Yeouido Gongjak Apartment Passes Seoul Integrated Review... To Become 49 Floors, 581 Units [Real Estate AtoZ]

Reconstructed to 581 Units, an Increase of 208
113 Units of 59 Square Meters, Expansion of Medium and Large Units
Construction Scheduled to Begin in 2029 After Project Approval Procedures

The Gongjak Apartment complex in Yeouido, completed 48 years ago, will be reborn as a mixed-use space featuring residential, work, and commercial functions, with up to 49 floors and 581 units.

Location of Gongjak Apartment in Yeouido. Provided by Seoul City.

On December 30, the Seoul Metropolitan Government announced that the 14th Integrated Urban Renewal Project Review Committee had approved the reconstruction project for the Gongjak Apartment complex, located at 21-2 Yeouido-dong, Yeongdeungpo-gu.

Gongjak Apartment, originally completed in 1976 with 373 units, will see an increase of 208 units after reconstruction. This is 11 more units than the previously approved plan of 570 units. The project is being carried out under a trust structure, with KB Real Estate Trust serving as the project executor and Daewoo E&C as the contractor.

Of the total 581 units, the distribution by area has been adjusted to 113 units of 59 square meters, 35 units of 67 square meters, 41 units of 75 square meters, and 391 units larger than 84 square meters. In July, some owners clashed with the trust company over its plan to increase the number of smaller units without resident consent. KB Real Estate Trust initially planned to increase the 59-square-meter units to 141, but this number was reduced. A Seoul city official explained, "Owners requested a reduction in smaller units and an increase in larger units, so the proportion of larger units was increased and submitted for review."

Bird's-eye view of Yeouido Gojak Apartment reconstruction. Provided by Seoul City

Taking into account the Han River to the north and Yeouido Park, the project will ensure openness and clear sightlines, while creating a harmonious skyline with the surrounding area. The residential buildings will feature different floor plans for the lower and upper floors to create visual variation and will offer a variety of unit sizes to meet changing residential demand.

The lower levels of the complex will house work and retail facilities, as well as public open spaces and open community facilities, organically connecting the financial district infrastructure with the Han River lifestyle area. Reflecting its location as a financial hub, work and retail spaces will be included to enhance the functions needed in the area, and the public open space will serve as a rest area accessible to citizens.

Community facilities such as a daycare center, a shared care center, and a senior citizens' center will also be provided to strengthen care and welfare functions, creating an open living space accessible to both residents and the local community. The integrated review also called for measures such as reducing the width of the main entrance driveway to minimize walking distances.

With the approval from this review, Gongjak Apartment is scheduled to begin construction in 2029, following the project implementation approval and management disposition plan approval procedures.

Choi Jinseok, Director of Housing at the Seoul Metropolitan Government, stated, "Gongjak Apartment in Yeouido will be developed as a new waterfront mixed-use residential complex in harmony with the financial district. We will support the rapid progress of the reconstruction to promote stable housing supply and create an open residential environment accessible to all citizens."