Daechi Mido to Establish Promotion Committee Early Next Year... Accelerating Redevelopment in Daechi-dong [Real Estate AtoZ]

Promotion Committee Chairperson Election to Begin
Following Resident Briefing in December

Daechi Mido Apartment, one of the leading redevelopment complexes in Daechi-dong, has begun preliminary work to establish a promotion committee in January next year.

According to the maintenance industry on October 30, Gangnam District has started the process of selecting a maintenance company for the establishment of the Daechi Mido Apartment Redevelopment Promotion Committee using the public support method. Once the company selection is completed next month, a resident briefing will be held in December. After the selection of the maintenance company, Gangnam District will support the necessary procedures for launching the promotion committee, including collecting consent forms and assisting with the election of the preliminary committee chairperson.

The election for the promotion committee chairperson will be held in January next year. Due to the large scale of the project, the competition for the chairperson position is intense. Candidates have declared their intention to run even before the Chuseok holiday and have launched extensive promotional campaigns, including hanging banners throughout the complex. Lee Seokjoo, Chairman of the Mido Integrated Redevelopment Association and former Seoul City Council member; Moon Kilnam, Chairman of the Daechi Mido Redevelopment Council and former Vice President of Shinsegae Construction; and Han Yujin, Chairperson of the Daechi Mido Redevelopment Promotion Preparatory Committee, are actively campaigning as preliminary candidates.

Daechi Mido is a mid-rise complex built in 1983, consisting of 2,436 units across 14 floors. It received a D grade in the safety inspection in 2014 and was selected as a candidate site for the "Shintong Planning" project in 2021. In July of this year, it was designated as a maintenance area, and after redevelopment, it will be transformed into a complex with up to 49 floors and 3,914 units.

Daechi Mido is considered a latecomer among nearby complexes, having started its redevelopment efforts later than others. Across the street, Eunma Apartment in Daechi-dong is pursuing a maintenance project with a target groundbreaking year of 2030. The integrated redevelopment complexes Daechi Woosung and Ssangyong 2nd are preparing to hold a general meeting to establish an integrated association early next year. As redevelopment projects in the Daechi-dong area, where several mid-rise complexes are clustered, accelerate, a significant change to the skyline is expected in the future.

In July, a 84-square-meter unit in Daechi Mido Apartment was sold for 4.5 billion KRW, marking a record high. Currently, prices for 84-square-meter units range from 4.4 billion to 4.6 billion KRW, 115-square-meter units from 4.7 billion to 4.9 billion KRW, and 126-square-meter units from 4.9 billion to 5.2 billion KRW.