"Keep the Promise of Project Approval" Jamsil Jugong 5 Complex Holds Placards Again

Members of the Jamsil Jugong Complex 5 held a protest on the 20th in front of the official residence of Seoul Mayor Park Won-soon, located in Gahoe-dong, Jongno-gu, Seoul.

[Asia Economy Reporter Donghyun Choi] Conflicts between the Seoul Metropolitan Government and residents over the redevelopment project of Jamsil-dong Jugong Complex 5, a representative mid-rise reconstruction site in the Gangnam area of Seoul, are intensifying. Residents are preparing for an indefinite relay protest, claiming they have suffered serious property rights violations as the Seoul city government has failed to carry out the promised related reviews for several years.

The Jamsil Jugong Complex 5 union held a protest around 7 a.m. on the 20th in front of the official residence of Seoul Mayor Park Won-soon located in Gahoe-dong, Jongno-gu, Seoul. This is two months after their last protest against the Seoul city government in November last year. Going forward, about 10 union members plan to continue picketing every day during Mayor Park’s commuting hours. Jung Bok-moon, head of the Jamsil Jugong Complex 5 union, said, "During last year’s protest, Mayor Park promised to meet with the union head, but there has been no response so far," adding, "We will continue the rallies until the project is approved."

Built in 1978 with 3,930 households, Jamsil Jugong Complex 5, along with Eunma Apartments in Daechi-dong, Gangnam-gu, is recognized as a representative mid-rise reconstruction site in the Gangnam area. In a safety inspection conducted in 2010, it received a D grade, which qualifies for conditional reconstruction, and the union was approved in 2013. Following the Seoul city government’s proposal, an international design competition was held, and the winning design was announced in March 2018. Since then, the city was supposed to hold an authorized subcommittee meeting of the Urban Planning Committee to finalize the maintenance plan based on the winning design, but nearly two years have passed without even submitting the agenda for discussion.

The Seoul city government maintains a fundamental stance that "the authorized subcommittee meeting of the Urban Planning Committee can only proceed after the completion of the educational environment impact assessment related to the relocation of Sincheon Elementary School within Jamsil Jugong Complex 5." However, residents have a different view. A union official stated, "In September 2017, during the maintenance plan revision and landscape review, the Seoul city government already issued a document accepting the main contents of the maintenance plan," adding, "The issue of Sincheon Elementary School’s site is not even mentioned as a topic for discussion in the authorized subcommittee."

Residents claim that the city’s deliberate avoidance of permits and approvals has delayed the project, causing it to fall under the scope of the Reconstruction Excess Profit Recovery Act, resulting in property rights violations. A union official expressed frustration, saying, "Although there was an existing design firm, the Seoul city government demanded an international design competition, which we complied with, but no action has been taken since then," and "The total participation fees of 3.6 billion KRW, including 50 million KRW per participating firm and 3.3 billion KRW for the winner, have not been paid yet." Some voices also criticize the city for intentionally delaying the project due to concerns over rising surrounding housing prices caused by the large-scale redevelopment of Daedaegyu.

Meanwhile, prices for Jamsil Jugong Complex 5 have shown signs of decline since the real estate measures announced on December 16 last year. The lowest price for a 76㎡ unit was between 1.97 billion and 1.99 billion KRW at the end of last year’s quick sale market, but in the new year, listings priced at 1.9 billion KRW have appeared. This represents a drop of about 300 million KRW compared to last year’s peak.

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