Seongdong and Gwangjin Districts' 'Jayang Woosung 1st' Passes Safety Inspection
754 Households to be Renovated as 'The Sharp Elitia' with Move-in Scheduled for 2027
Eungbong Shindong-A Union Establishment Approval and Kumho Byuksan Construction Company General Meeting Upcoming
[Asia Economy Reporter Ryu Tae-min] A remodeling trend is sweeping through apartments along the Han River in Seoul that were built over 20 to 30 years ago. Remodeling projects in the Seongdong and Gwangjin districts are gaining momentum as they pass safety inspections and receive approval for association establishment.
According to Gwangjin District Office and the maintenance industry on the 18th, Woosung 1st Apartment in Jayang-dong, Gwangjin-gu, Seoul, passed the remodeling safety inspection with a B grade on the 17th. This complex consists of six buildings with 13 and 15 floors, totaling 656 households, built in 1988, and has been occupied for well over 30 years. It is located between Ttukseom Resort Station and Konkuk University Station on Seoul Subway Line 7, with a floor area ratio of 228% and a building coverage ratio of 17%.
The complex will be transformed through remodeling from 656 households to 754 households. The new complex name will be ‘The Sharp Elitia,’ and the 98 additional units created through expansion will be sold to the general public. The construction company was selected as POSCO Construction through a residents' general meeting in October last year. Construction costing 210 billion KRW is planned with a target move-in year of 2027.
While the reconstruction period for apartments is 30 years, remodeling is possible after just 15 years and is not subject to the excess profit recovery system, which is a major obstacle for reconstruction. Unlike reconstruction, which requires a safety inspection grade of D or lower, remodeling only requires a B or C grade.
In Seongdong-gu, Eungbong Shindonga Apartment is accelerating its remodeling project. This complex received official approval for remodeling association establishment from Seongdong District Office on the 6th. Eungbong Shindonga consists of four buildings with 15 floors and 434 households, built in 1996. It is located about 300 meters in a straight line from Eungbong Station on the Gyeongui-Jungang Line, with a floor area ratio of 282% and a building coverage ratio of 26%.
The complex plans to expand from 434 households to 499 households through vertical extension. A representative from the association stated that they are currently negotiating with construction companies to select a contractor and plan to complete the bidding announcement and start the safety inspection service as soon as possible.
Currently, several complexes in the Seongdong area are rushing to transform through remodeling. Kumho Byuksan Apartment, located near Eungbong Shindonga, has completed the establishment of its remodeling association and selected a consortium of Samsung C&T and Hyundai Construction as the preferred negotiation partner, with a general meeting for contractor selection scheduled for July. This massive complex has 1,707 households and plans to expand to 1,963 households through remodeling. Kumho Doosan Apartment (1,267 households), located near Kumho Station, is also reportedly pursuing a remodeling project.
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