Approval Granted for Geoye5 Complex Union Establishment... Remodeling Momentum in Songpa Area

Transformed into 695 Households through Horizontal Extension

[Asia Economy Reporter Ryu Taemin] The Geoye 5 Complex apartment in Geoye-dong, Songpa-gu, located right in front of Geoye Station on Seoul Subway Line 5, has completed the establishment of a remodeling association and is now actively pushing forward with the project. Following the Garak Ssangyong 1st Complex apartment passing the first safety inspection threshold at the end of last year, Geoye 1 and 4 Complexes have recently begun efforts to establish associations, raising expectations for remodeling of aging complexes in the Songpa-gu area.

According to industry sources on the 24th, Songpa District Office approved the establishment of the remodeling association for the Geoye 5 Complex apartment on the 23rd. The establishment of a remodeling association requires consent from more than two-thirds of the members. The promotion committee for the remodeling housing association of this complex announced last month that they secured a resident consent rate exceeding 66.7%, which is the requirement for applying for association establishment.

Constructed in 1997, this apartment complex consists of six buildings with a maximum of 15 floors above ground and a total of 605 households, composed of mid-rise units of small to medium size with exclusive areas of 59 and 84 square meters. It is a station-area complex located within 500 meters of Geoye Station on Subway Line 5. With a floor area ratio of 344%, the project’s profitability is considered low, making remodeling more advantageous than reconstruction. The promotion committee plans to transform the complex into 695 households through horizontal and annexed building extensions.

In addition to Geoye 5 Complex, other aging complexes in the Songpa-gu area are accelerating remodeling efforts. The adjacent Geoye 1 Complex (1,004 households) and Geoye 4 Complex (546 households) are currently pursuing the establishment of remodeling associations. Furthermore, remodeling projects are gaining momentum in Garak-dong at complexes such as ‘Garak Ssangyong 1st’ and ‘Garak Kumho’. ‘Songpa The Platinum’ in Ogeum-dong, which was the first remodeled apartment in Korea to offer 29 units for general sale, succeeded in the subscription with a competition rate of 2,599 to 1. In Pungnap-dong, ‘Ssangyong Apartment’ and ‘Gangbyeon Hyundai Apartment’ are also advancing remodeling projects.