Ogeum Daerim Apartment Passes Preliminary Safety Inspection... Consecutive Union Formations in Mid-Rise Complexes
Residents' Business Willingness Increases in Geoyeo and Macheon New Apartments
[Asia Economy Reporter Ryu Tae-min] Reconstruction momentum is spreading in the southern part of Songpa-gu, specifically in the Ogeum and Garak-dong areas, which had received relatively little attention due to the large complexes around Jamsil. Following the approval for the establishment of reconstruction associations for mid-rise complexes built in the mid to late 1980s, this month, Daerim Apartment in Ogeum-dong also passed the threshold of the reconstruction safety diagnosis, raising expectations for reconstruction.
According to the industry on the 1st, Daerim Apartment in Ogeum-dong, Songpa-gu, received a conditional pass with a D grade in the preliminary safety diagnosis for reconstruction on the 25th of last month. To proceed with reconstruction, a grade of D or lower among A to E grades is required. With passing the preliminary safety diagnosis, this complex can now move on to the detailed safety diagnosis stage.
Completed in 1988, Ogeum Daerim Apartment is a mid-rise complex with 3 buildings, 15 floors above ground, and 749 households. It is a station-area complex located right in front of Bangi Station on Subway Line 5, consisting of units ranging from 84 to 125 square meters (exclusive area). Nearby complexes undergoing reconstruction projects include Olympic Athletes' Village, Ogeum Hyundai, Bangi Daerim, and Hanyang 3rd Apartments.
Other aging complexes in the Ogeum-dong area are also accelerating their reconstruction projects. ‘Garak Sang-A 1st’ in Ogeum-dong, completed in 1984, is currently undergoing the project implementation approval process. This complex, which passed architectural review in May, will transform from 226 households to 405 households through reconstruction. Nearby Ogeum-dong ‘Garak Uchang’ commissioned a detailed safety diagnosis service in September and is proceeding with the process. Completed in 1985, this complex consists of 4 buildings, 12 floors above ground, and 264 households.
In the Garak-dong area, the number of complexes that have received approval for the establishment of reconstruction associations is increasing. ‘Garak Miryung,’ completed in 1986, received approval for association establishment in April. This complex, with 4 buildings and 15 floors above ground totaling 435 households, is expected to be reborn as 612 households through reconstruction. In addition, ‘Garak Geukdong’ with 555 households, Samhwan Garak (648 households), and Garak Plaza (672 households) have also completed association establishment. These complexes are surrounded by public transportation options including Ogeum Station (transfer station for Subway Lines 3 and 5), Police Hospital Station on Line 3, Gaerong Station on Line 5, and Garak Market Station on Line 8, making public transit convenient.
The reconstruction push in the Ogeum and Garak-dong areas has been strengthened by the successful move-in of ‘Helio City’ in Garak-dong, a large complex with 9,510 households nearby. These complexes had been evaluated as less profitable compared to major reconstruction complexes in Jamsil-dong and Sincheon-dong due to relatively lower housing prices. However, with recent significant price increases, redevelopment projects in other areas of Songpa-gu are gaining momentum.
The construction of new apartments with a scale of 10,000 households in the Geo-yeo and Macheon New Town areas has also raised residents’ willingness to push forward with projects. The representative of A Real Estate Agency in Ogeum-dong said, "From Helio City to Geo-yeo and Macheon New Town, a ‘new apartment boom’ is happening across Songpa-gu, accelerating projects in Ogeum and Garak-dong as well," adding, "Especially since prices are lower than high-end complexes like Jamsil and Sincheon-dong, demand from buyers is relatively high."
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