Yongsan-gu Approves Hannam District 2 Management and Disposal Plan... Resident Relocation May Begin as Early as October

A New Complex of 1,537 Units with 14 Above-Ground Floors

The Hannam District 2 Housing Redevelopment Maintenance Project in Yongsan-gu, Seoul has officially begun in earnest, receiving approval for its management and disposal plan after 3 years and 8 months.

Location map of Hannam 2 District. Provided by Yongsan-gu.

This redevelopment project, which will be carried out on a 114,580.6 square meter site at 272-3 Bogwang-dong and its surrounding area, will create a complex of 31 apartment buildings ranging from 6 basement floors to 14 above-ground floors, totaling 1,537 units. The units will be comprised of 986 for association members, 292 for general sale, 21 reserved units, and 238 rental housing units. The project site is designated as a Type 2 General Residential Area, with a building coverage ratio of 32.14% and a floor area ratio of 195.42%. The total floor area will reach approximately 340,000 square meters.

Resident relocation is expected to begin as early as October this year. Once relocation is complete, demolition of existing structures and groundbreaking will proceed in earnest. In November 2022, Daewoo Engineering & Construction was selected as the contractor. After receiving applications for association member sales and holding a temporary general meeting last year, the management and disposal plan was established and the application for approval was submitted to Yongsan-gu in December.

Yongsan-gu, considering the scale and public nature of the project, requested a feasibility review from the Korea Real Estate Board. After a detailed six-month review, final approval was granted.

Park Heeyoung, Mayor of Yongsan-gu, stated, "The Hannam Promotion District is a key axis of Yongsan's urban development, and Hannam District 2 is a large-scale redevelopment area with a site of about 35,000 pyeong and a project cost of 1.6 trillion won. Together with Hannam District 3, it is a core project that will present the future of the city. We will spare no public support to ensure that the residential complex harmonizes with the surrounding environment and satisfies all citizens."

Hannam District 2 was designated as a maintenance area in October 2009 under the Seoul City Redevelopment Promotion Plan. Since then, it has steadily followed the development process, establishing the association in 2012 and receiving approval for the project implementation plan in 2021.