'17 Years of Stagnation' Sinbanpo 2nd Complex Moves Toward Union Establishment by August

Despite the Prime Location, Reconstruction Stalls
Residents' General Meeting Held on the 19th, Acting Chairman to be Dismissed
Han Hyung-gi, Shinbanpo 1st Union Chief, Steps in as Relief Pitcher
After Appointing the Promotion Committee Chairman in June, Consent Forms for Union Establishment to be Collected

[Asia Economy Reporter Onyu Lim] Sinbanpo 2nd Complex in Jamwon-dong, Seocho-gu, Seoul, known for its 'best location along the Han River,' is finally moving forward with the establishment of a reconstruction association after 17 years of stagnation. The Sinbanpo 2nd Complex Promotion Committee Normalization Coalition (Chujeongyeon) has invited the chairman who led the reconstruction of Sinbanpo 1st Complex (Acro River Park) as an advisor and aims to dismiss the acting chairman of the promotion committee this month, appoint a new chairman in June, and obtain approval for the association establishment in August.

According to the real estate industry on the 19th, Chujeongyeon will hold a residents' general meeting at 2 p.m. that day to dismiss the current acting chairman of the promotion committee. The meeting was originally scheduled for the 5th of last month but was postponed once due to the impact of the novel coronavirus (COVID-19). A Chujeongyeon official explained the reason for the dismissal, saying, "No residents' general meeting has been held for three years since the court appointed the acting chairman," and "Since no chairman has been appointed, the project has effectively been halted."

The requirements for dismissal have already been met. About 70% of landowners and other property owners have submitted written resolutions supporting the dismissal. According to the operating regulations of the Sinbanpo 2nd Complex Promotion Committee, if the proportion of landowners and other property owners supporting the dismissal of the promotion committee chairman, including written resolutions, exceeds the majority (50%), the chairman can be dismissed.

Sinbanpo 2nd Complex boasts a prime location stretching along the Han River and is also close to the Express Bus Terminal Station on subway lines 3, 7, and 9. However, unlike the nearby Sinbanpo 1st and 5th Complexes, which have transformed into Acro River Park and Acro River View, respectively, it has not been reconstructed due to resident conflicts and other reasons. Since the establishment of the promotion committee in 2003, it has failed to establish an association for 17 years. However, the situation reversed earlier this year as the sunset clause deadline approached. With 66% of owners agreeing to extend the deadline for association establishment, the will for reconstruction was reaffirmed. During this process, Chujeongyeon also brought in Han Hyung-gi, the chairman of the Sinbanpo 1st Complex reconstruction into Acro River Park, as an advisor.

Chujeongyeon aims to receive approval for the reconstruction association establishment as early as the end of August. To this end, after the dismissal meeting, they plan to request the court to cancel the acting chairman's appointment and hold a residents' general meeting on July 10 to appoint a new chairman. Advisor Han Hyung-gi said, "If the chairman is elected on June 10, the district office can receive the association establishment consent form by June 20, and by August 10, the consent rate required for association establishment (over 75% of all owners, over 50% in each building) can be met." He added, "If a general meeting is held around August 20, the association establishment approval will be obtained by the end of August or, at the latest, September."

However, there remains a review of the legality of this dismissal meeting. A Seocho District Office official said, "Since the residents' general meeting requirements were met with the consent of more than one-fifth of the residents, the district office has approved it," but added, "Since there has been no case of dismissal of an acting chairman appointed by the court, the validity of the meeting results will be legally reviewed."

Meanwhile, the Sinbanpo 2nd Complex reconstruction project involves the complete demolition of 1,572 households and the construction of about 2,000 households with a maximum height of 35 floors. Experts believe that once reconstructed, Sinbanpo 2nd Complex will become a Han River landmark surpassing Acro River Park.

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