Gangnam Dogok Samho Accelerates Reconstruction

[Asia Economy Reporter Yuri Kim] Samho Apartments in Dogok-dong 540 area, Gangnam-gu, Seoul, is promoting a mini reconstruction.

According to the maintenance industry on the 10th, the Dogok Samho Housing Reconstruction Maintenance Project Association recently applied for project implementation plan approval to Gangnam-gu Office. This apartment complex is a mini complex consisting of two 12-story buildings with 144 households, located right next to Gangnam Severance Hospital.

According to the project implementation approval plan submitted by the association, residents plan to build new apartments with two buildings ranging from three basement floors to 18 above-ground floors, totaling 308 households through reconstruction. A floor area ratio of 299.85% will be applied to the reconstruction, and the construction volume includes 48 small-sized housing units.

Dogok-dong Samho Apartments, although a small complex, are located at a key intersection of Dogok-ro and Eonju-ro, and are close to Hanti Station on the Bundang Line subway. Across Eonju-ro is Dogok Rexle, a complex with about 3,000 households. In the case of Dogok Rexle, an 84㎡ exclusive area was reported to have been sold for 2.3 billion KRW last month on the 23rd.

An official from the apartment association explained, "Once the project implementation approval is obtained, we plan to select a construction company in the third quarter." Currently, Samsung C&T, Hyundai Engineering & Construction, GS Engineering & Construction, Daewoo Engineering & Construction, HDC Hyundai Development Company, Hyosung, and Hoban Construction are known to be interested in the project.

This apartment, composed of a single 127㎡ unit size, was last traded in December 2017. At that time, it was traded for 1.45 billion KRW, and the current market price is around 1.8 to 1.9 billion KRW. Since the association establishment approval in June 2018, the transfer of association member status has been prohibited in principle, so there are no listings. Exceptions for transfer of association member status are allowed only for one-household one-homeowners who have owned for more than 10 years and lived for more than 5 years.

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