'Gwangmyeong Reconstruction and Redevelopment Boom'... Mid-rise Apartments Also Join In

Promotion of Detailed Safety Inspection for Cheolsan Jugong 12 Complex Mid-Rise

Location map of Cheolsan Jugong Complex 12 (Photo: Naver Map)

[Asia Economy Reporter Yuri Kim] The redevelopment and reconstruction wave sweeping across Gwangmyeong City, Gyeonggi Province, is now including mid-rise apartments.

According to the maintenance industry on the 27th, Cheolsan Jugong Complex 12 in Cheolsan-dong, Gwangmyeong City, Gyeonggi Province, is set to undergo a detailed safety inspection for the first time among mid-rise apartments in the area. This comes about 2 years and 4 months after passing the preliminary safety inspection in March 2018.

Built in 1986 and now 34 years old, Cheolsan Jugong Complex 12 consists of 19 buildings with 12 to 15 floors, totaling 1,800 households. A representative from the reconstruction preparation committee of the complex stated, "Due to aging of the complex and deterioration of the residential environment, reconstruction is necessary," adding, "The current floor area ratio is about 159%, which is also evaluated to have economic feasibility."

The safety inspection is the first hurdle in the reconstruction project. After passing the preliminary safety inspection, the complex must receive at least a grade D or lower in the detailed safety inspection to proceed with subsequent steps. If a grade D is received, a second safety inspection, which is a public institution's appropriateness review, must be additionally conducted. A grade E allows the reconstruction project to proceed without the second safety inspection.

The preparation committee plans to complete the application by the end of this year, before the strengthening of safety inspections (change of request authority) included in the June 17 real estate measures. The June 17 measures include changing the selection and management authority of the first detailed safety inspection service provider from the current city/county/district level to the provincial governor. The government plans to apply the strengthened regulations starting with complexes undergoing safety inspections in the first half of next year through amendments to the Urban and Residential Environment Maintenance Act.

Cheolsan Jugong Complex 12 is adjacent to the Cheolsan commercial area, located in the center of the Gwangmyeong housing site district. It is in the vicinity of Cheolsan Station on Seoul Subway Line 7, offering excellent access to Gangnam. The 73㎡ (exclusive area) apartment in this complex was recently sold for 796 million KRW on the 7th of this month, and the current asking price is formed in the high 800 million KRW range. A preparation committee official said, "Since reconstruction is generally a long-term project taking about 10 years from the formation of the promotion committee, we will proceed quickly with the preliminary safety inspection."

As Cheolsan Jugong Complex 12 moves forward with the safety inspection, the possibility of other mid-rise complexes in Gwangmyeong joining the reconstruction efforts is increasing. Among the mid-rise complexes in Gwangmyeong, besides Cheolsan Jugong Complex 12, Cheolsan Jugong Complex 13 is also reportedly showing interest in reconstruction.

Meanwhile, large-scale maintenance projects are underway throughout Gwangmyeong City. Cheolsan Jugong Complexes 8 and 9, which are low-rise complexes pursuing integrated reconstruction, recently received approval for their management disposition plans. These apartments consist of 1,484 households in Complex 8 and 580 households in Complex 9, totaling 2,064 households. Complexes 10 and 11 are also in the latter stages of maintenance projects, awaiting approval of their management disposition plans. Redevelopment within Gwangmyeong New Town is also in full swing. Zones 2 and 10 recently completed relocation and have begun full-scale demolition work. Zones 4 and 5 have received approval for their management disposition plans and are currently undergoing relocation procedures.

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