Seongnam 'Taepyeong Hills One', Recruiting 100 Households for 4th Round of Members

- 1,135 Members Joined... Secured 72.56% Land Ownership Rights
- Project Accelerates Ahead of Mid-November District Unit Planning Zone Designation

As redevelopment projects aimed at improving the residential environment in the old downtown area of Seongnam City are gaining momentum, the ‘Taepyeong Area Housing Association’ announced the start of recruiting 100 households for the 4th phase of membership, following the successful 1st, 2nd, and 3rd recruitment phases. Previously, a total of 1,135 members were recruited, laying the foundation for the project.

The ‘Taepyeong Hills One’ project is located in the Taepyeong-dong area of Seongnam City, with the site area for the apartment complex reaching approximately 68,118㎡. The plan includes 18 apartment buildings ranging from 2 basement floors to 28 above-ground floors, creating a total of 1,570 households.

The project began with the application for approval to establish the association on May 2, 2023, and received approval on October 27 of the same year. Subsequently, on June 26, 2024, a memorandum of understanding (MOU) was signed with POSCO E&C, confirming the construction company.

Currently, the association aims to secure 95% ownership of the land, which is essential to meet the project plan approval requirements. So far, it has secured 84.62% land usage rights and 72.56% land ownership.

The association applied for designation as a district unit planning zone in September this year, and it is expected that once designated as such by mid-November, the project will gain further momentum through additional landowner participation. The association has invested approximately 100 billion KRW in land acquisition efforts to date.

An association official stated, “The establishment of the district unit planning zone must precede to avoid any setbacks in the project,” adding, “Active support from Seongnam City is necessary for the overall progress of the project.”

Meanwhile, near the project site, newly sold apartments are priced between 900 million and 1 billion KRW for units with a net floor area of 59㎡, and due to high competition, moving in is difficult. In contrast, ‘Taepyeong Hills One’ is priced relatively lower, between 400 million and 500 million KRW, which has increased interest in the 4th phase membership recruitment.

‘Taepyeong Hills One’ is conveniently located for commuting to major business districts such as Gangnam, Jamsil, and Bundang in terms of transportation and living infrastructure. Additionally, nearby subway stations on Line 8 and the Bundang Line provide easy access to public transportation, and within a 5-minute walk are two elementary schools, an E-Mart, and the Seongnam Medical Center Welfare Center, enhancing residential convenience.

Despite sluggishness in nearby regional housing associations, this project is accelerating by maximizing project feasibility through increasing floor area ratio via flight safety impact assessments and securing additional households. The association plans to recruit the remaining 100 households out of the total 1,570 in this 4th phase.

An official expressed, “The sales conducted so far have been completed quickly with high inquiries,” showing expectations for this 4th recruitment phase.

Currently, the sale price for ‘Taepyeong Hills One’ is set at 559 million KRW for a 59㎡ unit, with recruitment starting from November 7. According to the association, the possibility of additional general sales is low, and even if general sales proceed, it is expected to be difficult at the current price level.