Approval of Project Implementation Plan for Yeoksam-dong 758 Area
Transformed into a 15-Story, 4-Building, 233-Household Apartment Complex
[Asia Economy Reporter Kim Hyemin] The integrated reconstruction of a prime villa complex surrounded by large-scale apartment complexes in Yeoksam-dong, Gangnam-gu, Seoul, has gained momentum.
According to the maintenance industry on the 4th, Gangnam-gu Office approved the reconstruction project implementation plan for the Yeoksam-dong 758 area (12,263㎡) on the 2nd. This comes 2 years and 7 months after the establishment of the association in November 2018. The association plans to complete the selection of a construction company within this year and proceed with the procedures to obtain management disposition approval in the first half of next year.
If the reconstruction proceeds as planned, the area will feature an apartment complex with 4 buildings ranging from 3 basement floors to 15 above-ground floors, comprising 233 households. Of these, 74 units will be available for general sale excluding the association members' quota. The building coverage ratio is set at 26.08%, and the floor area ratio at 213.3%. As part of the donation, a social welfare facility (Yeoksam Home Care Daycare Center) will be relocated and rebuilt.
This area is a mixed zone of detached houses, multi-family and multiplex houses, and small-scale apartments (Eunhasu Apartments), uniquely remaining among the apartment complexes in Yeoksam-dong between Seolleung Station (Line 2 and Suin-Bundang Line) and Hanti Station (Suin-Bundang Line). Since the basic development plan for the Cheongdam-Dogok apartment district was decided in 1977, it has been included in the apartment district to this day.
However, development did not occur even while 'Yeoksam Raemian', 'Raemian Grayton', and 'Yeoksam Prugio' were being constructed right next door. A representative of the association said, "It is understood that lands of people who could not be contacted during the previous apartment construction were left separately here," adding, "Later, villas were built on some of these lands."
Even after the apartments were built, development did not accelerate until the detached houses met the reconstruction requirements such as aging conditions, leading to the formation of a reconstruction promotion committee in 2010 and the start of full-scale reconstruction work. It was not all smooth sailing. Since various types of housing were combined into integrated reconstruction by bundling plots, there were reportedly differences of opinion among owners. The general meeting for project implementation approval held in the first half of last year was twice rejected due to disagreements over estimated contributions.
The industry expects that the project implementation approval this time will accelerate the project. A representative from nearby A Real Estate Agency said, "Although the scale is small, once the only remaining villas in the area are renovated, the value of the Yeoksam-dong apartment complex will also increase."
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