"Find the Owner"... Oh Se-hoon's Battle to Secure Consent Rates for Private Redevelopment

Possibility of Selecting Around 25 Locations
"Higher Agreement Rate is Advantageous"
Promotion Committees Formed Everywhere to Secure Agreement Rates

A panoramic view of the aging low-rise residential area in downtown Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] The market response to Oh Se-hoon's private redevelopment initiative, ‘Rapid Integrated Planning,’ is heating up. Movements to quickly collect residents' consent forms or to find owners to meet the minimum consent rate are being detected everywhere. Rumors that only one site per autonomous district, totaling 25 sites, will be selected have led to fierce competition within districts to secure consent rates and increase the chances of selection.

According to the maintenance industry on the 27th, ahead of the first round of applications closing on the 29th of next month, major candidate sites such as Seogye-dong in Yongsan-gu and Suyu-dong in Gangbuk-gu have formed promotion preparation committees and are actively pursuing resident consent.

Owners in Seogye-dong, Yongsan-gu, have already launched a promotion preparation committee earlier this month and started collecting residents' consent forms. A committee official said, "We have received good responses, with residents coming on weekends or sending forms by mail, so meeting the minimum requirements will not be difficult," adding, "We are actively collecting consent forms to compete with other areas." In Suyu-dong, Gangbuk-gu, known as Bballaegol, banners are hung everywhere encouraging the submission of consent forms. A redevelopment promotion committee official said, "We started collecting from the 15th of last month and have currently secured 21%."

To apply for the contest, a resident consent rate of over 30% must be met. However, since Seoul City is expected to select only about 25 sites in the first round considering district balance and development speed control, the battle to secure resident consent rates has intensified.

Jongno-gu Sungin 1 District, which has already surpassed 30% resident consent early on, is also busy finding owners. The district secured a 51% resident consent rate and completed the application just one day after the contest opened on the 24th, but is publicly searching for owners. About 30% of owners, such as those who bought villas within the last 1-2 years, are unreachable. They aim to secure the 67% resident consent rate required for designation as a maintenance zone by the end of October to increase their chances of selection.

Nearby Changsin-dong in Jongno-gu has also already met the 30% resident consent rate but is delaying submission to collect additional consent forms. In addition, active collection of residents' consent forms is underway in Bulgwang 1 and 2-dong in Eunpyeong-gu, Sillim 4 District in Gwanak-gu, Jangwi 11 District in Seongbuk-gu, Sinwol 7-dong 1 District in Yangcheon-gu, and Jayang 4-dong 1 and 2 Districts in Gwangjin-gu. An industry official said, "Most areas where urban regeneration projects and other developments were blocked are showing strong willingness to participate," adding, "As competition is expected to be fierce, everyone is jumping into the race to secure resident consent rates."