Construction Company to Be Selected as Early as April, Construction Targeted for 2029
Maintenance Plan Changed Four Years After Selection as Public Reconstruction Candidate
Reconstruction to 204 Households, At Least 3 Units Expected for General Sale
The Gangbyeon Gangseo Apartment in Ichon-dong, Yongsan-gu, which was completed 53 years ago, will be reconstructed into a building with a maximum of 38 floors and 204 households. The construction company will also be selected in the first half of this year.
Yongsan-gu announced on the 18th that it will conduct a public inspection and announcement of the public reconstruction maintenance project maintenance district and maintenance plan change for Gangbyeon Gangseo Apartment until the 14th of next month. After being selected as a public reconstruction candidate site in 2021, the maintenance plan change has been finalized after four years, allowing the reconstruction project to accelerate.
This complex, located at 193-3 Ichon-dong, consists of six buildings and was completed in 1972. Although adjacent to the Han River, the floor area ratio was high at 297%, making it difficult to promote the maintenance project. In March 2022, the year after being selected as a public reconstruction candidate site, a resident agreement for joint implementation was signed with SH Corporation, and a maintenance plan was prepared through preliminary planning.
According to the maintenance plan, the complex will be reconstructed with 204 households of exclusive use area 56㎡, ranging from 5 basement floors to 33 above-ground floors. The floor area ratio is planned at 396.43%, and the building coverage ratio at 44.58%. Recently, the association completed a contract to incorporate an adjacent vacant lot (626.8㎡) for the reconstruction project. The project site area will increase from the existing 3,775㎡ to 4,402㎡.
The Gangbyeon Gangseo Apartment Reconstruction Association plans to announce a bidding notice next month and select a construction company. According to the Gangbyeon Gangseo Reconstruction Association, the construction cost is expected to be around 9 million KRW per 3.3㎡. POSCO E&C, HDC Hyundai Development Company, Doosan Construction, and Kumho Construction have shown interest.
Out of the total 204 households, 177 are allocated for association members. It is expected that at least 3 units will be available for general sale. To reduce the financial burden of the project, the association plans to allocate the general sale units on the highest floors with a view of the Han River. Twenty-four units will be donated as rental housing or other forms. Park Young-jun, head of the Gangbyeon Gangseo Reconstruction Association, explained, "The donation ratio along the Han River is set at 10%, but if it is lowered to 3%, up to 5 units can be available for general sale."
The estimated proportional rate of this complex is about 27.49%. If the construction cost is set at around 8 million KRW per 3.3㎡, the association member’s contribution will be about 700 million KRW per household. If the association sets the construction cost at around 9 million KRW per 3.3㎡ to secure a construction company, the contribution is expected to increase accordingly.
The maintenance plan currently under public inspection plans the maximum number of floors to be 33 or less. However, the association expects that the number of floors can be increased up to 38. At the Seoul City preliminary planning advisory meeting, measures such as lowering the building coverage ratio and increasing the number of floors were discussed.
Park, the head of the association, said, "There was an opinion to lower the building coverage ratio to secure green space and leisure areas on the first floor, so there is a possibility that the maximum number of floors may change during the review process. Since occupancy is expected around the time of completion of the Yongsan International Business District, it is also expected to help form market prices."
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