Reconstruction Breeze in Guro Dreaming of 'Hwankoltaltae'... 'Hyundai Merchant Marine' Passes Yeanjin

Apartment buildings in the Seoul area (Photo by Yonhap News)

[Asia Economy Reporter Tae-min Ryu] Reconstruction projects are regaining momentum in the Guro 1-dong area of Seoul. In the past six months, three aging complexes have passed the preliminary safety inspection, considered the 'first gateway' to reconstruction, raising expectations for the projects.

According to the maintenance industry on the 21st, the Hyundai Merchant Marine Apartments in Guro 1-dong, Guro-gu, Seoul, received a passing judgment on the preliminary safety inspection for reconstruction from the Guro District Office on the 17th. With this preliminary safety inspection clearance, the complex can now launch a reconstruction promotion committee and proceed to the detailed safety inspection stage. The reconstruction safety inspection process proceeds in the order of preliminary safety inspection → first detailed safety inspection → second detailed safety inspection (appropriateness review).

Completed in 1987, this complex consists of two buildings with a total of 290 households, with a maximum of 15 floors above ground. It is a mid-rise apartment complex composed of small to medium-sized units of 64 and 79 square meters (exclusive area). It is a station-area complex located within 500 meters of Guil Station on Subway Line 1.

Other aging complexes in the Guro 1-dong area are also accelerating their reconstruction projects. The nearby Guro Hanshin Apartments recently began forming a reconstruction promotion committee. This complex has 488 households and is currently undergoing the preliminary safety inspection process. In October last year, the Hyundai Entertainer Apartments, with 735 households, passed the preliminary safety inspection. In December of the same year, the Jungang Guro Heights complex, with 579 households, also consecutively passed the preliminary safety inspection, speeding up the projects.

The long-awaited relocation of the Guro Railroad Vehicle Depot, a key issue for residents in the area, is also underway. Due to the presence of the Guro Vehicle Depot in the Guro 1-dong area, residents have continuously complained about traffic inconvenience and noise. Once the depot relocation is confirmed, a residential and commercial complex is planned to be developed on the site.

As maintenance projects in the Guro district gain momentum, apartment prices are also rising. The sale price of a 79㎡ unit in Hyundai Merchant Marine rose to 830 million KRW in September last year, an increase of 145 million KRW compared to February of the same year (685 million KRW). Currently, asking prices for units of this size have reached up to 860 million KRW.