The luxury villa complex 'Gangnam Wonhyoseong Villa' in Sorae Village, Banpo-dong, Seocho-gu, Seoul, which is undergoing reconstruction, will select a construction company in the first half of this year. As the first reconstruction complex in Sorae Village, one of the affluent neighborhoods in the Gangnam area of Seoul, the project is being promoted as a high-priced housing comparable to Nine One Hannam and PH129, attracting interest from major construction companies.
According to the maintenance industry on the 24th, the Gangnam Wonhyoseong Villa reconstruction association plans to select a construction company in the first half of this year. The schedule was slightly delayed as discussions on construction costs and other matters took place, although it was originally planned to proceed at the end of last year.
Gangnam Wonhyoseong Villa is a villa complex consisting of 16 buildings with 3 floors above ground and 103 households, located in the area of 591-1 Banpo-dong, Seocho-gu. The exclusive area ranges from 152 to 254㎡, and the floor area ratio is 110%. It was completed in 1984, designated as a maintenance zone in 2017, and the association was established in 2022. A representative of the association explained, "The existing maintenance plan is a 1:1 reconstruction method, but we are planning to add 29 general sale units without increasing the floor area ratio." Although Gangnam Wonhyoseong Villa is located in Seocho-gu, it is not subject to the price ceiling system if the number of general sale units is less than 30.
Although the complex is small in scale, it is mainly composed of large units and aims to be a luxury complex, so construction costs are expected to be set high. Recently, construction costs per 3.3㎡ for Gangnam reconstruction complexes have exceeded 9.9 million KRW. This complex may exceed 10 million KRW. The asking price for Gangnam Wonhyoseong Villa ranges from 4 billion to 4.6 billion KRW, and in December last year, a 226㎡ unit (2nd floor) was traded at 4 billion KRW.
An industry insider said, "Although the number of households is small, it is a complex with symbolic significance, so major construction companies are watching it with interest," and added, "I understand that the association members are pursuing reconstruction not for profit but to build better homes."
The Gangnam Wonhyoseong Villa association plans to develop the reconstruction project into a terrace house reminiscent of a luxury resort. The association selected SKM Architects as the design firm in 2022. SKM Architects, led by architect Min Sung-jin, designed Namhae Ananti and Ananti Cove.
A representative of the association said, "As the first reconstruction in Sorae Village and with a relatively large site, we want to create a luxury residential complex with terraces," adding, "If this project proceeds well, it will also boost the momentum of surrounding complexes."
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