"Restarting Reconstruction of Sinbanpo 27th Complex with 2 Buildings Including Rental Units"

Location map of Sinbanpo 27th Complex (Image: Naver Map).

[Asia Economy Reporter Kim Yuri] The reconstruction project of Sinbanpo 27th Apartment in Jamwon-dong, Seocho-gu, which had been at a standstill due to Seoul City's demand to include rental housing, is now resuming in earnest.

According to the maintenance industry on the 17th, the Sinbanpo 27th Apartment Reconstruction Association recently submitted a basic development plan (maintenance plan) to Seocho-gu Office that applies the legal maximum floor area ratio in exchange for including 42 rental units. This is a concession to Seoul City's demand, stepping back from the original plan that did not include rental housing.

The association had submitted a plan in 2018 to build a 29-story, 167-unit apartment in one building without rental units. However, the city stated that other forms of public contributions such as roads or cash were not possible and insisted on including rental units. According to the revised plan, the new apartment will be built with two buildings, including one building of 42 rental units, with a maximum of 28 floors and a total of 210 units. The increase in the number of units is due to raising the floor area ratio from 256% to 295%.

Located in the 56-2 area of Jamwon-dong, Sinbanpo 27th is a mini reconstruction complex with one 12-story building and 156 units. Although the complex is small, it is evaluated to have excellent location conditions as it is situated between Jamwon Hanshin Apartment and Sinbanpo 25th Complex. Across Jamwon-ro nearby is Acro Riverview Sinbanpo.

Seocho-gu will conduct a public inspection of the maintenance plan amendment submitted by the Sinbanpo 27th Association until the 6th of next month. Afterwards, the process will proceed through hearing opinions from the Seocho-gu Council, Seoul City Urban Planning Committee, and architectural review, preparing for project implementation approval.

This apartment was actually traded at 1.02 billion KRW for 53.46㎡ (exclusive area) in June 2018 before the association was established, but the current asking price has risen to 1.4 billion KRW. Nearby, Jamwon Hanshin 84㎡ was traded at 1.98 billion KRW in December last year, and Sinbanpo 25th with the same area was traded at 1.85 billion KRW in September last year.