Reconstruction Promotion Briefing for Owners on the 4th of Next Month
84㎡ Sale Price Recovers to 2 Billion KRW Range After 1 Year and 5 Months
The large complex of 5,500 households in Bangi-dong, Songpa-gu, Seoul, known as the 'Olympic Athletes and Journalists Village,' which was completed in time for the 1988 Seoul Olympics, is accelerating its reconstruction. After passing the first hurdle of the safety inspection in February, the reconstruction blueprint by architect Woo Gyu-seung, who designed the complex 39 years ago, is expected to be unveiled soon. The construction of about 10,000 new households, equivalent to a 'mini new town,' is anticipated, and as real estate buying sentiment gradually recovers, the sale price of an 84㎡ unit has also returned to the 2 billion KRW range for the first time in 1 year and 5 months.
According to the maintenance industry on the 26th, the Olympic Athletes Village Reconstruction Promotion Committee will hold two reconstruction promotion briefings for owners at Oryun Middle School on the 4th of next month. The current progress and future schedule related to the maintenance plan will be shared.
In particular, on this day, KTS Engineering, which is in charge of the maintenance zone designation service, and architect Woo, who designed the complex in the past, will present the reconstruction bird's-eye view for the first time.
The Olympic Athletes and Journalists Village was built as accommodation for athletes and journalists participating in the 1988 Seoul Olympics. In 1984, Seoul City held an international design competition, and the final winning entry was a collaboration between architect Woo, who proposed an innovative radial building layout, and Hwang Il-in, the representative of Ilgan Architects.
Architect Woo is participating in this reconstruction at the request of the promotion committee. The committee is known to want a differentiated design plan that preserves the complex's historical significance and symbolism.
During this briefing, a preliminary survey regarding owners' preferred unit sizes will also be conducted. The promotion committee plans to submit the maintenance plan soon to receive designation as a maintenance zone.
The Olympic Athletes and Journalists Village, along with Munjeong-dong Olympic Family Town (4,494 households) and Jamsil-dong Asia Athletes Village (1,356 households), is called the so-called 'Olympic Big Three.' It is the largest among the total 5,440 households and has the lowest floor area ratio of 137%, which raises expectations for high business feasibility. In February this year, it passed the detailed safety inspection with a D grade, confirming the project.
It is located next to Gangdong-gu Olympic Park Foret, which reconstructed Dunchon Jugong. It is adjacent to Olympic Park Station on subway lines 5 and 9, with Olympic Park right across the street. Seongnaecheon and Gami Stream flow inside the complex, and all elementary, middle, and high schools are nearby, making the residential environment highly rated.
The head of a real estate agency in Songpa-gu said, "Although the Olympic Athletes Village is relatively located on the outskirts among the Olympic Big Three, it has high business feasibility and considerable residential satisfaction, attracting strong investor interest," adding, "Recently, actual transaction prices have also been on the rise."
In fact, the 84㎡ unit, which fell to 1.61 billion KRW in November last year due to the downturn in the real estate market, was traded at 2 billion KRW on the 21st of last month. The current asking price ranges from 1.95 billion to 2.2 billion KRW. The highest price ever recorded was 2.47 billion KRW, set in August 2021.
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