[Report] 'Moatown' Seongsan-dong, Mapo-gu, "Reconstruction Efforts for 10 Years... This Time, Change Is Expected"

160-4 Area of 83,000㎡
Mixed 1st and 2nd Residential Zones
Resident Pre-Consent Rate Reaches 80%
Significant Impact on Project Duration Reduction

Around 3 p.m. on the 21st, I visited the area around 160-4 Seongsan-dong, Mapo-gu. The villas in this area showed a mix of old and new buildings.
Photo by Hwang Seoyul

[Asia Economy Reporter Hwang Seoyul] "What date is set as the right assessment date?" "It is notified as June 23."

On the afternoon of the 21st, in the area of 160-4 Seongsan-dong, Mapo-gu, Seoul. At a real estate agency office in this area, which was selected as one of the 21 target sites for the Moa Town project announced by the Seoul city government that morning, an excited atmosphere prevailed. At the office, Lee Kwangseok (71), the chairman of the Moa Housing Promotion Committee (tentative name) here, was busy responding to phone calls inquiring about the right assessment date as well as residents who visited in person to ask questions related to the Moa Town project.

When designated as a ‘Moa Town,’ owners of adjacent multi-family and multi-unit housing lots in the area can combine their individual lots to jointly develop apartments on a block basis through the ‘Moa Housing (small-scale housing maintenance project).’ This method involves gathering and renovating old low-rise residential areas where new and old buildings are mixed, making large-scale redevelopment difficult. It is a key pledge project of Seoul Mayor Oh Se-hoon.

The area of 160-4 Seongsan-dong, Mapo-gu, covers 83,265㎡ and is a mix of Type 1 and Type 2 general residential zones. In fact, when walking out from Exit 2 of Mapo-gu Office Station and going up the sloped uphill road, you can find newly built cement houses here and there among mostly old red brick houses. Due to a lack of parking spaces, cars were lined up parked in front of houses, and one passenger car was slowly squeezing past. Resident Kim (74) said, "The buildings are aging, the roads are narrow, so there is no parking space, and it is difficult for fire trucks to get through, which is dangerous in case of fire." He added, "I hope the project proceeds within five years without discord among residents, creating underground parking lots and taller houses."

Due to a shortage of parking spaces, a white sedan is slowly driving out of the alley next to cars parked on the shoulder.
Photo by Hwang Seoyul

Since a previous reconstruction attempt had failed, expectations for this Moa Housing project were even higher. According to the chairman, this time they achieved about 80% preliminary consent from residents and secured 76.5% of the land area. The advantage of Moa Housing, which shortens the project period, also played a significant role. Resident Lee Seongyong (65), who has lived here for 45 years, said, "It has been about 10 years since we pushed for reconstruction, and several times at that," adding, "I look forward to the changes that will come to Seongsan-dong with this selection."

Regarding the right assessment date set for the 23rd, there were responses that it was effective. To block speculative forces such as share splitting, Seoul city designated and announced the right assessment standard date, setting those who reported construction start after that date as cash settlement targets. The chairman said, "There can’t be no complaints," but added, "It seems unavoidable to prevent speculative forces." He continued, "I told residents that the right assessment standard date might change based on the announcement day," and added, "There were speculative forces, but since there were no sellers, it did not lead to purchases."

Meanwhile, Seoul city plans to supply more than 30,000 new housing units by 2026 through promoting Moa Town. Additional calls for ‘Moa Town target sites’ will be held in July.