Yangjaecheon Riverside Complex... 459 Households → 1080 Households
The Gaepo Woosung 4th Apartment in Dogok-dong, Gangnam-gu, Seoul, completed in 1985, successfully established a reconstruction association just one year after the approval of the reconstruction promotion committee. This apartment is located alongside the high-end residential complex Tower Palace along Yangjaecheon Stream. As low-rise reconstructions within the Gaepo Housing Development District are wrapping up, mid-rise reconstructions are accelerating, raising expectations that this area will transform into a mini new town.
According to the maintenance industry on the 26th, Gangnam-gu Office approved the establishment of the Gaepo Woosung 4th reconstruction association on the 22nd. This apartment, located at 465 Dogok-dong, consists of 459 households in a 9-story building. It is situated next to Tower Palace along Yangjaecheon Stream and is close to Maebong Station on Subway Line 3, making its location excellent. It is also adjacent to the Daechi-dong academy district, making it a prime location within Gangnam-gu. Moreover, over 70% of the units are larger than 129㎡, and the floor area ratio is only 145%, which is evaluated as having excellent reconstruction feasibility.
Gaepo Woosung 4th faced a setback in 2017 but established a reconstruction maintenance plan in 2021, making its reconstruction progress relatively slower among the aging complexes near Maebong Station. Gaepo Hanshin has received project implementation approval, and Gaepo Lucky has passed architectural review. However, with a 90% consent rate, the momentum is considerable. The association was successfully established one year after the promotion committee’s approval in September last year.
According to the current plan, Gaepo Woosung 4th will be transformed through reconstruction into 1,080 households (including 128 public housing units) in a building ranging from three basement floors to 35 floors above ground. However, since the Seoul Metropolitan Government finalized the 2040 Seoul Urban Basic Plan and abolished floor restrictions, the association is highly likely to pursue a design change to a maximum of 49 floors in the future.
With Gaepo Woosung 4th reconstruction getting on track, sales prices are also expected to rise. In Gangnam-gu, a speculative overheating district, only properties owned for more than 10 years and occupied for more than 5 years can transfer association membership rights, making listings scarce. Last month, a 126㎡ unit was traded at a record high price of 3.4 billion KRW just before the association establishment, and currently, units are listed around 3.5 billion KRW.
Meanwhile, the Gaepo Housing Development District, developed in the 1980s, has already seen many low-rise apartments complete reconstruction and undergo dramatic transformation. Gaepo Jugong 2 Complex became Raemian Blestige in 2019, and Gaepo Jugong 3 Complex was reconstructed as The H Honor Hills in the same year. Gaepo Siyoung transformed into Gaepo Raemian Forest (2020), and Gaepo Jugong 8 Complex became The H Xi Gaepo (2021). This year, Gaepo Xi Residence, newly built on Gaepo Jugong 4 Complex, held housewarming events, and early next year, The H Firstier I-Park, the Gaepo Jugong 1 Complex, will be occupied.
A maintenance industry official said, "Now, the remaining mid-rise complexes are starting reconstruction and gaining momentum," adding, "Gaepo Jugong 5 Complex is on the verge of project implementation plan approval, and Gaepo Kyungnam, Woosung 3rd, and Hyundai 1st complexes recently had Seoul City’s rapid integrated planning confirmed, and they are expected to be integrated and reconstructed into about 2,340 households with around 50 floors."
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