48-Year-Old 'Cheongnyangni Miju' to Establish Cooperative Next Month, Accelerating Maintenance Project [Real Estate AtoZ]

A Large-Scale Complex with 1,089 Units Forms Cooperative in Just One Year
Urban Planning Firm to Be Selected; Amendments to Maintenance Plan Underway

Cheongnyangni Miju Apartment, located near Cheongnyangni Station and completed in 1978, will establish a cooperative next month and officially launch its reconstruction project.

Cheongnyangni Miju Apartment Exterior. Naver Map

According to the maintenance industry on November 20, the Cheongnyangni Miju Apartment Reconstruction Promotion Committee will hold a general meeting to establish the cooperative on the 27th of next month. This comes one year after the committee was established in October last year. The committee has already achieved an 85.28% resident consent rate, which is required for the formation of the cooperative.

This aging complex, now in its 48th year since completion, consists of eight buildings, each 15 stories above ground, with a total of 1,089 units. Although it is a large-scale apartment complex located directly in front of Cheongnyangni Station, it is a mid-rise development with a high floor area ratio of 220%. In addition, a 20-meter-wide road running through the complex remains private property, which has slowed the project's progress. The complex passed the Seoul City Urban Planning Committee's review at the end of 2022 and was designated as a maintenance zone in 2023. The maintenance plan includes reconstruction into up to 35 stories and 1,370 units.

Location map of Cheongnyangni Miju Apartment. Seoul City

The committee is seeking ways to improve the project's profitability by amending the maintenance plan. One alternative under consideration is to lower the proportion of rental housing by applying the business feasibility adjustment coefficient, in accordance with Seoul's '2030 Urban and Residential Environment Maintenance Master Plan.' The business feasibility adjustment coefficient is a mechanism that improves project profitability by reducing the number of rental units and increasing the number of units for general sale in areas where land prices are lower than the Seoul average. The committee is also considering raising the maximum building height by changing the zoning of the quasi-residential area near the station. Last month, the committee announced a public tender to select an urban planning firm to amend the maintenance plan.

An official from Dongdaemun District explained, "After the cooperative is established, the committee will select an urban planning firm to pursue amendments to the maintenance plan. If the maintenance plan is finalized in a way that improves profitability, the direction will be determined through subsequent votes by cooperative members."

Last month, an 86-square-meter unit in Cheongnyangni Miju Apartment was sold for 1.2 billion won, while a 101-square-meter unit changed hands for 1.28 billion won. Current asking prices are in the 1.3 billion won range for 86-square-meter units and between 1.35 billion and 1.5 billion won for 101-square-meter units.

The skyline around Cheongnyangni Miju Apartment is changing as new mixed-use complexes are being built following completed redevelopment projects. 'Cheongnyangni Station Lotte Castle SKY-L65,' which was developed by redeveloping Cheongnyangni District 4 and welcomed residents in 2023, has asking prices ranging from 1.83 billion to 2.3 billion won for 84-square-meter units and from 2.5 billion to 3 billion won for 102-square-meter units. 'Cheongnyangni Station Hanyang Sujain Graciel,' which also opened in 2023, has asking prices for 84-square-meter units ranging from 1.7 billion to 2.1 billion won. Gyeongdong Miju (Jegi District 1, Jegidong Station IPARK), completed in 1977, is being redeveloped from 12 stories and 228 units to 35 stories and 356 units, and was completely sold out within two months of its sales launch in August.