"Changing Sewoon District"... Housing Supply Begins in Sewoon 3 and 6 Zones

[Asia Economy Reporter Kim Yuri] The Sewoon District, an urban redevelopment area within Seoul's four major gates, is transforming into a new residential complex. Once Seoul's first mixed-use complex in the 1970s, Sewoon District is undergoing changes after 50 years.

According to the real estate industry on the 16th, out of the total 171 redevelopment zones in Sewoon District, 92 zones are being developed sequentially. Upon completion of the redevelopment of Sewoon District Zones 3, 4, and 5, advanced office and commercial facilities along with 10,000 residential units will be established.

Hyundai Engineering is currently selling 'Hillstate Sewoon Central' urban lifestyle housing in Sewoon Redevelopment Promotion District Blocks 3-1, 3-4, and 5. This mixed-use complex consists of two buildings ranging from 8 basement floors to 27 above-ground floors, totaling 1,022 units. It offers convenient access to Seoul Subway Euljiro 3-ga Station and Jongno 3-ga Station and is located near the Central Business District (CBD), making it a prime live-work community. The complex comprises 535 apartment units and 487 urban lifestyle housing units. A sales representative stated, "Some remaining units that did not meet eligibility criteria are currently being sold, and the closing is imminent."

Sewoon Zone 3 will include apartment complexes along with residential lodging facilities and offices, with approximately 3,700 residential units supplied in Zone 3. Blocks 3-6 and 7 will offer around 990 high-end serviced residences (residential lodging facilities). Subsequently, Blocks 3-3, 8, 9, and 10 will provide about 1,700 units of luxury mixed-use complexes.

Sales are also ongoing in Sewoon Zone 6 near Sewoon Zone 3. Daewoo Construction recently completed sales of 'Sewoon Prugio Hericity' in Sewoon 6-3-4 Zone. This complex is a mixed-use building with 9 basement floors to 26 above-ground floors, ranging from 24 to 42 square meters (exclusive area), totaling 614 units. The units supplied this time are 293 urban lifestyle housing units. In Sewoon 6-3-3 Zone, approximately 710 urban lifestyle housing units and officetels are planned for supply.

In Sewoon Zone 4, Seoul Housing and Communities Corporation (SH Corporation) is leading the development. Sewoon Zone 4 will feature two officetel buildings with 481 units ranging from 29 to 62 square meters, two hotels with about 300 rooms, and five office buildings, forming a mixed-use complex up to 18 floors high for lodging, retail, and office use. The total floor area of the complex will reach 300,000 square meters. Kolon Global is the construction company, with full-scale development starting next year and completion targeted for 2023.

Sewoon Zone 5 is also expected to gradually supply urban small-scale residential facilities and serviced residences, with related permits currently in progress.

An official from the redevelopment industry said, "Sewoon District is a live-work community located in Jung-gu and Jongno-gu, which can be considered the heart of Seoul," adding, "We look forward to the changes following the redevelopment projects."