a Sigongsa planned for the first half of next year. Including the nearby Sangdo 16 zone and Moa Town initiative selections, the area is expected to transform into a large complex of around 6,000 homes.
The value of move-in rights is also rising quickly. An official at a certified real estate agency in Sangdo-dong said, "In the Sangdo 15 zone, the project is moving fast and carries a large-complex premium, so when listings appear, the transaction tends to be completed quickly," adding, "Prices are also on the rise, and for an asset that yields an exclusive area of 84 square meters, you need at least 1.5 billion won including the additional contribution."
Noryangjin New Town is shedding its images of a fish market and cram quarter for civil service exams, transforming into a new apartment residential area of about 9,000 homes. In the Noryangjin 6 zone, "La Classe Zaid Fine" cut the ribbon on the first sales this month, and the 2 and 8 zones, which broke ground at the end of last year, are expected to take the baton within the year. In addition, zones 4, 5, and 7 are in relocation and demolition, while zones 1 and 3 are at the management and disposal plan (application) stage.
A key feature is that high-end brand apartments from major construction companies will be supplied in every zone. In the Noryangjin 1 and 3 zones, POSCO E&C's premium brand "HAUTERRE" will be used, and in zone 4, Hyundai Engineering & Construction's "THE H" will be attached to the complex name. Zones 5 and 8 will feature Daewoo Engineering & Construction's "SUMMIT" and DL E&C's "ACRO." Noryangjin New Town is the first non-Gangnam redevelopment area where high-end brand apartments will be installed across all zones. A construction company official said, "Noryangjin's biggest strength is its location," adding, "It offers excellent transit access to business districts such as Yeouido, Gwanghwamun, and Gangnam, and with the Han River belt premium, it is well-suited for a premium strategy."
The villa-dense area between Sadang Station and Isu Station (Lines 4 and 7) in Sadang-dong is also in the midst of redevelopment. The Sadang 17 zone, selected as a candidate site for fast-track integrated planning in Oct. 2024, completed district designation in January, about a year later. It is the fastest among fast-track planning sites in Seoul. The Sadang 15 zone, a large-scale redevelopment site measuring 133,007 square meters, was selected as a candidate site in Aug. 2024 and is preparing to establish the redevelopment plan. More than 3,000 homes are expected to be supplied in this zone.