[Exclusive] Jamwon Hangang Passes Detailed Safety Inspection... High-Rise Reconstruction Along Hangang Gains Momentum

Notification of D Grade... Project Confirmed Without Adequacy Review
Chose Reconstruction Over Remodeling Despite High Floor Area Ratio
Resident Agreement Rate at 97% Thanks to Abolition of 35-Story Rule

The 35-year-old Jamwon Hangang apartment complex in Jamwon-dong, Seocho-gu, Seoul, located along the Han River, has passed the detailed safety inspection for reconstruction. Despite a high floor area ratio of 240%, the complex chose reconstruction over remodeling. Since Mayor Oh Se-hoon's inauguration, various regulations such as the '35-floor rule' have been eased, creating an atmosphere where redevelopment of aging complexes along the Han River is accelerating.

Jamwon Hangang Apartment seen from Gangbuk. Photo by Younghan Heo younghan@

According to the maintenance industry on the 30th, Jamwon Hangang recently received a D grade on the detailed safety inspection from Seocho District Office. A D grade means conditional reconstruction, but due to the Ministry of Land, Infrastructure and Transport's easing of reconstruction safety inspection regulations earlier this year, reconstruction was confirmed without a public institution's adequacy review. This came eight months after passing the preliminary safety inspection in December last year. A Seocho District Office official said, "Jamwon Hangang passed the safety inspection, confirming reconstruction," and added, "We understand that the maintenance plan is currently being established."

Built in 1989, Jamwon Hangang is a small complex with 450 households but boasts an excellent location. It is right in front of the Han River, offering outstanding views, including Namsan and Namsan Tower beyond Hannam Bridge. It is adjacent to the entrance of Han River Park, providing excellent access to the river. It is close to Sinsa Station, served by Subway Line 3 and the Shinbundang Line, making transportation convenient, and it also benefits from the undergrounding of the Gyeongbu Expressway.

However, the high floor area ratio is a hurdle to overcome. Jamwon Hangang's floor area ratio is 240%, and typically, when it exceeds 200%, remodeling is often pursued considering project profitability and additional contributions. The nearby 'Gangbyeon' apartment complex chose remodeling for this reason. Gangbyeon's floor area ratio is 243%, almost the same as Jamwon Hangang.

Nevertheless, Jamwon Hangang's push for reconstruction is interpreted as influenced by the easing of various regulations, including the 35-floor height limit, after Mayor Oh's inauguration, which has energized high-rise reconstruction along the Han River.

In March, Seoul City announced that the aging complex Sinbanpo 2nd in Jamwon-dong along the Han River would be reconstructed into an apartment complex with up to 49 floors and 2,050 households through the Rapid Integrated Planning. Built in 1987, this complex's project had been delayed due to securing Han River views and unit size distribution issues, but the new planning has accelerated progress. Last month, the Rapid Integrated Planning proposal for Apgujeong 2nd to 5th districts was also released. These districts are expected to be reborn as about 11,800 households with around 50 floors in the future.

An official from the maintenance industry explained, "In the case of Jamwon Hangang, the reconstruction consent rate is close to 97%," adding, "With successful reconstruction cases in nearby Banpo and the easing of regulations, reconstruction of aging complexes along the Han River in Apgujeong and Yeouido has begun in earnest, raising owners' expectations for reconstruction."

Meanwhile, Jamwon Hangang recently recorded an actual transaction price of 2.43 billion KRW for an 84㎡ unit. This is close to the 2.5 billion KRW record set in October 2021 during the real estate boom. The current asking price is formed in the range of 2.5 to 2.8 billion KRW.