Hannam District 4 in Yongsan District, a key redevelopment business sites along the Han River in Seoul, has moved to select an agency to verify the establishment of its management and disposal plan. The management and disposal process, which sets each member's asset value, the sale price of the new apartments, and the shared costs, has entered full swing. The association aims to obtain approval for the management and disposal plan in the first half of next year and begin relocation in the second half.
According to the maintenance industry and Seoul's Maintenance Project Info-Mongdang on the 25th, the Hannam District 4 redevelopment promotion area housing redevelopment maintenance project association closed bidding on the 20th for the "selection of an agency to verify the feasibility of the management and disposal plan." The association plans to make a final selection through a board review and a delegates' vote.
The bidding notice states that Hannam District 4 is currently "in the process of establishing a management and disposal plan." The district area is 159,936.8㎡, and the total floor area is 554,870.63㎡. A total of 2,331 multi-family dwellings and ancillary welfare facilities will be built. There are 1,103 association members.
The management and disposal plan is the procedure that sets the appraised value of existing land and buildings, the sale price of the new apartments, each member's rights value and shared costs, and the volume for general sales. At this stage, it is specified which dwelling types of the new apartments members will be allocated and how much expense they will bear.
However, this bidding alone does not mean that each member's shared costs have been finalized or that a statutory feasibility review has begun. After a private agency selected by the association supports the establishment and review of the management and disposal plan, follow-up steps must be taken, including a general meeting vote and approval from the district office with jurisdiction. Under the Urban Maintenance Act, feasibility reviews are commissioned to public institutions such as the Korea Real Estate Board (REB) by the local government with jurisdiction or the project implementer if certain conditions are met.
The builder for Hannam District 4 is Samsung C&T. The construction contract amount signed in July last year is 1.5695 trillion won, and Samsung C&T proposed "Raemian Glowhills Hannam" as the complex name. Based on the current project implementation plan, the association intends to obtain approval for the management and disposal plan and then pursue a change to the maintenance plan during the relocation and demolition stage to reflect an alternative design.
The association is targeting approval for the management and disposal plan in the first half of 2027 and relocation in the second half, aiming for completion and move-in by the end of 2032. The number of units for general sales is expected to be around 800, but the exact volume will be finalized once the management and disposal plan is prepared.
In the Hannam New Town, Hannam District 3 has completed relocation and is proceeding with demolition, and Hannam District 2 began relocation in Jan. this year. Hannam District 5 has also obtained project implementation approval and is proceeding with follow-up steps. Once redevelopment of Hannam Districts 2–5 is completed, a new residential area of about 12,200 households will be created across Hannam, Bogwang, and Dongbinggo-dong.