Scheduled Regular General Meeting for Construction Company Selection on the 19th
Participation by Juseong General Construction and Seongho Construction
Reborn as up to 15 Floors, 81 Households
A banner reading "Passed Building Review" is hung in front of Saemaeul Apartment at 244-16 Yeonnam-dong, Mapo-gu, Seoul.
The Saemaeul Apartment in Yeonnam-dong, Mapo-gu, Seoul, which was completed 54 years ago, will be transformed into an apartment building up to 15 stories high.
According to the LH Participatory Street Housing Maintenance Project Association located in Yeonnam-dong, Mapo-gu, Seoul, the association will hold a regular general meeting on the 19th of this month to select a construction company.
The association was established in April last year and began selecting a construction company after passing the Seoul City architectural review at the end of November. Two companies, Juseong General Construction and Seongho Construction, participated in the bidding, and a vote will be held after an on-site briefing at the regular general meeting on the 19th.
The Saemaeul Apartment, completed in 1970, consists of three buildings with five floors and 70 households (exclusive area 43㎡). Although the association was established in 1995, several reconstruction attempts failed, but since last year, the project has gained momentum as it is being promoted as an LH Participatory Street Housing Maintenance Project.
After reconstruction, the Saemaeul Apartment will be built with two buildings up to 15 stories high, housing 81 households. Among these, 9 units sized 40~49㎡ will be rental units. The number of general sale units is expected to be around 2. The number of units by area is 2 units of 40㎡ exclusive, 20 units of 49㎡, and 50 units of 59㎡. The total number of association members is 70 households. Neighborhood living facilities will be located on the first floor.
According to the association, the bid prices proposed by the construction companies are around 7.2 million KRW per pyeong. An association official explained, "This is a 1:1 reconstruction with almost no general sales. Since the main contract with the construction company has not yet been signed, the association members' contribution may increase."
Currently, the asking price for Saemaeul Apartment listings ranges from 450 million to 520 million KRW. As the project gained momentum, a transaction was made at 470 million KRW in November last year.
The LH Participatory Street Housing Maintenance Project is a business model where LH and the association act as joint implementers. The street housing maintenance project requires the project site area to be less than 10,000㎡, the number of households in the multi-family housing to be 20 or more, and the area to be surrounded by urban planning roads, etc. LH purchases a certain percentage as public rental housing, which has the advantage of reducing the risk of unsold units.
The nearby Ijo Villa also established an association in January 2022 and is promoting the project. Currently, there are a total of 186 sites implementing street housing maintenance projects in Seoul.
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