1722 Households After Reconstruction, 1107 Mid-to-Large Units
Hyundai 8th Phase 107㎡ → 84㎡, 400 Million KRW Contribution at Sale
High-Rise Competition in Apgujeong Area... Zone 2 Plans 70 Floors
Apgujeong District 4 is pushing for reconstruction with a maximum of 69 floors and 1,722 households.
According to Gangnam-gu Office on the 18th, Apgujeong District 4 announced the public inspection of the 'Apgujeong Apartment District Special Planning Zone 4 Maintenance District and Maintenance Plan Amendment.'
The amendment plan for Apgujeong District 4 includes rebuilding the Hyundai 8th Complex and Hanyang 3rd, 4th, and 6th Apartments in Apgujeong-dong 481 area into apartments with up to 69 floors and 1,722 households. Apgujeong District 4 is a complex completed between 1978 and 1981, consisting of a total of 1,341 households.
According to the maintenance plan, the number of households will increase by 381 after reconstruction. There will be 1,107 households with medium to large sizes over 85㎡, 386 households between 60㎡ and 85㎡, and 229 small households under 60㎡. A total of 187 rental housing units are planned. A pedestrian path connecting Cheongdam Elementary, Middle, and High Schools on the east side of the complex and Apgujeong Elementary, Middle, and High Schools on the west side will also be created. Public contributions include a deck park with views of the Han River and a public pedestrian passage allowing outsiders to pass through the complex.
The additional contribution fee that union members must pay is estimated at 407 million KRW for owners of Hyundai 8th Complex units with an exclusive area of 107㎡ (formerly 35 pyeong), assuming they receive a unit with an exclusive area of 84㎡. To receive a unit with 105㎡, they would need to pay about 1.067 billion KRW. These contribution fees are estimates and will be specified further as the project implementation approval and management disposition plans proceed.
Apgujeong District 2 is also pursuing a super high-rise reconstruction. In June, Apgujeong District 2 announced a maintenance plan amendment for reconstruction with up to 70 floors and 2,606 households. The amendment passed the district council's opinion hearing and is expected to be submitted to the Seoul City Urban Planning Committee within the year.
Apgujeong Districts 2, 4, and 5 are expected to begin selecting construction companies as early as next year after the maintenance plans are announced. The competition among construction companies to win the Han Riverfront luxury apartment reconstruction projects is expected to be fierce. To prevent excessive competition, Gangnam-gu signed a 'Win-win Agreement for Preventing Unfairness and Overheating in the Selection Process of Construction Companies for Maintenance Projects and for the Advancement of the Maintenance Project Contract Culture' with eight major construction companies earlier this month.
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