Reconstruction of 4,500 Olympic Family Households Begins... Will the 'Second Helio' Emerge?

Formation of Mammoth-scale Reconstruction Committee for 4,494 Households
November Business Briefing and Safety Inspection Preparations Underway
Transportation Boosts from Wirye-Sinsa Line and GTX-A
Rising Market Prices Amid Reconstruction Expectations
84㎡ Sale Price Up 200 Million Won Since Early Year
192㎡ Record Price of 3.01 Billion Won Reported

[Asia Economy Reporter Ryu Tae-min] Munjeong-dong’s "Olympic Family Town," known as one of the so-called "Olympic Triplets" along with Bangi-dong Olympic Athletes' Village and Jamsil-dong Asia Athletes' Village, located in Seoul’s Songpa-gu area, is set to actively pursue a reconstruction project. This apartment complex, a large-scale mid-rise complex with nearly 4,500 households, is expected to become a landmark in the area alongside the nearby Helio City if the project succeeds.

According to the maintenance industry on the 6th, Olympic Family Town recently held an inaugural meeting for the Reconstruction Promotion Preparation Committee, officially kickstarting the project. Earlier, in July last year, the complex was designated as part of the Munjeong Residential District Unit Planning Zone, establishing the legal foundation for reconstruction. A committee official stated, "We plan to hold a project briefing session as early as November and begin full-scale work for the safety inspection process."

Constructed in 1988, this apartment complex consists of 36 buildings with 13 to 15 floors, totaling 4,494 households, making it a mammoth-scale complex. It was originally built as accommodation for families of athletes and VIP guests during the 1988 Seoul Olympics and was later sold to private owners. Each unit was designed mainly as medium to large-sized apartments ranging from 84 to 192 square meters, fitting its intended use.

Due to its location and scale, this apartment complex is regarded as a barometer for large-scale mid-rise reconstruction projects in the Songpa-gu area. To the north, across Garak Market, lies Garak-dong Helio City, the largest single-scale apartment complex with 9,510 households. The complex is adjacent to Garak Market Station, a transfer station for subway lines 3 and 8, offering excellent transportation conditions. Garak Market Station will also connect to the Wirye-Sinsa Line. Notably, nearby Suseo Station, a transfer station for SRT, Line 3, and Bundang Line, is scheduled to have the Metropolitan Area Express Railway (GTX) Line A.

The modernization of Garak Market, which had been a limiting factor for the residential environment, has also been completed, which is a positive development. In 2026, an ICT security cluster is planned to be established on approximately 50,000 square meters of land adjacent to Garak Market Station at the Songpa Central Radio Management Office site, which is expected to further accelerate development in the area.

With growing expectations for reconstruction, market prices are also on the rise. A 192-square-meter unit was traded for 3.01 billion KRW last month, setting a new record. This is over 300 million KRW higher than the highest price of 2.7 billion KRW earlier this year. During the same period, 136-square-meter units rose from 2.1 billion KRW to 2.45 billion KRW, and 84-square-meter units increased from 1.8 billion KRW to 2 billion KRW. A representative from nearby A Real Estate Agency (licensed) said, "The area around Garak Market Station is very convenient for transportation and offers excellent proximity to workplaces, attracting strong investment demand and steadily increasing prices." He added, "If the reconstruction is successfully completed, there is great expectation that it will become the 'second Helio City.'"