"'Ichon-dong Aljja' Hangang Samik Reconstruction Receives Project Implementation Approval in May"

[Asia Economy Reporter Onyu Lim] Hangang Samik Apartment, known as a prime reconstruction complex in Ichon-dong, Yongsan-gu, Seoul, is expected to receive project implementation approval as early as the end of May. With the announcement of the nearby railway maintenance depot development plan raising expectations for real estate in the Yongsan area, it is anticipated that the reconstruction efforts in Dongbu Ichon-dong, including Hangang Samik, will gain momentum.

According to the real estate industry on the 18th, Yongsan District Office plans to approve the project implementation plan of the Hangang Samik reconstruction association as early as the end of this month. This comes 17 years after the association was established in 2003. A Yongsan District Office official stated, "During the public inspection period for project implementation approval in March and April, no opinions were received from stakeholders," adding, "Unless there are special issues, after consultations with relevant departments, approval will be granted as early as this month." The existing Hangang Samik, consisting of 252 households in 12-story buildings, is set to be transformed into 331 households in buildings ranging from three basement levels to a maximum of 30 floors through reconstruction.

Completed in 1979, Hangang Samik is considered one of the three major riverside reconstruction complexes in Dongbu Ichon-dong, along with Hangang Mansion (1970) and Wanggung Apartment (1974). Currently, Hangang Samik is the fastest progressing project. Hangang Mansion passed building review in March last year but the project has been delayed due to disputes over playground land. Wanggung Apartment recently finalized a reconstruction maintenance plan amendment that includes supplying 50 public rental units through donation and transfer of ownership without compensation.

Currently, the asking price for a 105㎡ (exclusive area) unit in Hangang Samik is around 1.7 billion KRW, but most listings have been sold out. According to KB Real Estate, the market price for a nearby Raemian Chellitus 124㎡ unit, completed in 2015, ranges from 2.75 billion to 3.5 billion KRW.

A representative from a real estate agency in Ichon-dong said, "As project implementation approval approaches, investor purchases continue, and many available units have been sold." However, he added, "Due to the December 16, 2019 real estate measures that blocked mortgage loans for houses over 1.5 billion KRW and concerns over economic downturn caused by the prolonged COVID-19 pandemic, the price increase trend has slowed."

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