Approved After 12 Years
Daewoo E&C to Build 1,637 Households
GS E&C Accelerates Sale of District 4 Within the Year
[Asia Economy Reporter Donghyun Choi] Jangwi New Town in Seongbuk-gu, the largest New Town in Seoul, is entering the final stages of redevelopment projects one after another, completing the redevelopment puzzle.
According to industry sources on the 9th, Seongbuk-gu, Seoul, approved the management disposition plan applied for by the Jangwi 6 District Redevelopment Association the day before. It has been 12 years since it was designated as a maintenance district in 2008.
Jangwi 6 District covers an area of 105,164㎡ around 25-55 Jangwi-dong, Seongbuk-gu. Through redevelopment, 15 apartment buildings with 1,637 households (including 285 rental units) ranging from three basement floors to 33 above-ground floors will be constructed. Daewoo Construction is the contractor, and the total construction cost is 320 billion KRW. According to the management disposition plan, the average sale price for association members is set at about 502 million KRW for an 84㎡ unit. The district is adjacent to Seokgye Station, a transfer station for subway lines 1 and 6, making it one of the best locations within Jangwi New Town. Unlike most redevelopment areas located on slopes near the Jungnangcheon Stream, the terrain here is flat, which is also an advantage.
The nearby Jangwi 4 District, with a total of 2,840 households, the largest housing construction scale within Jangwi New Town, is also proceeding with procedures for sales within this year. GS Construction is in charge of construction for Jangwi 4 District. However, due to ongoing legal disputes between the recently dismissed former association head and the prospective residents' council, the sales schedule may be delayed.
Jangwi New Town was designated as a total of 15 districts in 2008, of which five districts were canceled, and redevelopment projects are underway in 10 districts. District 1 (Raemian Fore County), District 2 (Kkumuisup Kolon Haneulchae), and District 5 (Raemian Jangwi First High) have completed occupancy. District 7 (Kkumuisup I-Park) will complete construction in December. Districts 3 and 14 are preparing for project implementation approval, and District 15 is in the association establishment preparation stage. District 10 is currently relocating after management disposition approval.
Once a representative "dal-dongnae" (hilly neighborhood) of Seoul, apartment prices in the Jangwi New Town area are soaring through redevelopment. The 84㎡ unit of 'Raemian Jangwi Fore County,' which moved in last June, is currently priced at 1.05 to 1.1 billion KRW. The 84㎡ unit of 'Kkumuisup Kolon Haneulchae,' which moved in 2017, surpassed 1 billion KRW for the first time last March. A representative of real estate agency A in the area said, "Considering the Jangwi New Town sale prices and surrounding market prices, the capital gains exceed twice the purchase price," adding, "The location is excellent as it is within the development influence zone of Gwangwoon University Station, where the GTX (Great Train Express) C line stops."
Meanwhile, five districts that were canceled from the maintenance district designation are showing signs of redevelopment resumption in some areas recently. Residents of District 12 have established a preliminary promotion committee and are collecting consent forms for designation as a maintenance district. Districts 8 and 9 are also undergoing administrative procedures to resume redevelopment projects. Some areas such as Districts 11 and 15 have been subdivided into 11-1, 11-2, and 15-1 and are promoting street housing maintenance projects.
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