A large apartment complex with more than 2,600 dwellings will be built in the Jangwi-dong area of Seongbuk District, Seoul. Of the total supply, 790 dwellings will be provided as rental housing, and 565 of those will be created as long-term jeonse housing where residents can live for up to 20 years. The project site includes parts of areas that were once included in the Jangwi New Town but were removed from the redevelopment zone in 2017 by a Seoul city ex officio cancellation.
According to the redevelopment industry on the 14th, the promotion committee for the "Dolgoji·Sangwolgok station area long-term jeonse housing urban-maintenance-type redevelopment project" has issued a bid notice to select a preliminary project-execution trustee and is proceeding with the trustee selection process through the 15th. The committee plans to determine a preliminary trustee after evaluating bid documents and going through deliberation and resolution.
A committee official said, "We decided to pursue the project using a trust method," and noted, "We plan to select a preferred bidder, sign a business agreement, and then move forward in earnest with the redevelopment procedures."
The project site covers 94,411.1 square meters around 66-300 Jangwi-dong, Seongbuk District, Seoul. It lies between Dolgoji Station and Sangwolgok Station on Seoul Subway Line 6. The committee decided to build apartments with four basement levels and up to 45 floors above ground, in 22 buildings, totaling 2,617 dwellings.
Of the 2,617 total dwellings, 790 will be rental housing. Among the rental housing, 565 dwellings will be supplied as long-term jeonse housing, allowing residence for up to 20 years with deposits at 80% or less of nearby jeonse market prices. About half of the long-term jeonse dwellings are expected to be allocated to "Miri Ne Jip," a Seoul city housing support program for newlyweds and soon-to-be-married couples.
By housing type, plans call for 185 dwellings at 39 square meters of exclusive area, 982 at 59 square meters, 1,362 at 84 square meters, and 88 at 114 square meters. Of these, rental housing accounts for 141 dwellings at 39 square meters of exclusive area, 319 at 59 square meters, and 330 at 84 square meters.
The site also includes parts of an area that had been designated as Jangwi New Town District 11 but was removed from the redevelopment zone ex officio by the Seoul city government. Jangwi New Town is a large-scale redevelopment project that was pursued in 2006 during the tenure of Seoul Mayor Lee Myung-bak to recreate Seoul Dreamland as North Seoul Dream Forest and to improve nearby aging residential areas. A total of 15 redevelopment zones were designated, but after the 2008 global financial crisis, business feasibility deteriorated and some zones struggled to proceed.
During the tenure of Seoul Mayor Park Won-soon, the city ex officio canceled some redevelopment zones. At the time, from March 2016 to December 2017, the Seoul city government temporarily operated a local government ordinance. If at least one-third of land and other owners within a redevelopment zone requested cancellation and a resident vote failed to secure a majority in favor, the mayor could ex officio cancel the redevelopment zone.
In District 11 of Jangwi, a cooperative was established in 2010, but the project did not make progress for a long time. After receiving cancellation consent forms and collecting opinions for and against, the Seoul city government ex officio canceled the redevelopment zone in March 2017.
Park Hap-su, an adjunct professor at Konkuk University Graduate School of Real Estate, said, "Given its proximity to Subway Line 6 and its development as a large complex, improvements in the residential environment in this area and an increase in future value are expected."
Kim Je-kyung, head of Tumi Real Estate Consulting, said, "It has strengths in transportation location, and together with other zones in Jangwi New Town that have already moved in or are slated for development, a large-complex premium can be expected," adding, "However, since the volume of rental housing is somewhat large, it could weigh on business feasibility during the future process of calculating additional contributions."