Bangbae Samho Buildings 12 and 13, 'Mini Reconstruction' Kicks Off

[Asia Economy Reporter Yuri Kim] Samho Apartments Buildings 12 and 13 in Bangbae-dong, Seocho-gu, Seoul, are set to undergo a 'small-scale reconstruction' transforming 145 households into new apartments and officetels. Korea Asset Trust, the project executor, aims to accelerate the project and begin construction in May next year.

According to the maintenance industry on the 25th, Seocho-gu officially designated Korea Asset Trust as the project executor for the small-scale reconstruction maintenance project of Bangbae Samho Apartments Buildings 12 and 13 the day before. Last July, the complex decided through a residents' general meeting to proceed with reconstruction via a trust method instead of a union method. This was to ensure a more transparent and faster project process and smoother financing. The trust method of reconstruction involves a real estate trust company leading the project as the executor on behalf of the union, charging a fee.

Korea Asset Trust plans to complete internal procedures such as drafting enforcement regulations under the Urban and Residential Environment Maintenance Act and hold a residents' general meeting in the first half of the year to select a construction company. Through the general meeting, maintenance project management companies and design firms will also be selected.

Since Bangbae Samho Apartments Buildings 12 and 13 are proceeding with small-scale reconstruction, they can apply simultaneously for project execution approval and management disposition approval. The trust side plans to speed up the project aiming to apply by October this year. The scheduled construction start date, following relocation and demolition, is May next year. The goal is to complete by 2024.

Located on 4,820㎡ at 757-3 Bangbae-dong, Seocho-gu, Bangbae Samho Apartments Buildings 12 and 13 consist of 96 households with an exclusive area of 129㎡, and will be reconstructed into a total of 145 households including apartments and officetels.

Bangbae Samho Apartments is a complex consisting of 13 buildings in phases 1 to 3. Among them, Buildings 1 to 11, which are in residential zones, and Buildings 12 and 13, which are in quasi-residential zones, are pursuing reconstruction projects separately. Buildings 1 to 11 plan to demolish the existing approximately 800 households through integrated reconstruction with commercial facilities and build new apartments of about 1,100 households up to 25 floors.