The Reconstruction Fever Spreading from Cheolsan to Haan... The '20,000 Units' Haan Jugong Project Also Kicks Off in Earnest

Entering Preliminary Safety Inspection Procedures for 5·7·12 Complexes
Stimulated by Cheolsan Jugong Passing Safety Inspection News
Consent Collection Begins This Month for 1·2·3·4 Complexes

[Asia Economy Reporter Ryu Tae-min] The reconstruction fever in Gwangmyeong City, Gyeonggi Province, which was active mainly around the low-rise Jugong complexes in Cheolsan-dong, is spreading to Ha-an-dong. As housing prices soar due to the reconstruction and redevelopment wave sweeping the entire city, mid-rise complexes in Ha-an-dong are also following suit by undergoing preliminary safety inspection procedures one after another.

According to the maintenance industry on the 13th, Ha-an Jugong Complex 5 in Ha-an-dong obtained consent forms for the preliminary reconstruction safety inspection in December last year and applied for a safety inspection at Gwangmyeong City Hall. Built in 1990 and now in its 32nd year since occupancy, this apartment complex consists of a total of 2,176 mid-rise units. Preliminary safety inspections can be requested if more than 10% of the owners consent.

Other complexes in Ha-an-dong are also accelerating their reconstruction projects. Ha-an Jugong Complex 7, with 1,342 units, began collecting consent forms early in May last year and submitted a preliminary safety inspection request in December. Complex 12, the largest among Ha-an Jugong complexes with 2,392 units, also started collecting consent forms at the end of last year and completed the preliminary safety inspection application.

The pace is also picking up for other mid-rise complexes. Complexes 1 and 2, which are considering integrated reconstruction, have begun the resident consent procedures for safety inspection applications this month. Complexes 3 (2,220 units) and 4 (1,346 units) are scheduled to start the consent process from the 15th. Early next month, Complex 6, with 1,260 units, also plans to begin the resident consent procedures.

Ha-an Jugong Apartments, completed between 1989 and 1990, consist of a total of 13 complexes. Excluding Complex 13, which is a rental apartment, the total number of units exceeds 20,000, making it a large-scale complex. Recently, nearby Cheolsan Jugong Complexes 12 and 13 in Cheolsan-dong have consecutively passed the first phase of detailed safety inspections. Complexes 8, 9, 10, and 11 in Cheolsan Jugong, which are progressing quickly, are either approaching completion or entering final procedures such as demolition and relocation, which seems to have influenced Ha-an Jugong residents as well. It is known that Ha-an Jugong Complexes 8 to 11 plan to complete collecting consent forms by March this year.

As expectations for reconstruction projects grow, apartment sale prices in the area are also rising. The 41.3㎡ (exclusive area) unit in Ha-an Jugong Complex 3 changed hands for 645 million KRW in December last year, rising by 45 million KRW in three months. The 79㎡ unit in Complex 5 was sold for 825 million KRW in November last year, increasing by 40 million KRW compared to two months earlier.

A representative from real estate agency A in Ha-an-dong said, "As Cheolsan Jugong complexes have recently passed safety inspections one after another, Ha-an Jugong residents' expectations for passing the safety inspection have increased. Ha-an Jugong is a large complex with over 20,000 units and generally low floor area ratios of 150-190%, so its business feasibility is expected to be considerable."