45-Year-Old Yeouido Mokhwa Apartment Reconstruction... Passes 'Detailed Safety Inspection'

Apartment complex view in Yeouido, Yeongdeungpo-gu, Seoul

[Asia Economy Reporter Onyu Lim] The 45-year-old Mokhwa Apartment in Yeouido-dong, Yeongdeungpo-gu, Seoul, has finally passed the detailed safety inspection for reconstruction.

According to Yeongdeungpo-gu on the 27th, Mokhwa Apartment, which applied for the detailed safety inspection at the end of last year, received the lowest grade, E (poor), yesterday and thus passed the detailed safety inspection. The safety inspection is the first gateway for reconstruction projects and is divided into grades A to C for maintenance (reconstruction not allowed), grade D for conditional reconstruction (public institution verification required), and grade E for confirmed reconstruction approval.

Completed in 1977, Mokhwa Apartment consists of 312 households. Having passed the first gateway for reconstruction, the owners can now proceed with designation of maintenance zones, establishment of associations, selection of construction companies, project implementation approval, and management disposition approval.

Currently, in Yeouido, out of 16 apartment complexes (91 buildings, 8,086 households), 14 complexes have received grade D or lower in the detailed safety inspection and are pursuing reconstruction. On the 12th, Miseong Apartment (577 households) and Eunha Apartment (360 households) also passed the preliminary safety inspection, the stage before the detailed safety inspection.

However, reconstruction in Yeouido has been completely halted since 2018. Former Seoul Mayor Park Won-soon planned to announce the 'Yeouido-Yongsan Integrated Development' (master plan) in 2018 but put it on hold due to concerns that it would stimulate apartment prices across Seoul. The direction of Yeouido reconstruction is expected to be determined according to the policy stance of the Seoul mayor who will take office in the upcoming April by-election.