Business Approval on 31st Last Month
3 Years and 5 Months Since Association Establishment Approval
Transformation into a New Apartment Complex with 812 Households
Seoul Yeongdeungpo-gu Singil-dong Namseoul Apartment exterior view (Photo by Asia Economy DB)
[Asia Economy Reporter Ryu Tae-min] Reconstruction in District 10 of Shingil New Town, Yeongdeungpo-gu, which is emerging as a new residential area in the southwestern part of Seoul, is gaining momentum.
According to industry sources on the 3rd, Namseoul Apartment received approval for project implementation from Yeongdeungpo-gu Office on the 31st of last month. Project implementation approval is the stage that finalizes the scale and complex layout of redevelopment and reconstruction projects. This came 3 years and 5 months after the approval of the establishment of the association in January 2018.
Namseoul Apartment, located in the area of 3583 Shingil-dong, Yeongdeungpo-gu, was completed in 1974 and is now in its 47th year. The complex consists of a total of 518 households and, along with Shinmi Apartment (Shingil District 13) across the street undergoing public reconstruction, is considered the last remaining old complex in Shingil New Town. Through reconstruction, Namseoul Apartment will be reborn as a new apartment complex with 8 buildings, ranging from 3 basement floors to 29 above-ground floors, totaling 812 households. Daewoo Construction is in charge of construction.
With growing expectations for reconstruction, sale prices are also on the rise. According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, a 49㎡ (exclusive area) unit in this complex was reported to have been traded at 980 million KRW shortly after the resident inspection for project implementation approval began in April. This price is about 600 million KRW higher than the price in January 2018 (397 million KRW), before the establishment of the association was approved. After the resident inspection, homeowners quickly withdrew their listings, leaving very few properties available.
Namseoul Apartment is the only private reconstruction complex among the 16 districts in Shingil New Town. Among the remaining 15 districts, District 1 chose public redevelopment, Districts 2, 4, and 15 opted for the Urban Public Housing Complex Project, and District 13 is undergoing a public reconstruction project.
This complex entered the main track of the project after receiving an E grade in the 2016 detailed safety inspection. The E grade is the lowest grade in the detailed safety inspection and, unlike the D grade (conditional reconstruction) which requires verification by public institutions, it immediately confirms reconstruction. In January 2018, Korea Land Trust was designated as the project implementer.
The head of A Real Estate Agency in the area said, "Namseoul Apartment is a station-area complex located right in front of Exit of Sinpung Station on Line 7, so it attracts a lot of interest from buyers."
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