Momentum is building for the redevelopment of Hannam New Town in Yongsan District, cited as the prime location along the Han River in Seoul. Hannam District 5, where progress had lagged, is nearing approval of the project implementation plan. Hannam District 5 sits along the river and is considered one of the most commercially viable sections within the new town.
According to the redevelopment industry on the 15th, Hannam District 5 passed the Central Land Expropriation Committee review by the Ministry of Land, Infrastructure and Transport on the 10th. Before approving the project implementation plan, the committee conducts a public interest review to determine whether the project serves the public good. Accordingly, approval of the project implementation plan is expected within this month. Hannam District 5 is expected to be redeveloped into "ACRO Hannam," with 2,547 units in buildings from five floors underground to 22 stories above ground.
Hannam New Town is a project to redevelop 1,110,205 square meters spanning Hannam, Bogwang, Itaewon and Dongbinggo-dong in Yongsan District, Seoul, designated as a new town in 2003. Hannam District 3, where progress is fastest, has completed relocation and is undergoing demolition. Hannam District 2 began relocation in January this year. Hannam District 4 is preparing for approval of the management and disposal plan. The final piece, Hannam District 1, was selected in February last year as a candidate site for the fast-track integrated plan and is aiming for designation as a redevelopment zone in the second half of this year.
Expectations are high that Hannam New Town will be reborn as a new affluent neighborhood surpassing Gangnam. Among these, the best-located areas are Hannam Districts 4 and 5. They offer Han River views under the Namsan landscape. Nearby, development projects are underway, including Yongsan International Business District, Ichon-dong reconstruction, Yongsan Park and a regional rail network.
As redevelopment picks up speed, villa prices in the area are also soaring. On the 12th of last month, a multi-household home in Hannam District 5 with a 52㎡ land share changed hands for 4.5 billion won. In February, a multi-family home with a 238㎡ land share saw a transaction at 8.7 billion won. In Hannam District 4, a single-family home with a 149㎡ land share sold for 5.8 billion won. An employee at a licensed real estate agency in Hannam-dong said, "High-end villas or planned redevelopment sites in Hannam-dong tend to have stronger price resilience than Gangnam apartments," adding, "It is a place with the advantage of being Seoul's most valuable land in a 'baesanimsu' location."