'Hannam 3 District, the Largest Redevelopment Since Dangun, Begins Relocation After 20 Years'

Yongsan District Office "Large-scale Relocation Expected to Take 2 Years"
Construction of 5,800 Households Between Namsan and Hangang Becomes Visible

The Hannam 3 District in Yongsan-gu, Seoul, known as the "largest redevelopment since Dangun," has begun relocation after 20 years since its designation as a New Town in 2003. As the construction of a mammoth apartment complex with over 5,800 households between Namsan and the Han River becomes visible, expectations are growing that the map of affluent neighborhoods in Seoul will change in the future.

According to the maintenance industry on the 31st, Hannam 3 District started resident relocation for redevelopment the day before. It has been about 20 years since the designation of the Hannam New Town district in November 2003.

The relocation target is a total of about 8,300 households based on the approval of the management disposition plan. Among them, about 6,500 households are tenants. A Yongsan-gu Office official predicted, "Considering the large-scale relocation, including the compensation procedures for commercial tenants, it will take about two years."

Hannam 3 District is the largest redevelopment project ever, constructing 5,816 households in the area around Hannam-dong 686. The district area is 386,395.5㎡, and the new total floor area reaches 1,048,998.52㎡. The total project cost is 8.3 trillion KRW.

Through redevelopment, Hannam 3 District will be reborn as 197 apartment buildings ranging from six basement floors to 22 above-ground floors, totaling 5,816 households. There are 4,940 units for sale and 876 rental units.

Not only the scale but also the location between Namsan and the Han River near Hannam Bridge is considered top-tier. Since the entire district is on a hill, some households are expected to enjoy excellent views of the Han River.

Once relocation is complete, demolition and construction will follow, leaving only completion and move-in. With the news of Hannam 3 District's relocation, the market anticipates that the Seoul real estate market, centered on Gangnam, could see a shift. Redevelopment is also underway in Hannam 2, 4, and 5 Districts, and large-scale developments such as the UN Command site, electronics market redevelopment, and the creation of an international business district are simultaneously taking place in the Yongsan area.

A real estate industry insider said, "Yongsan boasts an excellent location in the heart of Seoul, between Namsan and the Han River, but development was slow due to US military bases and railway maintenance depots," adding, "After redevelopment is completed in the next 10 to 20 years, it could become a new affluent neighborhood in Seoul lined with ultra-luxury apartments like Hannam The Hill."

Meanwhile, Hannam 3 District was designated as a district in October 2009 under Seoul's redevelopment promotion plan. After the establishment of the association in September 2012, the project implementation plan was approved in March 2019. Subsequently, the association selected Hyundai Construction as the final contractor in June 2020, established the management disposition plan at the July 2022 extraordinary general meeting, and submitted the approval application in August. After final review, Yongsan-gu approved the management disposition plan last June.

Park Hee-young, the district mayor, said, "Hannam 3 District is the largest redevelopment project ever and a development project that will present the urban future vision of Yongsan-gu," adding, "We will support minimizing conflicts arising during the relocation process and ensure smooth progress."