Yeouido Bridge Reconstruction Promotion Committee Approved...Major Construction Companies Eyeing Project

Using Sintong Planning to Aim for Cooperative Establishment This Year
Resident Planning Proposal: 576 Households → 1000 Households
Han River View and Close to Schools

The reconstruction promotion committee for Daegyo Apartment in Yeouido-dong, Yeongdeungpo-gu, Seoul has been established. The committee plans to complete the establishment of the association by the end of this year using Seoul City's fast-track redevelopment project, the Rapid Integrated Planning. Due to its proximity to the Han River and nearby schools, major construction companies have already shown keen interest.

According to the maintenance industry on the 27th, Daegyo Apartment received approval for the establishment of the reconstruction promotion committee from Yeongdeungpo District Office on the 24th. A committee official stated, "Although the start is later compared to other complexes in Yeouido, we plan to accelerate the reconstruction through the association method by utilizing the advisory system of the Rapid Integrated Planning."

The site area of Daegyo Apartment is 36,199㎡ and currently consists of 576 households. It is adjacent to Yeouido Girls' High School and close to Yeouido Middle School and Yeouido Elementary School. It is also an 8-minute walk from The Hyundai Seoul. Being near Wonhyo Bridge, it is accessible to Yongsan within 5 minutes by car.

The promotion committee is currently collecting consent forms from owners for the subsequent procedure of establishing the association. At the same time, they are preparing a resident planning proposal that will serve as the blueprint for reconstruction to utilize Seoul City's Rapid Integrated Planning. The Rapid Integrated Planning is a system where, from the early stages of private-led redevelopment projects, Seoul City and residents discuss project feasibility and public interest together to accelerate the project. Last month, Seoul City introduced this advisory-type Rapid Integrated Planning to shorten the period for establishing maintenance plans when there is a resident proposal.

According to the resident planning proposal being prepared by the promotion committee, Daegyo Apartment will be transformed into a complex with up to 59 floors, 4 buildings, and 1,000 households after reconstruction. By applying the latest construction methods and optimized building arrangements, most units will have views of the Han River.

Jung Hee-seon, vice chairman of the Daegyo Apartment Reconstruction Promotion Committee, said, "Now is the optimal time to promote reconstruction as the real estate market has slowed down," adding, "After establishing the association, we plan to select a construction company using the recently amended Seoul City ordinance and proceed with the full reconstruction process."

Currently, major construction companies such as Hyundai Engineering & Construction, POSCO, and DL are known to be interested in the reconstruction of Daegyo Apartment.