Bukbyeon 4 District, First Management Disposition Approval for Gimpo New Town

Speeding Up Redevelopment of 2,843 Apartment Units

[Asia Economy Reporter Choi Dong-hyun] Bukbyeon 4 District in Bukbyeon-dong, Gimpo-si, Gyeonggi-do, has become the first area in Gimpo New Town to receive approval for the management disposition plan.

According to the maintenance industry on the 11th, Gimpo City approved the management disposition plan for the Bukbyeon 4 redevelopment district, covering 127,458㎡ around 184 Bukbyeon-dong, the day before. This comes nine years after it was designated as a redevelopment promotion zone in 2011. It is the first project among the 2 million㎡ of Gimpo New Town, including Bukbyeon, Sau, and Pungmu-dong, to receive management disposition approval. Accordingly, the aging residential area in Bukbyeon 4 District will be redeveloped into apartments with 2,843 units ranging from 4 basement floors to 35 above-ground floors.

As part of the old downtown redevelopment project, Gimpo City designated Gimpo New Town and Yanggok New Town as redevelopment promotion zones in 2009. However, Yanggok New Town was removed from the New Town designation in 2011, just two years after designation, due to strong opposition from local residents. Gimpo New Town also saw the number of redevelopment zones decrease from 15 to 7 due to low project profitability and poor resident participation.

Bukbyeon 4 District experienced internal conflicts due to opposition from some union members during the project progress, but after selecting Hanyang as the construction company in 2017, the project gained momentum and reached the management disposition approval, considered the final hurdle in redevelopment projects. The union is also pursuing a plan to increase the total project scale to 3,299 units by incorporating the adjacent Bukbyeon Neighborhood Park site into the district through a promotion plan amendment, separate from the management disposition approval.

The district is adjacent to Geolpo Bukbyeon Station on the Gimpo Gold Line, a light rail connecting Yangchon and Gimpo Airport. In the long term, the extension of Incheon Subway Line 2 is also expected to connect to Geolpo Bukbyeon Station. Especially, once redevelopment of the nearby Bukbyeon 3 and Bukbyeon 5 districts is completed, this area is expected to transform into an apartment complex with a total of about 6,000 units.

Meanwhile, the general sale price in Bukbyeon 4 District has been set at 13.5 million KRW per 3.3㎡, approximately 460 million KRW for an 84㎡ unit. This is about 100 million KRW cheaper than the nearby 'Hangang Metro Xi,' which is scheduled for move-in this July. A representative from real estate agency A in Geolpo-dong said, "Bukbyeon 4 District has been popular due to its ultra-station area location," adding, "With the upcoming tightening of resale restrictions in August, inquiries related to move-in rights investment have been the most active recently."

The union plans to start relocation procedures in the second half of this year and conduct general sales in 2021. Completion is scheduled for 2024.

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