[New Mokdong, When?] ④ "If You Fall Behind, the Landscape Changes"... Competition Arises Among Complexes

Competition Over Reconstruction Order After Passing Detailed Safety Inspection
Simultaneous Reconstruction Practically Impossible for 14 Complexes
"Dividing into Two or Three Complexes Could Result in a 10-Year Difference in Completion"

"The competition among Mokdong complexes has begun. Let's catch up with the leading Complex 6. (Mokdong Complex 7)"

"Competition begins for establishing the maintenance plan! If we fall behind now, we'll be delayed by more than 15 years. (Mokdong Complex 12)"

At the beginning of this year, several apartments in the Mokdong New Town area of Yangcheon-gu, Seoul, which passed the detailed safety inspections in bulk, are fiercely competing over the order of reconstruction. This is due to the sense of crisis that if they just stand by in the competition among fourteen complexes totaling 26,000 households, "a generation might pass." They are announcing the start of competition in reconstruction newsletters and are actively collecting consent forms for the subsequent procedure of establishing the maintenance plan.

On the 28th of last month, a briefing session on the reconstruction of Mokdong New Town Complex 8 was held at Hanuri Town, Yangcheon Cultural Center, Yangcheon-gu, Seoul.

◆Mokdong Reconstruction Briefing Fully Packed Despite Cold Wave... "Let's Make Significant Progress"

On the 28th of last month, a reconstruction briefing for Mokdong Complex 8 was held at Haenuri Hall on the 2nd floor of Yangcheon Cultural Center Haenuri Town. Despite the cold wave with temperatures below minus 5 degrees Celsius, more than 300 seats were fully occupied, reflecting the owners' passionate enthusiasm. The Mokdong Complex 8 Reconstruction Promotion Preparation Committee explained the upcoming procedures, collected funds for project progress, and began collecting consent forms for establishing the maintenance plan. For reconstruction to proceed, after passing the detailed safety inspection, a maintenance plan must be established and the area designated as a maintenance zone, which requires the consent of 60% of the owners. The chairman of the Mokdong Complex 8 Reconstruction Promotion Preparation Committee emphasized, "For owners who came from afar, please make sure to fill out the consent form today, even if it takes time, so you won't have to come again."

Not only Complex 8 but also other Mokdong New Town apartments that passed the detailed safety inspection are holding reconstruction briefings one after another. Mokdong Complex 12 already held a briefing on the 14th of last month, and on the 9th, a fundraising general meeting for Complex 13 will be held at the Grand Theater of Yangcheon Cultural Center. An owner of a Mokdong reconstruction apartment said, "We must make significant progress while the government is pushing us."

A view of Apartment Complex 7 in Mokdong New Town, Yangcheon-gu, Seoul

◆"A Slip Means a 15-Year Delay"... Competition Ignites Over Reconstruction Order

Although the government has eased safety inspection regulations, once called the 'reconstruction nail,' the reason for accelerating maintenance projects during the real estate slump with rapidly falling house prices is also due to the fear of becoming a lower priority in reconstruction. The Mokdong New Town apartments pursuing reconstruction consist of fourteen complexes with a total of about 26,600 households. If large-scale relocations occur simultaneously, the rental market will become highly unstable, so local governments inevitably differentiate the reconstruction stages by complex. Assuming reconstruction proceeds by grouping two or three complexes, there could be a difference of more than 15 years until move-in, arithmetically. A representative from Mokdong A real estate agency said, "If all 14 complexes proceed with reconstruction at the same pace, the rental market will explode," adding, "Like Gaepo or Banpo, Mokdong will inevitably have differences in reconstruction speed by complex."

The most advanced complex so far is Complex 6. It passed the detailed safety inspection in 2020 and was also selected as a rapid integrated planning complex supported by Seoul City for expedited procedures. Next, due to government deregulation, Complexes 3, 5, 7, 10, 12, and 14 confirmed reconstruction earlier this year, while Complexes 1, 2, 4, 8, and 13 received conditional reconstruction judgments. Complexes 9 and 11, which previously failed reconstruction judgments, are preparing for safety inspections again.

◆Tensions Between Complexes... "We Need to See the Bigger Picture of Reconstruction"

Invisible tensions between complexes have already begun. An owner from a conditional reconstruction complex, who requested anonymity, said, "Just because Complex 6 passed the detailed safety inspection first doesn't mean it is the first in reconstruction," adding, "Since it is still an early stage, the timing of association establishment or project implementation approval will be more important." On the other hand, an owner from Complex 6 said, "The momentum is so good that we are already in rapid integrated planning, so the speed cannot be compared with other complexes."

Some voices express concern about this competitive atmosphere between complexes, fearing that competition might lead to division and harm reconstruction efforts. A representative from Mokdong B real estate agency said, "Instead of dividing over who is ahead or who has a lower safety inspection score, it is time to look at the bigger picture of Mokdong reconstruction."