The redevelopment of Noryangjin New Town in Dongjak-gu, Seoul is gaining momentum. The "last puzzle," known as Zone 1, has begun the process of selecting a construction company, and Zone 6, which is progressing the fastest, has finalized plans to supply 1,499 households ahead of groundbreaking. As a total of 9,000 new households are set to be built in Noryangjin, which is close to the three major business districts of Gwanghwamun, Yeouido, and Gangnam, interest from prospective buyers and investors is growing.
View of the Noryangjin redevelopment site in Seoul from the 63 Building observatory. Photo by Hyunmin Kim kimhyun81@
According to the maintenance industry on the 11th, the Noryangjin 1 District Redevelopment Association announced a bid for selecting a construction company on the 4th and has started the selection process. The association plans to hold a site briefing on the 15th and conduct the bidding on November 20. The construction cost specified by the association is estimated at 7.3 million KRW per 3.3㎡, totaling approximately 1.0926 trillion KRW.
Zone 1 has been the slowest in Noryangjin New Town and has been called the "last puzzle." It is expected that redevelopment will gain more momentum once the construction company is selected.
Zone 1 is considered the flagship among Noryangjin New Town areas. The project site is the largest, about 132,000㎡, and it has an excellent location near Noryangjin Station on subway lines 1 and 9. The current plan is to transform it into 28 buildings with up to 33 floors, totaling 2,992 households.
An industry insider said, "Although the construction cost is set lower than recent trends, the excellent location is causing fierce behind-the-scenes competition among major construction companies ahead of the selection."
For Zone 6, which is progressing the fastest, the 'Reorganization Promotion Plan Amendment and Landscape Review' recently passed the Seoul City Urban Reorganization Committee. According to the plan, Zone 6 will be redeveloped into 14 buildings ranging from four basement floors to 28 above-ground floors, with 1,499 households (including 262 public housing units).
Zone 6 is located at the southernmost part of Noryangjin and is close to Jangseungbaegi Station on subway line 7. It was the first in the New Town to receive management disposition plan approval in 2021, and demolition is currently underway.
Besides Zones 1 and 6, Zones 2 and 8 are undergoing demolition and relocation, and Zone 4 is preparing for relocation. Zones 3, 5, and 7 have received project implementation approval and are preparing for management disposition plan approval.
Noryangjin, located in the southwestern part of Seoul, benefits from proximity to the three major business districts of Gwanghwamun, Yeouido, and Gangnam, offering a live-work convenience effect. Upon completion of the New Town, about 9,000 households will form a mini new city, attracting significant interest from prospective buyers and investors.
Accordingly, construction companies are competing with their "high-end brands." Hyundai Construction has decided to apply "The H" to Zone 4, Daewoo Construction will use "Summit" for Zone 5, SK Ecoplant proposed "The Define" for Zones 2 and 7, and DL E&C will apply "Acro" to Zone 8.
An industry insider said, "The attraction of high-end brands to Noryangjin is due to the excellent location," adding, "With Dongjak-gu being removed from the speculative overheating district this year, investor interest is also increasing."
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