First Sky Bridge Introduced in Songpa-gu Apartment Complex
Large-scale Complex with 1,865 Units
"High-End Residential Space"
The 'Jamsil Le El' complex (Miseong Clover Reconstruction) in Songpa-gu, Seoul, constructed by Lotte Construction, will begin move-ins on January 20. This complex has recently set a new record for transaction price, with the right to move into an exclusive 84m² unit trading at 4.8 billion KRW, and is now regarded as the new flagship property in the Jamsil area. The market is paying close attention to this unusual case in which, contrary to the norm in redevelopment projects where members typically pay additional contributions, the association members will instead receive refunds.
A view of the Jamsil Le El complex in Songpa-gu, Seoul. Within the complex, water features (fountains) and landscaping have been created, with a sky bridge connecting the buildings visible above. Lotte Construction
According to Lotte Construction on January 16, the Jamsil Le El association will hold an extraordinary general meeting on January 19 to vote on an amendment to the management and disposal plan. If the proposal passes, association members will receive refunds ranging from approximately 18.5 million KRW to up to 40 million KRW per household, depending on unit size and asset value.
This is a rare case among major redevelopment projects in Seoul. Typically, reconstruction association members settle the difference between the appraised value of their existing asset (entitlement value) and the sales price of the new apartment. In most cases, the project costs (such as construction and financing) exceed the profits from general sales, so members are required to pay additional contributions amounting to hundreds of millions of KRW. At Jamsil Le El, however, the high sales prices for general units resulted in project profits exceeding costs, allowing the association members to receive refunds.
The complex consists of a total of 1,865 units and recorded a peak subscription competition ratio of 761.74 to 1 at the time of sale. It is connected to Jamsil Station by an underground passage and boasts triple-station accessibility to Jamsil Station on Lines 2 and 8, as well as Songpanaru Station on Line 9. Lotte World Mall and the department store are also nearby.
In terms of design, the interior ceiling height is set at 2.6 meters, about 20 centimeters higher than standard apartments, making it the highest among apartments in Songpa-gu. It is also the first in Songpa-gu to introduce a sky bridge connecting the buildings. The swimming pool in the community facility features a full stainless steel structure, commonly used in hotels, to enhance durability.
Large-scale reconstruction projects such as Jamsil Jugong Complex 5 and Jangmi Complexes 1, 2, and 3 are also underway near 'Jamsil Le El', which is expected to bring changes to property prices in the eastern Jamsil area.
A Lotte Construction representative stated, "'Jamsil Le El' is a complex that embodies the differentiated value of Lotte Construction's high-end residential brand," adding, "We have put great effort into the spatial layout and construction so that residents can enjoy a luxury lifestyle enriched with cultural value."
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