"Year-End Target for Project Implementation Approval" Ilwon Gaepo Hanshin, Accelerating Reconstruction

Location map of Irwon Gaepo Hanshin (Photo: Naver Map)

[Asia Economy Reporter Kim Yuri] The Irwon Gaepo Hanshin Apartment in Irwon-dong, Gangnam-gu, Seoul is accelerating its reconstruction.

According to the maintenance industry on the 25th, the Irwon Gaepo Hanshin Reconstruction Association recently began the process of selecting an appraisal company to conduct a property appraisal. The association had previously passed the Seoul City architectural review about 2 years and 5 months after receiving approval for the establishment of the association last month. A representative of the association said, "We are proceeding with the selection process of the appraisal company while revising the supplementary items from last month's Seoul City architectural review," adding, "Through this appraisal, we will derive the members' previous and post-assets, expected surplus profits, and contributions."

Irwon Gaepo Hanshin, located at 615-1 Irwon-dong, Gangnam-gu, Seoul, is a mid-rise apartment built in 1984, consisting of 4 buildings with 364 households. The association plans to reconstruct it into 3 buildings with 498 households (including 66 small-sized units) ranging from 3 basement floors to 35 above-ground floors. Although Seoul City recommended integrated reconstruction of Gaepo Hanshin along with Gaepo Woosung 7th Complex and Gaepo Hyundai 4th Complex under the district unit plan, conflicting interests among the complexes led to Gaepo Hanshin proceeding with the project independently.

The association aims to receive project implementation approval within this year. They stated, "Although the review period was delayed due to the COVID-19 pandemic, we are accelerating the process to obtain project implementation approval within this year," adding, "If the plan proceeds as scheduled, we expect to select a construction company in the first half of next year."

Major construction companies have already shown interest in this project. Although it is a small to medium-sized complex, it is located near Daechung Station on Subway Line 3, and the area is gaining attention as a new large-scale luxury residential district in Gangnam through the reconstruction of nearby Gaepo Jugong Apartments. Currently, nearby complexes such as 'Raemian Gaepo Luceheim,' 'The H Forecent,' and 'The H Xi Gaepo' have been completed or are under construction.

An 82㎡ unit in Irwon Gaepo Hanshin was traded for 1.5 billion KRW (8th floor) in December last year. The current asking price is around 1.6 billion KRW. Nearby, an 84㎡ unit (exclusive area) in Raemian Gaepo Luceheim was sold for 2.23 billion KRW (5th floor) in December last year, and a 71㎡ unit was sold for 2.12 billion KRW (6th floor) in February, with the prices of small to medium-sized units in the surrounding new apartments already exceeding 2 billion KRW.