Seonsahyeondae Apartment to Hold Inaugural General Meeting on 26th... Remodeling Project Accelerates

Electronic Voting for Proxy Rights Conducted Non-Face-to-Face to Prevent COVID-19 Spread

Seonsa Hyundai Apartment in Gangdong-gu, Seoul is accelerating its remodeling project, drawing attention from major construction companies as it plans to hold the inaugural general meeting for the establishment of a housing cooperative on the 26th.

The Remodeling Promotion Committee plans to expedite the project by resolving 13 agenda items at this inaugural general meeting, including the election of cooperative executives such as the chairman, auditor, and directors, as well as 50 cooperative delegates, approval of the cooperative bylaws, the cooperative project budget, and the selection of advisory lawyers.

The inaugural general meeting is scheduled to be held on the 26th at the library on the 2nd floor of the Seonsa Hyundai Apartment management office. To prevent and control the spread of COVID-19, the Promotion Committee plans to enable non-face-to-face voting rights exercise through an electronic voting system using online voting.

For electronic voting, real-name verification via mobile phones is required to prevent proxy voting. For residents who are less familiar with mobile phone use, paper voting is also available by submitting ballots to the cooperative office until the day before the general meeting.

Seonsa Hyundai Apartment is a large complex with 2,938 households, completed in 2000. It boasts excellent accessibility to Jamsil and Gangnam via Amsa Station and Olympic-daero and Cheonho-daero, and is adjacent to the Han River, offering a premium view and an eco-friendly residential environment, making it highly likely to become a landmark apartment along the Han River. Additionally, many favorable developments are expected, including the extension of Line 8, the creation of the Godeok Business District, and the opening of the Guri-Sejong Expressway.

The industry expects this remodeling project to be the largest in the country, with a total project cost exceeding approximately 1 trillion KRW and estimated construction costs over 900 billion KRW. Many major construction companies have shown great interest in being selected as the contractor for this project. Since March, banners from several construction companies, including Lotte Construction, have been visible within the apartment complex, and they have held project briefings for residents, demonstrating their intention to bid.

Among them, Lotte Construction is known to be the most proactive in participating in the project, conducting surveys to gather residents' opinions regarding alternative designs and advertising near nearby subway stations.

A Promotion Committee official stated, "As the remodeling project becomes more visible and gains momentum, more construction companies are showing active interest in participating. We are making efforts to hold project briefings in a promotional center within the complex, listen to various opinions from residents, and promote a transparent project that benefits everyone."

Meanwhile, Seonsa Hyundai Apartment is 21 years old, exceeding the remodeling construction age limit of 15 years. Due to its high floor area ratio (393%), reconstruction is not possible, so the remodeling project is underway.