Announcement of Reconstruction Project Maintenance Zone Designation
More Than Twice as High Compared to Dunchon Jugong
[Asia Economy Reporter Lim On-yu] The expected general sale price of the "reconstruction big fish," Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul, is estimated at a record high of 77 million KRW per 3.3㎡. If the general sale price is set as is, the sale price for the national standard size of 84㎡ (exclusive area) will be about 2.6 billion KRW, and the 59㎡ sale price will be about 1.9 billion KRW.
On the 16th, the Seoul Metropolitan Government designated 243,552㎡ around Eunma Apartment as a maintenance zone and finalized and announced the district unit plan topographic map in the "Eunma Apartment Reconstruction Project Maintenance Plan Decision and Maintenance Zone Designation Plan." According to the announcement, Eunma Apartment, completed in 1979, will be reconstructed from the current 28 buildings with 4,424 households to 33 buildings with 5,778 households. Of the 1,354 additional households, 678 will be public housing, and 676 will be supplied through general sales.
What stands out in this announcement is the estimated general sale price. Previously, there was no need to present an estimated sale price at the maintenance plan decision stage, which is the initial step of reconstruction. However, since the revision of the Urban and Residential Environment Maintenance Act last year, from this year onward, the estimated sale price and the estimated contribution amount that apartment owners must bear must be specified when drafting the reconstruction maintenance plan.
Eunma Apartment calculated the estimate at 77 million KRW per 3.3㎡. This is more than 20 million KRW higher than Raemian One Bailey in Banpo-dong, Seocho-gu, which recorded the highest sale price per 3.3㎡ among reconstruction complexes at about 56.69 million KRW. It is more than twice the price per pyeong (approximately 38 million KRW) of Olympic Park Foreon, recently sold after reconstructing Dunchon Jugong Apartment in Gangdong-gu. This is presumed to reflect recent consecutive increases in interest rates, construction costs, and future price increases.
Eunma Apartment also announced the estimated contribution amount that owners will have to bear. The estimated previous value of Eunma Apartment is 1.9 billion KRW for 76㎡ and 2.2 billion KRW for 84㎡. The previous value is the appraised amount of the current value excluding the price increase expected from development. In this case, if the current owner of a 76㎡ unit purchases an 84㎡ unit, about 400 million KRW will be required, and if purchasing a 109㎡ unit, an additional maximum of about 770 million KRW must be borne. However, the contribution amount is expected to change as the project progresses.
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