Sinwolgok 1 District, Redevelopment Project Approval Imminent

Former Mia-ri Texas Village Area
Business Approval and Public Inspection by Residents 11 Years After Cooperative Establishment

[Asia Economy Reporter Donghyun Choi] The Sinwol-gok 1 District in Seongbuk-gu, Seoul, where the 'Miari Texas Village,' a former red-light district, was located, is on the verge of receiving project implementation approval 11 years after the establishment of its association.

According to industry sources on the 29th, Seongbuk-gu Office recently began the resident inspection process for the redevelopment project of Sinwol-gok 1 District. Resident inspection is a procedure where related materials are disclosed and explained so that residents can thoroughly understand the project details. If no significant objections arise during the inspection period, which lasts until the 9th of next month, approval is expected to be granted.

Sinwol-gok 1 District is a redevelopment project of the area around 88-142 Hawolgok-dong, Seongbuk-gu, covering 55,112㎡. The plan includes constructing 10 buildings ranging from 6 basement floors to 47 above-ground floors, comprising 2,244 apartment units, auxiliary welfare facilities, office spaces, and religious facilities. This area, along with the Cheongnyangni Station vicinity, was once a representative red-light district in northern Seoul. Following the decline of the sex industry, it was designated as a Balanced Development Promotion District in 2005, and redevelopment began, with the association established in August 2009. However, the global financial crisis and proximity to the Hanyangdoseong (Seoul City Wall) were cited as issues, causing the project to stall temporarily. The project gained momentum again last year when the Seoul Metropolitan Government initiated combined development of Sinwol-gok 1 District and Seongbuk 2 District.

As the project gets back on track, Sinwol-gok 1 District is expected to shed its former slum image and transform into a new apartment complex. For example, in the nearby Gireum 1 District, the sale price for an 84㎡ unit was 792 million KRW during last year’s general sale, but current asking prices exceed 1.3 billion KRW. A representative from real estate agency A in Hawolgok-dong said, "Several single-family homes priced in the 1 billion KRW range in Sinwol-gok 1 District have been sold immediately upon listing this year, showing high demand," adding, "Once development fully progresses, a large new complex will be formed from Gireum Station to Miari Sageori Station."