September Implementation Plan Likely Approved... 2,200 New Apartment Units to Be Built
Completion of Sanggye New Town to Form 8,000-Unit Residential Belt
Released Sanggye 3 District Selected as Public Redevelopment Candidate Site
[Asia Economy Reporter Onyu Lim] The largest district within Sanggye New Town in Nowon-gu, Seoul, District 2, is on the verge of receiving project implementation approval 11 years after the establishment of its association. Fueled by the rising housing prices in the outer areas such as 'No-Do-Gang' (Nowon, Dobong, Gangbuk districts), the redevelopment projects in this area, which had been sluggish, are gaining momentum. Significant changes are expected in the residential landscape of the area, coinciding with the reconstruction of aging Jugong apartments in Nowon-gu.
According to the maintenance industry on the 21st, Nowon-gu is currently conducting a public inspection and announcement for residents regarding the redevelopment project implementation plan of the Sanggye 2 Redevelopment Promotion Zone until the 23rd. The district office plans to approve the project implementation plan in September after reviewing the submitted opinions.
Sanggye District 2, adjacent to Danggogae Station on Subway Line 4, is the largest district within Sanggye New Town, covering an area of 100,842 square meters. The association plans to demolish the existing old houses and build an apartment complex with 2,200 units, ranging from 8 basement floors to 25 above-ground floors.
Originally, this district received association establishment approval in 2010, but due to low project feasibility and disagreements among association members, the project made little progress for 11 years. The deregulation of the nearby Sanggye District 3 also had an impact, as the infrastructure allocated to District 3 was redistributed to the remaining districts.
If Sanggye District 2 receives project implementation approval, the development of Sanggye New Town, which had been stagnant, is expected to accelerate. Sanggye New Town spans approximately 470,000 square meters near Sanggye Station to Danggogae Station on Subway Line 4, forming a residential belt of about 8,000 households. District 4 completed construction in January last year and transformed into the 810-unit 'Sanggye Station Central Prugio.' District 6's 'Nowon Lotte Castle Signature' (1,163 units) finished sales in July last year, and District 1 (1,388 units) received project implementation approval in October last year and is currently selecting a construction company. District 5, which completed association establishment in 2009, is preparing for project implementation approval. District 3, deregulated in 2014, was selected as a candidate for the second phase of public redevelopment, opening up development possibilities.
In particular, the recent rise in housing prices in outer Seoul areas such as No-Do-Gang is considered a factor promoting the development of Sanggye New Town. According to the Korea Real Estate Board, the cumulative increase rate of apartment sale prices in Nowon-gu this year is 4.39%, the highest among Seoul's 25 districts. The price per 3.3 square meters of apartments in Nowon-gu was ranked 20th in Seoul as of June last year but surpassed Guro, Gwanak, and Jongno districts to rise to 17th place last month. A representative from real estate agency A in the area said, "With expectations for reconstruction and panic buying, apartment prices in Nowon-gu have risen, and redevelopment projects are gaining momentum."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
