Singildong Woosung 1~3 Complexes, Reconstruction Accelerates with Transportation Benefits

Submission of Safety Inspection Application for Woosung 3rd Phase
Impact of Sindorim Station GTX Line B
Price Rise Approaching 1 Billion KRW for 84.47㎡

[Asia Economy Reporter Choi Dong-hyun] The Woosung 1, 2, and 3 complexes in Singil-dong, Yeongdeungpo-gu, Seoul, are accelerating their reconstruction projects thanks to favorable transportation developments.

According to the maintenance industry on the 1st, the Woosung 3rd Complex Reconstruction Promotion Preparation Committee recently submitted an application for a reconstruction safety inspection to Yeongdeungpo-gu Office. The safety inspection is the first hurdle for promoting reconstruction projects and is broadly divided into preliminary safety inspection and detailed safety inspection. The preliminary safety inspection proceeds once a 10% resident consent rate is achieved, and the district office conducts an on-site investigation at its expense. After passing the preliminary safety inspection, residents must raise funds and deposit them with the district office for the detailed safety inspection, which is conducted twice: first by a private institution and then by a public institution. For Woosung 3rd Complex, among the total five buildings, one or two will be selected as samples for this safety inspection. This apartment complex consists of five mid-rise buildings of 10 to 15 floors, completed in 1989, with 477 small- to medium-sized units ranging from 53 to 83 square meters in exclusive area.

Opposite the complex, Woosung 2nd Complex (725 units) is pursuing integrated reconstruction with Uchang Apartment (214 units). Woosung 2nd and Uchang already received a D grade (conditional reconstruction) in the detailed safety inspection in June 2018, and earlier this year, the Seoul City Urban Planning Committee approved the maintenance plan. The integrated Woosung 2nd and Uchang complex is planned to be reconstructed with a floor area ratio of 299.98%, up to 32 floors, and 1,305 units (including 150 rental units). This project is being promoted through a trust method with Korea Asset Trust as the implementing agency. Nearby, Woosung 1st Complex (688 units) is also pursuing integrated reconstruction with Singil Geonyeong (386 units). They are currently preparing to form a joint reconstruction promotion preparation committee.

A total of five Woosung apartment complexes were built in the Singil-dong area, and among them, the 1st to 3rd complexes have exceeded the reconstruction eligibility period of 30 years. The complexes are close to Singil New Town and benefit from transportation developments such as the GTX (Great Train Express) Line B passing through Sindorim Station and the Shinansan Station and Dorim Sageori Station, scheduled to open in 2023, which has raised residents' expectations for reconstruction.

Market prices have also continued to rise recently. For example, the 84.47 square meter unit in Woosung 2nd Complex, which is progressing the fastest, was sold for 950 million KRW in February, approaching 1 billion KRW. A representative from real estate agency A in Singil-dong evaluated, "Given the excellent location of Woosung 1 to 3 complexes in Singil, if the reconstruction projects proceed well, they will become newly built complexes comparable to Singil New Town."

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