[Asia Economy Reporter Ryu Tae-min] Aging apartments in Suji-gu, Yongin, Gyeonggi Province are accelerating their remodeling efforts. Following the ‘Samsung 1st’ apartment in Pungdeokcheon-dong, the ‘Seowon Village Hyundai Hometown’ apartment in Sanghyeon-dong recently passed the first hurdle of the remodeling project, obtaining approval for the establishment of the union. With this, the number of remodeling complexes in Yongin City that have completed union establishment approval has increased to 13.
According to the industry on the 13th, the Seowon Village Hyundai Hometown apartment in Sanghyeon-dong, Suji-gu, Yongin City, Gyeonggi Province, received remodeling union establishment approval on the 8th. To establish a remodeling union, consent from more than two-thirds of the union members is required. The Remodeling Housing Union Establishment Promotion Committee of this complex met the establishment requirements at the end of March and received union establishment approval two months after holding the inaugural general meeting.
Built in 2001, this apartment complex consists of six buildings with a total of 462 households, up to 20 floors above ground, composed of mid-rise buildings with small to medium-sized units of 59 and 84㎡ (exclusive area). It is a station-area complex located within 500 meters of Seongbok Station on the Shinbundang Line subway. The floor area ratio of the complex is 247%, and the building coverage ratio is 18%.
As the pace of remodeling projects accelerates, expectations are also rising. The asking price for an 84㎡ unit in this complex has currently risen to a maximum of 930 million KRW. This is 90 million KRW higher than the sale price of 840 million KRW in January. The highest asking price for a 59㎡ unit is also 800 million KRW, up 50 million KRW from the sale price of 748 million KRW in August last year.
In addition to Seowon Village Hyundai Hometown, complexes in the Suji-gu area have recently been speeding up remodeling. At the end of February, the Samsung 1st apartment in Pungdeokcheon-dong, located near Sujigu Office Station on the Shinbundang Line, received union establishment approval. Built in 1994, this apartment complex has 576 households and plans to increase the number of households to 662 through horizontal and separate building remodeling methods. In Sanghyeon-dong, several complexes such as ‘Seongbok Station River Park’ (702 households), ‘Gwanggyo Sanghyeon Village Hyundai’ (498 households), and ‘Pungsan’ (438 households) have consecutively passed safety inspections since the second half of last year.
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