Redevelopment Spurs Excitement... Mokdong New Town, the Leading School District in Western Seoul [Apartment TokTok]

Eight Complexes Expected to Select Construction Companies This Year
Cooperative Membership Transfer Possible at Complexes 3, 4, and 7
Small Number of Quick-Sale Listings from Multi-Homeowners on the Market

Editor's NoteAn apartment is not only a place to live, but also a symbol of social status or a means of investment. "Apartment TokTok" covers stories about our local apartments that are familiar in everyday life.

On February 26, I visited Mokdong in Yangcheon District, Seoul. After walking about 20 minutes from Omokgyo Station on Subway Line 5, passing by the Hyundai Department Store Mokdong branch, you reach Mokdong 5 Complex. To the north of the complex are Paris Park and Mokdong's academy district. Separated by Mokdong Dong-ro, Mokdong 6 Complex is adjacent, making the two complexes function as a single living area. Mokdong 6 Complex is also home to Ewha Mokdong Hospital and Hangaram High School, giving it the dual advantages of being close to both top schools and medical facilities. Complexes 1 to 4 are connected to Complexes 5 and 6 via the pedestrian path "Mokdong Gaon-gil."

Recently, the real estate market has been paying close attention to the 14 Mokdong New Town complexes. This is because redevelopment projects are accelerating in the area, starting with Mokdong 6 Complex. This year, a total of 8 complexes, including Complex 6, will sequentially begin the process of selecting construction companies.

Investors are focusing on three complexes (Complexes 3, 4, and 7) that have not yet completed the formation of their cooperative associations or the designation and public announcement of their project implementers. Due to the 10·15 measures, the entire city of Seoul has been designated as an overheated speculative zone. In areas where a cooperative has already been established, transferring cooperative membership is prohibited, so only these three complexes have listings on the market with transferrable cooperative rights.

Top Schools, Subway Access, Low Floor Area Ratio... Mokdong's Leading Complexes: 5 and 7

Among the 14 Mokdong New Town complexes, Complexes 5 and 7 are considered the "leading" ones. Complex 5 has the lowest floor area ratio at 116%, and the average land share per household is high, making its redevelopment profitability favorable. Unlike Complexes 1 to 4, it is surrounded by the Mokdong residential district and boasts ample parking space, resulting in high satisfaction among actual residents.

Complex 7 is close to subway stations and schools. It is a 7-minute walk from Mokdong Station and a 14-minute walk from Omokgyo Station on Subway Line 5. In the Yangcheon District area, students often advance to specialized high schools and autonomous private high schools via Mokuun Elementary and Mokuun Middle School.

Mokdong 5 Complex, Yangcheon District. Photo by Lee Jieun

This complex has yet to establish a cooperative, which means cooperative membership rights can still be transferred. There was a transaction for a 22-pyeong (53 square meters) unit at 2.4 billion won this month. Afterwards, some multi-homeowners, seeking to sell before higher capital gains tax rates take effect, listed their properties at a quick-sale price of 2.25 billion won, resulting in some adjustment of asking prices.

The head of real estate agency A near Mokdong 5 Complex said, "At Complex 7, a property was listed at about 150 million won below the market price on the condition of moving in by October 2027. Across Complexes 3, 4, and 7, multi-homeowner listings are gradually appearing on the market at prices about 100 million won lower than the prevailing market price."

6 Complex Leads Redevelopment... Rear Complexes Also Gaining Speed

Among the 14 complexes, Complex 6 is the most advanced in terms of redevelopment projects. Although it has a higher floor area ratio (139.08%) compared to Complex 5 (116%) and Complex 7 (125%), making its profitability relatively lower, it is close to Ewha Mokdong Hospital and Yangjeong Middle and High Schools. After redevelopment, some units above the 30th floor are expected to offer views of the Han River.

Starting with Complex 6, the rear complexes (Complexes 8 through 14) are also gaining momentum. Complex 12 completed the formation of its cooperative on February 27 and is preparing to select a construction company. This year, the selection of construction companies is expected to proceed in the order of Complexes 5, 8, 9, 10, 12, 13, and 14.

View of Mokdong 6 Complex in Yangcheon District. Photo by Ji-Eun Lee

However, some complexes are located on the outskirts or have issues with noise. For example, Complex 8 offers convenient living infrastructure, including Hyundai Department Store and Emart, but has a relatively high floor area ratio. Complex 11, which completed its project implementer designation and public announcement in January, is less expensive than other complexes but is the most peripheral among the 14 complexes and has been pointed out for airplane noise issues.

Complex 1 is within a 10-minute walk of Sinmokdong Station on Subway Line 9, but is less popular due to noise from the nearby combined heat and power plant. The head of real estate agency B near Mokdong 6 Complex said, "Complex 8 has a good location but a high floor area ratio, and Complex 1 is considered less attractive because of the heat and power plant nearby."

This content was produced with the assistance of AI translation services.