'Icheon Hangang Mansion, the Largest Property by the Han River, Accelerates Reconstruction'

Approved Project Implementation Plan After 18 Years of Promotion
Transformed into 35-Story Building with 1,441 Households
GS Construction and Samsung C&T Compete for Contract

[Asia Economy Reporter Kim Hyemin] Yongsan-gu Ichon-dong Hangang Mansion, considered one of the prime complexes along the Han River in Seoul, has received approval for its reconstruction project implementation plan. This comes 18 years after the reconstruction was first pursued in 2003. As the reconstruction project of Hangang Mansion, a representative of Dongbu Ichon-dong, gains momentum, it is expected that the redevelopment projects in the area will also regain vitality.

According to the redevelopment industry on the 23rd, Ichon-dong Hangang Mansion received reconstruction project implementation approval from Yongsan-gu Office last week.

Hangang Mansion, which is 50 years old this year, is the oldest apartment in the Dongbu Ichon-dong area. When Hangang Mansion was first built in the 1970s, Dongbu Ichon-dong formed a representative luxury apartment district in Seoul at the time. Hangang Mansion consists of a total of 660 households and is the largest among the three Han River-side reconstruction complexes in Dongbu Ichon-dong (Hangang Mansion, Hangang Samik, Wanggung).

Hangang Mansion attempted to promote reconstruction by trying to establish a union in 2003 but failed to gain momentum until the redevelopment plan amendment passed the Seoul City review in 2017, putting the project on track. Subsequently, the union establishment was approved in the same year, and architectural review was passed in 2018. With this project implementation approval, the apartment is expected to be transformed into a 35-story building with 1,441 households.

However, although the complex received approval for 35 floors according to the existing redevelopment plan, there is a possibility of redesigning it as a high-rise building depending on future Seoul City policies. Seoul Mayor Oh Se-hoon has openly stated his intention to abolish the 35-floor height limit.

The union plans to complete the selection of a construction company within this year. Currently, the construction contract for Hangang Mansion is shaping up as a two-way competition between GS Construction and Samsung C&T. Both construction companies have experience in Dongbu Ichon-dong, having built LG Hangang Xi and Raemian Chellitus, respectively.

As reconstruction accelerates, sale prices are also soaring. The 89㎡ (exclusive area), which recorded a new high of 2.8 billion KRW in April, currently has a listing price of 3.1 billion KRW. Converted to price per 3.3㎡, it exceeds 100 million KRW. For the 121㎡ unit, it was traded at 3.05 billion KRW in January, and after nine months, the current listing price has risen by nearly 1 billion KRW to 4 billion KRW. A representative of a real estate agency in Ichon-dong said, "As reconstruction becomes visible, asking prices have risen endlessly," adding, "Even so, there are hardly any listings, making it a rare situation."