Redevelopment Accelerates in Aging Seobuichon-dong Complexes... Ichon Shibeom Pursues "Shintong Planning" and Land Acquisition in Parallel [Real Estate AtoZ]

Ichon Shibeom and Mido Mansion Move Forward with Shintong Planning
Targeting 80% Consent Rate, Urban Planning Firm Selected
Nearby Jungsan Shibeom Also Progressing with Land Purchase Contracts

Ichon Shibeom Apartment in Yongsan-gu, Seoul, which is entering its 57th year since completion, is simultaneously carrying out the "Shintong Planning" process and land acquisition procedures. As a land-leasehold housing complex built on city-owned land, Ichon Shibeom has decided to proceed with both the land purchase process and the preliminary steps for designating a maintenance zone in order to expedite the redevelopment project. Aging complexes in Seobuichon-dong, adjacent to the Yongsan International Business District, which began construction at the end of last year, are accelerating their redevelopment projects.

View of Ichon Pilot Apartment. Photo by Jinju Han

According to the Seoul Metropolitan Government and other sources on January 7, more than 85% of Ichon Shibeom Apartment owners submitted applications to purchase city-owned land to the Seoul Metropolitan Government last year. Both Ichon Shibeom and the nearby Mido Mansion have decided to pursue their redevelopment projects through the Rapid Integrated Planning advisory method. Ichon Shibeom and the adjacent Mido Mansion are grouped together as a special planning zone, and residents of both complexes have completed the selection of an urban planning firm as a preliminary step for the designation of the maintenance zone.

An official from the Seoul Metropolitan Government explained, "Residents of Ichon Shibeom have expressed their intention to purchase the land, and since a committee to promote the redevelopment project has not yet been formed, preliminary work for reconstruction is necessary. If residents prepare and submit a redevelopment plan, they will receive advisory support through the Shintong Planning process, and the land sale procedures will be carried out in parallel."

Residents of Ichon Shibeom and Mido Mansion are currently collecting consent forms required for the Shintong Planning application. The application requires the consent of at least 30% of owners, but the goal is to secure a consent rate of over 80%. A representative from the Ichon Shibeom Redevelopment Preparation Committee stated, "We recently selected an urban planning firm, and a rough plan will be available by the end of this month. The progress of the project will depend on the consent rate, so we are aiming for over 80% approval."

Ichon Shibeom Apartment is a 190-unit complex completed in 1970, with the land owned by the Seoul Metropolitan Government and individuals owning only the buildings. The complex consists of nine buildings, but Building 1 is included in Ichon District 1, so only Buildings 2 through 9 are being considered for reconstruction. In November of last year, an 8th building unit with an exclusive area of 69 square meters was sold for 1.18 billion won, which is 200 million won higher than the previous transaction (980 million won) four months earlier. Mido Mansion is a two-building townhouse complex (totaling 15 units) completed in 1983.

Jungsan Shibeom Apartment, another land-leasehold apartment complex in Seobuichon-dong, has formed a committee and has been working on purchasing the city-owned land. Located between the Han River and the Yongsan Railway Maintenance Depot, Jungsan Shibeom Apartment was completed in 1970 and consists of 266 units. In August 2024, Yongsan-gu notified the owners of Jungsan Shibeom of the appraised value for the land sale. It is reported that the majority of owners have paid five years’ worth of lease fees in preparation for the land purchase.

An official from Yongsan-gu explained, "The first round of land contracts has been completed, and the remaining units must undergo reappraisal and then sign the land sale contract after review by the Seoul Metropolitan Council. The redevelopment plan can only be established after the land purchase is completed."

Nearby Ichon District 1 finalized its reconstruction plan last month and submitted an application to the Seoul Metropolitan Government for designation as a maintenance zone. The plan for Ichon District 1, located in the 203-5 Ichon-dong area, calls for reconstruction into a complex with up to 49 floors and 775 units (including 197 rental units). The goal is to establish a cooperative within the year. A representative from the Ichon District 1 Promotion Committee stated, "If the maintenance zone designation proposal is submitted to the Seoul Metropolitan Government for review around February, we expect the designation to be officially announced around April. After the announcement, we will prepare for the inaugural general meeting and aim to establish the cooperative by the end of the year."