Establishment of Daegyo Apartment Reconstruction Promotion Committee
Late Promotion Recovered Through Sintong Planning
Previously Prepared Sintong Plans for Sibeom, Hanyang, etc.
The Yeouido reconstruction, which had been blocked by layers of regulations and integrated development controversies, is moving again. As the reconstruction of the representative aging apartments, Sibeom and Hanyang, has gotten on track thanks to Seoul Mayor Oh Se-hoon's Rapid Integrated Planning, latecomers like Daekyo are also accelerating. With the potential for improved profitability due to the abolition of the '35-floor rule' and other factors, major construction companies are fiercely competing behind the scenes.
According to the maintenance industry on the 28th, Daekyo Apartment in Yeouido-dong, Yeongdeungpo-gu, Seoul, received approval for the establishment of a reconstruction promotion committee from Yeongdeungpo District Office on the 24th. Built in 1975 and now in its 49th year since occupancy, this apartment complex consists of a total of 576 households. It boasts an excellent location with views of the Han River and proximity to Yeouido Girls' High School, Yeouido Middle School, and Yeouido Elementary School. It is also a 10-minute walk to Yeouinaru Station on Subway Line 5.
Daekyo Apartment conditionally passed the reconstruction safety inspection in June 2017. However, the project faced difficulties due to deepening resident conflicts over trust reconstruction. Since 2021, discussions were held for integrated reconstruction with nearby small complexes Hwarang and Jangmi Apartments to receive zoning upgrades and floor area ratio incentives, but these plans fell through due to issues such as Han River view rights.
A representative of the Daekyo Apartment Reconstruction Promotion Committee explained, "We judged that the losses incurred by delays due to integrated reconstruction negotiations would be significant, so since October last year, we have been pursuing independent reconstruction," adding, "Although we started later than other complexes in Yeouido, we plan to proceed quickly by utilizing the Rapid Integrated Planning."
Rapid Integrated Planning is a system where the Seoul Metropolitan Government is involved from the early stages of maintenance projects to increase the chances of success. It accelerates the project speed by simplifying administrative procedures and improves profitability by receiving incentives such as increased floor area ratios.
Recently, representative aging complexes in Yeouido have ended long stagnation and finalized reconstruction blueprints through Rapid Integrated Planning. Sibeom Apartment, the oldest in Yeouido built in 1971, prepared a Rapid Integrated Planning proposal last November for reconstruction with up to 65 floors and 2,500 households. A floor area ratio of 400% is applied on the condition of public contribution. Hanyang Apartment, built in 1975, also finalized its Rapid Integrated Planning proposal last month. It will be upgraded from a Type 3 General Residential Area to a General Commercial Area, transforming into a finance-specialized residential complex with up to 54 floors and 1,000 households.
This has stimulated apartment owners whose reconstruction projects started late to hasten procedures. Various government deregulations have also contributed to this change in atmosphere. In fact, the Daekyo Apartment Reconstruction Promotion Committee has been collecting consent forms from owners since last month to establish a union within this year, securing a 60% consent rate in less than two months. Last month, the reconstruction promotion committee was established for Gwangjang Apartment Buildings 1 and 2, and in November last year, Eunha Apartment, built in 1974, passed the detailed reconstruction safety inspection.
An industry insider said, "Yeouido is full of aging apartments approaching fifty years old, but it had been drifting due to former Seoul Mayor Park Won-soon's integrated development plan and excessive regulations including the 35-floor rule," adding, "Recently, with the possibility of ultra-high-rise reconstruction, major construction companies such as Samsung C&T, Hyundai Engineering & Construction, and DL E&C are working behind the scenes to be selected as contractors in various locations."
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