Redevelopment of Heukseok districts 10 and 12 in Dongjak District, Seoul, which were dropped from the New Town plan for lack of business feasibility, is moving again. Heukseok District 10 won approval to form a preparatory committee for establishing a cooperative, and Heukseok District 12 began collecting consent forms to apply for Seoul City's expedited integrated planning redevelopment. As these are the remaining sites of the Han River-front Heukseok New Town and apartment prices in the area have exceeded 1 billion won per 3.3 square meters, inquiries to buy aging villas and detached houses are increasing.
According to the maintenance industry on the 5th, Dongjak District Office on the 25th of last month approved and announced the formation of a preparatory committee for establishing a cooperative for the Heukseok District 10 housing maintenance-type redevelopment project in the area of 204-104 Heukseok-dong. Heukseok District 10 covers 45,882 square meters. It was removed from the Heukseok redevelopment promotion zone in 2014 due to lack of business feasibility and resident opposition, but procedures to push the project restarted after it was selected last year as a candidate site for Seoul City's expedited integrated planning redevelopment.
The key variable for Heukseok District 10 is zoning. Most of the district is currently designated as Type 1 general residential. As this area is strongly characterized by low-rise residential neighborhoods, there are limits to high-density development. The area around Gogudongsan Park is designated a natural scenery zone and is subject to height controls. The maintenance industry notes that if, during the process of drawing up the maintenance plan, rezoning upward and easing of floor area ratio, building coverage ratio, and height limits are considered, business feasibility could improve.
Heukseok District 12 is also accelerating moves to pursue redevelopment. This area likewise remained a preservation-management zone where maintenance projects had been put on hold. But this year, owners of land and other property began pushing redevelopment under the name "Heukseok District 12." Owners formed a redevelopment promotion committee in March, and last month received a serial number from Dongjak District Office for pursuing the expedited integrated planning. Granting a serial number means the district office has officially recognized the consent collection process. Once owners gather and submit the consent forms, the process will move to Seoul City's candidate selection and review, followed by designation as a maintenance zone.
Heukseok District 12 is close to Heukseok Station on Subway Line 9. Unlike other, steeper parts of Heukseok-dong, its relatively higher share of flat land is also cited as an advantage. The area is 88,575 square meters, and the industry believes that if redevelopment proceeds, it could become a large complex of around 2,000 households.
Many districts in Heukseok New Town have already completed their projects. Residents have moved into districts 3 through 8, and districts 9 and 11 have entered the sales phase. "Summit The Hill," which redeveloped Heukseok District 11, completed general sales in May and will accept non-priority applications for the remaining three units on the 6th. The top sale price for an exclusive 84 square meters is about 2.9782 billion won. "ACRO Riverheim," considered a flagship complex in Heukseok-dong, recently saw its price per 3.3 square meters exceed 1 billion won.
As redevelopment expectations grow, asking prices for villas and detached dwellings in the area are also rising. An employee at a certified real estate agency in Heukseok-dong said, "Even early this year, Heukseok District 10 had listings in the 400 million to 500 million won range, but now some asking prices have risen to around 1 billion won," adding, "Last month, I understand that a villa with a lot size of 11 pyeong transacted for 1.3 billion won."