1.5 Trillion Remodeling Sadang 'Ugeuksin' Association Establishment Near Completion

Woosung 2·3rd, Geukdong, Sindonga 4th Resident Consent Rate Reaches 64.1%
Two-Thirds Expected by Next Month, Approval Application Anticipated

[Asia Economy Reporter Kangwook Cho] The Woosung 2nd & 3rd, Geukdong, and Shindonga 4th (Woo, Geuk, Shin) apartments in Sadang-dong, Dongjak-gu, known as the largest project in Seoul's remodeling market with a total project scale of 1.5 trillion KRW, are on the verge of establishing a union. Recently, with Seoul City announcing plans to ease remodeling floor area ratio regulations, the project is expected to gain momentum.

According to industry sources on the 12th, the Woo, Geuk, Shin remodeling project promotion committee revealed that the resident consent rate reached 64.1% following the 4th project briefing held on the 6th. The committee plans to apply for union establishment approval as early as next month after securing the legal consent rate (two-thirds or more) required for union formation. A committee official expressed optimism, stating, "In some buildings, the consent rate has already reached 70%, so union establishment could be possible as early as next month."

The Woo, Geuk, Shin project encompasses four complexes in Sadang-dong, Dongjak-gu: △Woosung 2nd with 1,080 households △Woosung 3rd with 855 households △Geukdong with 1,550 households △Shindonga 4th with 912 households, totaling 4,397 households. All were completed in 1993, meeting the remodeling eligibility period of 15 years. The existing floor area ratio is about 248%, close to the zoning limit of 250%, leading residents to choose remodeling over reconstruction. Through integrated remodeling, the number of households will increase to 5,054, with 676 units planned for general sale. Given the large scale, construction costs alone are estimated to reach approximately 1.5 trillion KRW.

Notably, these complexes are located between Chongshin University Station on Subway Line 4 and Isu Station and Namseong Station on Line 7, and once remodeled, they are expected to transform into landmarks of the area.

Seoul City's recent announcement of the ‘Basic Plan for Apartment Remodeling Revision,’ which includes incentives such as floor area ratio bonuses for remodeling projects, is also favorable for project advancement. The revision plan allows up to a 30 percentage point increase in floor area ratio if infrastructure or eco-friendly facilities such as parks and playgrounds are created during remodeling, even without building rental housing.

With union establishment imminent, major construction companies are actively competing. Currently, five companies?Samsung C&T, Hyundai Engineering & Construction, GS Engineering & Construction, POSCO Engineering & Construction, and Ssangyong Engineering & Construction?have expressed their intention to participate in the project.