Simultaneous Redevelopment, Reconstruction, and Remodeling Projects... Housing Market Turning Point Expected
Accelerated Union Formation for Remodeling of Over 25-Year-Old Woosung 1, 2, 3, and 5 Complexes
Environmental Improvement Project Underway in 293 Area
Miseong Apartment Applies for Preliminary Safety Inspection
[Asia Economy Reporter Lee Chun-hee] Large-scale redevelopment projects are continuously underway in the Sindorim area. With various forms of redevelopment projects such as redevelopment, remodeling, and reconstruction being promoted simultaneously, the real estate market in this area is expected to reach a turning point.
According to industry sources on the 27th, there are a total of three redevelopment sites currently being promoted in Sindorim-dong, Guro-gu, Seoul. Woosung 1, 2, 3, and 5 complexes have formed remodeling promotion committees and are preparing to establish associations, while the semi-industrial area urban environment improvement project around lot 293 is currently undergoing an environmental impact assessment and awaiting results. Misung Apartment, which had previously attempted remodeling once, recently formed a new reconstruction promotion committee and has applied for a preliminary safety diagnosis.
In the late 1990s and early 2000s, the area along Gyeongin-ro connecting Yeouido and Incheon transformed into a residential area with over 7,000 apartment units. However, the semi-industrial area around Anyangcheon in Sindorim faced delays in redevelopment projects due to conflicts among local residents. Recently, as the government is expected to ease regulations and provide incentives for semi-industrial areas as part of its housing supply measures, momentum for project promotion is gaining strength.
The Sindorim Urban Environment Improvement Project Promotion Committee, which is promoting the Sindorim 293 project, applied for an environmental impact assessment for the project area of 196,648㎡ last December. A committee official stated, "We plan to apply for project implementation approval in June." This project is currently being promoted under the 'landowners and others' method, which does not require a separate association establishment. The project plans to supply a total of 2,722 apartment units ranging from two basement floors to 42 floors above ground, along with the construction of three knowledge industry centers.
Remodeling and reconstruction of aging apartments are also gaining momentum. Woosung 1, 2, and 3 complexes, selected last year as 'Seoul-type remodeling' sites, completed the formation of promotion committees last month. Following this, remodeling for Woosung 5 complex is also being integrated, accelerating the project progress. These apartments are 25 to 29 years old. A promotion committee official said, "Remodeling will be conducted separately, but the selection of construction companies will be pursued together, proceeding with the concept of 'separately yet together'." Combining the four complexes, the total scale is 846 households, and considering a 15% increase in the number of units through remodeling, it will be reborn as a large complex of about 1,000 households.
Although Seoul City is promoting support for safety diagnosis costs and administrative procedures for 'Seoul-type remodeling' complexes, the lack of results from the Ministry of Land, Infrastructure and Transport's study on whether demolition by structural type is allowed during remodeling remains an obstacle. The promotion committee plans to establish associations for each complex within this year. However, concerns have arisen that schedules may be disrupted as the remodeling briefing session for Woosung 3 complex, scheduled for the 22nd, was canceled due to the spread of COVID-19 and replaced by the operation of a promotional center.
▲ Seoul Guro-gu Sindorim-dong Woosung 3rd Apartment with banners for the 1st, 2nd, 3rd, and 5th integrated remodeling progress and business briefing session. (Photo by Lee Chunhee)
Misung Apartment (824 units, completed in 1989), which had previously promoted remodeling by selecting a construction company in 2008, has shifted direction to reconstruction. Following the formation of a reconstruction promotion committee last month, a preliminary safety diagnosis application has been completed at Guro District Office.
New supply outside of redevelopment projects is also planned. Hyundai Engineering plans to supply 711 officetel units in the Sindorim-dong 432-12 area in May.
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