[Asia Economy Reporter Ryu Tae-min] As expectations for deregulation by the new government grow, aging apartments in the Songpa-gu area of Seoul have begun to catch a remodeling boom. Mid-rise complexes such as Garak Sang-a 2nd and Garak Kumho are taking steps toward holding general meetings for the establishment of associations, and nearby complexes are also receiving approval for association establishment one after another, accelerating the remodeling efforts.
According to the maintenance industry on the 11th, the Garak Sang-a 2nd Remodeling Association Establishment Promotion Committee recently exceeded a resident consent rate of 66.7% and held the first step of the remodeling project, the association establishment general meeting, on the 9th. This complex, completed in 1988, consists of 6 buildings with a total of 750 households. The floor area ratio (the ratio of the total floor area of buildings to the land area) is 249%. The complex plans to be reborn as a complex with 862 households through horizontal and vertical extension remodeling. The promotion committee stated that it plans to complete the selection of a construction company in the second half of this year.
Other aging complexes in the area are also accelerating their remodeling projects. The nearby Garak Kumho Apartment is scheduled to hold an association establishment general meeting at the end of this month. Completed in 1997, this complex consists of 8 buildings with a total of 915 households and has a floor area ratio of 397%. The promotion committee plans to increase the number of households to 1,000 through remodeling. The adjacent Garak Hanshin Apartment has also officially launched a promotion committee and is stepping up project progress. Earlier, the 695-household Goye5 Complex and Jamsil Hyundai and Munjeong Hyundai complexes nearby received remodeling association establishment approval from Songpa-gu Office in March.
The acceleration of remodeling projects in Songpa-gu is due to growing expectations following a series of successful remodeling cases in the area. ‘Jamsil The Sharp Ruben,’ which is the first in Korea to attempt vertical and extension remodeling, recorded a high competition rate with 7,310 applicants for 29 units despite a high sale price of 65 million KRW per 3.3㎡. ‘Songpa The Platinum,’ which held its subscription earlier this year, also showed an average competition rate of 2,599 to 1 with 75,382 applicants for 29 units.
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