Gyeonggi-do to Provide Up to 100 Million Won in Consulting Support for Aging Apartment Complexes

Gyeonggi-do is launching the "Gyeonggi-do Apartment Complex Redevelopment Consulting Project," which provides up to 100 million won in consulting fees to help owners of aging apartments objectively determine whether to pursue remodeling or reconstruction.

This project is divided into three types according to the conditions of each complex: ▲remodeling, ▲reconstruction, and ▲remodeling vs. reconstruction comparison. It offers professional consulting services, including customized redevelopment plans that reflect residents' opinions and the situation of each complex, business feasibility analysis, and predictions of the cost burden per household.

Gyeonggi-do began with a pilot project for eight complexes between 2021 and 2022, supported eight complexes in 2023 including Sangwoo 1st Apartment in Gwangmyeong, and provided support for seven complexes in 2024 such as Mido Apartment and Hwangsongmaeul Apartment in Seongnam. This year, consulting is underway for two complexes, including Saeryu Hyundai Apartment in Suwon, and four additional complexes will be selected.

Gyeonggi-do Aging Apartment Complex Redevelopment Consulting Support Poster

The eligibility for "remodeling consulting" is apartment complexes that are more than 15 years old and have not yet received approval for the establishment of a cooperative. For "remodeling vs. reconstruction comparison consulting" and "reconstruction consulting," the target is apartment complexes that are more than 30 years old and have not yet formed a promotion committee. For all three types, at least 10% of the owners must agree to apply for the program.

Complexes in need of consulting must apply through the residents' representative council to the department in charge of apartment remodeling (or reconstruction) in their respective city or county. Gyeonggi-do will make the final selection of target complexes. The service fee for professional institutions is 100 million won per complex, with Gyeonggi-do and the local city or county each covering 50%, and there is no cost to residents.

Son Imseong, Director of Urban Housing at Gyeonggi-do, stated, "It is important to provide accurate information and analysis from the early stages of apartment complex redevelopment projects," and added, "We will actively support residents so they can make informed decisions and work to ensure that redevelopment projects proceed smoothly."