Approval for Cooperative Establishment... Expansion to Over 3,000 Households
[Asia Economy Reporter Kim Hyemin] Seonsa Hyundai Apartment in Amsa-dong, Gangdong-gu, Seoul, has completed the establishment of its housing association and is now actively promoting remodeling. The complex is a large-scale development with nearly 3,000 households and is located along the Han River, making it one of the most valuable remodeling projects in Seoul. Construction companies have been making early efforts by holding briefings for residents.
According to the maintenance industry on the 5th, Seonsa Hyundai Apartment received approval for the establishment of a remodeling housing association from Gangdong-gu Office on the 30th of last month. This came one year after they began collecting consent forms for the association establishment in October last year. Remodeling of multi-family housing requires approval for association establishment with the consent of more than two-thirds of the residents.
Completed in 2000 and now in its 21st year, Seonsa Hyundai Apartment was built by reconstructing the former Amsa-dong public housing complex. With a floor area ratio of 394%, remodeling was chosen over reconstruction. Through remodeling, Seonsa Hyundai Apartment is expected to expand to over 3,000 households.
The complex consists of 16 buildings ranging from 9 to 28 floors, with a total of 2,938 households. It is larger in scale than Ssangyong 1st Complex in Garak-dong, Songpa-gu (2,063 households), which is considered one of the largest remodeling projects. It is also the largest apartment complex along the Han River in the Gangdong area. Its proximity to Amsa Station, the terminus of Seoul Subway Line 8, is another advantage.
Given its mammoth scale, competition among construction companies to secure the construction rights is expected to be fierce. The industry anticipates that the construction cost for this complex alone will exceed 900 billion KRW. For this reason, major large construction companies have been actively holding business briefings for residents from the early stages of the remodeling project to secure contracts.
In Gangdong-gu, besides Seonsa Hyundai, other large and mid-rise complexes are also pursuing remodeling. Goduk-dong Goduk Anam Apartment, completed in 1996, passed the first safety inspection for remodeling last month. It will transform from 807 households to 887 households through remodeling. Baejae Hyundai Apartment in Goduk-dong has been collecting consent forms for remodeling association establishment from residents since last month. In Sangil-dong, Myeongil Jungang Heights is also pursuing remodeling. Remodeling of Dunchon Hyundai 1, 2, and 3 complexes in Dunchon-dong is also progressing rapidly.
An industry official said, "Complexes with high floor area ratios where reconstruction is practically impossible are showing early moves to choose remodeling," adding, "Remodeling has advantages such as less stringent safety inspections and permits, and freedom from the excess profit recovery system and donation obligations."
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