Association Announces Relocation Plan on 26th and Confirmation
Relocation to Take Place from Next Month 26th to April Next Year
Construction to Begin in July-August Next Year After Demolition Process
Gumidong Rainbow Village Bird's-eye View
[Asia Economy Reporter Hwang Seoyul] Among the remodeling complexes of the 1st generation new towns (Seongnam Bundang, Goyang Ilsan, Anyang Pyeongchon, Gunpo Sanbon, Bucheon Jungdong), the first complex to finalize its relocation plan has emerged. ‘Mujigaemaeul 4 Complex’ in Bundang-gu, Seongnam City, will officially enter the relocation phase starting from the 26th of next month.
According to the Mujigaemaeul 4 Complex remodeling association on the 28th, the association announced the relocation notice to its members on the 26th and finalized the relocation plan. Relocation is scheduled to take place from the 26th of next month until April of the following year, followed by demolition, with construction planned to begin in July or August. The planned completion period is 37 months after the start of construction.
With the relocation plan finalized, Mujigaemaeul 4 Complex has become the leading project among the 1st generation new town remodeling complexes. The complex is located in Gumi-dong, Bundang-gu, Seongnam City, Gyeonggi Province, and finalized its relocation plan 7 years and 2 months after the association was established in September 2015. POSCO Construction is in charge of the construction.
The complex will be reborn with 647 households, an increase of 84 from the existing 563 households. Through horizontal and annex expansions, the number of buildings will increase from the current 5 to 7. The parking lot, currently located on the ground and one basement floor, was planned to be on two basement floors, but following suggestions at the general meeting, the design is being revised to add one more basement parking floor.
The association stated that the relocation notice is proceeding smoothly according to the original plan. However, it reported difficulties in securing relocation loan financing for multi-homeowner members. Multi-homeowners cannot use the existing relocation loan and sometimes secure funds through secondary financial institutions. However, since the Legoland incident, secondary financial institutions have tightened lending, causing interest rates to soar, making it even more difficult. Park Ki-seok, head of the Mujigaemaeul 4 Complex remodeling association, said, "While primary financial institution loans for single-homeowners are approved without issues, loans for multi-homeowners face difficulties, so secondary financial institutions need to be reselected early next year."
Meanwhile, the 3rd and 4th complexes of Neutimauel in Jeongja-dong, Bundang-gu, are planning general meetings to finalize household contribution fees, which will be a key factor in accelerating the remodeling projects. According to each association, the general meeting for Neutimauel 3 Complex is scheduled for the 3rd of next month, and for Neutimauel 4 Complex, it is planned for early next year.
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