Daechi Eunma, 'FAR Exception' Lowers Standard Unit Fee to 180 Million Won... Penthouse Up to 9.7 Billion Won (Comprehensive) [Real Estate AtoZ]

Survey Conducted on Preferred Unit Sizes Among Association Members, Estimated Contribution Fees Disclosed
Standard Unit Contribution Fee Reduced by Over 80 Million Won Due to FAR Exception
Targeting Project Approval Next Year, Construction Cost Negotiations with Contractor Still Pending

The estimated reconstruction contribution fees for Eunma Apartment in Daechi-dong have been announced. For the largest unit, a 286-square-meter penthouse, the maximum fee is 9.7 billion won, while for the standard 84-square-meter unit, it is 180 million won. As a mid-rise complex, Eunma Apartment inevitably has higher contribution fees compared to low-rise complexes. However, the application of a floor area ratio (FAR) exception has resulted in lower fees than initially feared.

According to the maintenance industry on October 23, the Eunma Apartment reconstruction association recently conducted a survey among its members regarding preferred unit sizes and provided estimated contribution fees for each type. The association calculated the fees based on a construction cost of 9 million won per 3.3 square meters, applying a proportional rate of 94.18%. The current estimates reflect an increase in construction costs by 2 million won per 3.3 square meters compared to the time of association establishment, as well as updated fire safety area requirements and other cost increases. However, due to the application of Seoul City's FAR exception, the project’s profitability improved, reducing the estimated contribution fee for the standard 84-square-meter unit by more than 80 million won per household.

On the 13th, the reconstruction maintenance plan amendment was approved, accelerating the reconstruction maintenance project at Eunma Apartment in Gangnam-gu, Seoul. 2025.10.13 Photo by Kang Jin-hyung

Penthouse Owners to Pay Up to 9.7 Billion Won More

For the 286-square-meter (115-pyeong) penthouse, owners of 76-square-meter (31-pyeong) units are estimated to pay 9.73 billion won, while owners of 84-square-meter (34-pyeong) units are expected to pay 9.45 billion won. The penthouse units will be located on the top floors and are priced at 1.3 times the rate of the 84-square-meter unit. For a 143-square-meter (57-pyeong) penthouse, the estimated fees are 3.74 billion won for 76-square-meter owners and 3.45 billion won for 84-square-meter owners.

The estimated contribution fee for a 128-square-meter (53-pyeong) unit ranges from 1.5 billion won (for 84-square-meter owners) to 1.79 billion won (for 76-square-meter owners). For a 118-square-meter (47-pyeong) unit, the fee ranges from 1.23 billion to 1.51 billion won, and for a 109-square-meter (44-pyeong) unit, from 940 million to 1.22 billion won. The estimated fee for a 96-square-meter (38-pyeong) unit is 840 million won for 76-square-meter owners and 560 million won for 84-square-meter owners.

For the standard 84-square-meter (34-pyeong) unit, owners of 76-square-meter units will pay 470 million won, while owners of 84-square-meter units will pay 180 million won. If an owner of an 84-square-meter unit chooses a 76-square-meter unit, they will receive a refund of 60 million won, while a 76-square-meter owner will pay 230 million won. For a 59-square-meter (24-pyeong) unit, a 76-square-meter owner will pay 290 million won, while an 84-square-meter owner will receive a refund of 570 million won.

An association official stated, "Eunma Apartment is a mid-rise complex with a FAR exceeding 200%. Internally, members feel that the announced contribution fees are better than expected. For the standard unit, the contribution fee was previously as high as 280 million won, but with the FAR exception, it has been reduced to 180 million won."

On the 13th, the reconstruction maintenance plan amendment was approved, accelerating the reconstruction maintenance project at Eunma Apartment in Gangnam-gu, Seoul. 2025.10.13 Photo by Kang Jinhyung

Eunma Accelerates Toward Project Approval Next Year

The Eunma Apartment association is focusing on expediting the maintenance project with the goal of obtaining project implementation approval next year. The construction consortium of Samsung C&T and GS Engineering & Construction was selected as the contractor in 2002. With a total project cost of 6.6 trillion won, attention is focused on the upcoming construction contract. Depending on project progress and construction cost negotiations, the contribution fees may change.

An association official explained, "We are still dealing with the issue of having set construction costs 20 years ago, which now need to be adjusted to current market levels. If construction costs are updated, members may request a change of contractor, so we have asked for business conditions, such as additional relocation loan options, to be aligned with recent standards in maintenance projects. Since requests for construction cost increases may become more frequent, we are discussing the introduction of specific and objective indicators to apply such changes only when the conditions are met."

Kim Hyosun, Chief Real Estate Specialist at NH Nonghyup Bank, commented, "Low-rise complexes such as Banpo and Gaepo have completed their reconstruction, and the contribution fees for mid-rise complexes like Eunma Apartment will serve as a benchmark for future Gangnam area reconstruction projects. Considering that reconstruction at Eunma Apartment has been delayed for a long time, the contribution fees appear to be lower than expected. However, in areas outside central Seoul, residents are bearing higher fees, so there may be a need to reconsider the project structure."

Eunma Apartment is a 14-story, 4,424-unit complex completed in 1979. Last month, following a review by the Seoul City Urban Planning Committee, the reconstruction plan was finalized for up to 49 stories and 5,893 units. Of these, 365 units will be available for general sale, excluding those allocated to association members. Eunma Apartment is the first reconstruction project to include public sale units (195 units), and the number of public rental units will be 909.

Since the abolition of Seoul's 35-story height restriction in 2023, the complex has pursued reconstruction up to 49 stories. After receiving advisory input on the expedited planning process in January, the project passed the Urban Planning Committee review in just eight months, significantly accelerating progress. As the project advances, transaction prices are also rising. As of September, actual transaction prices for Eunma Apartment were 3.38 billion won for a 76-square-meter unit and 4.17 billion won for an 84-square-meter unit. Asking prices are 3.65 to 3.8 billion won for 76-square-meter units and 4.1 to 4.35 billion won for 84-square-meter units.

With the application of the FAR exception, Eunma Apartment can increase its floor area ratio from 300% to 331.9% and add 655 more units. Seoul City aims to shorten the permit process for Eunma Apartment through measures such as a reconstruction processing deadline system, targeting construction to begin in 2030 and completion in 2034. The association plans to advance the timeline as much as possible, aiming for groundbreaking in 2028.