Gwangmyeong Cheolsan Jugong 13 Complex to be Rebuilt with up to 49 Floors and 3,719 Units

Conditional Approval Granted for Gwangmyeong City's Maintenance Plan

The Cheolsan Jugong 13 Complex in Cheolsan-dong, Gwangmyeong-si, Gyeonggi-do is being transformed into a high-rise apartment complex with up to 49 floors and 3,719 households.

Gwangmyeong City recently announced on the 28th that the Urban Planning and Landscape Joint Committee conditionally approved the reconstruction maintenance plan for Cheolsan Jugong 13 Complex, the designation of the maintenance area, and the amendment of the district unit plan.

Location map of Gwangmyeong Cheolsan-dong Jugong Complex 13. It will be reconstructed into a high-rise apartment with up to 49 floors and 3,719 households. Provided by Gwangmyeong City

The Cheolsan Jugong 13 Complex in the 241 area of Cheolsan-dong is a mid-rise apartment complex with 2,460 households built in 1987 in the Cheolsan Residential Development District. The site area reaches 164,632㎡.

It passed the detailed reconstruction safety inspection in January 2023, and the project has been gaining momentum since the Reconstruction Promotion Preparation Committee submitted the maintenance plan and maintenance area designation proposal in August last year.

According to this maintenance plan, the apartment will be reconstructed into 3,719 units with up to 49 floors above ground and 3 basement levels. During the reconstruction process, a pedestrian pathway connected to the nearby Anyangcheon Riverside Covered Park will be established to provide local residents with spaces for rest and community functions.

Being a large-scale complex adjacent to Cheolsan Station on Seoul Subway Line 7, it has been considered a prime project site in the Gwangmyeong area, where reconstruction and redevelopment projects are ongoing. Notably, unlike most old Jugong apartments in the Cheolsan district, this project includes not only small and medium-sized units but also large units up to 121㎡ in exclusive area. The existing apartment’s floor area ratio is relatively low at 170%, which is also evaluated as favorable for business feasibility.

However, prices are somewhat lower compared to the peak in 2021. The recent actual transaction price for a 73㎡ unit, which rose to 1.06 billion KRW in 2021, is currently around 873 million to 875 million KRW.

Park Seung-won, mayor of Gwangmyeong City, said, "We hope this maintenance project will be a turning point that improves the old residential areas around Cheolsan-dong and breathes new vitality into the city."