5540 Households Olympic Athlete Village, Reconstruction Rechallenge

Selecting a Service Provider for Detailed Safety Inspection

[Asia Economy Reporter Onyu Lim] The Olympic Athletes and Journalists Village Apartments in Bangi-dong, Songpa-gu, Seoul, consisting of 5,540 households, is making a renewed attempt at reconstruction. Although it was deemed ineligible last year, a detailed safety inspection will be conducted once again. If the approval for the establishment of the association is postponed until after next year, a two-year residency obligation will be imposed, so the intention is interpreted as pushing forward with the project before that happens.

According to the real estate industry on the 21st, the reconstruction group of the Olympic Athletes and Journalists Village Apartments applied for a detailed safety inspection for reconstruction to Songpa District Office last month. It is known that 629 residents signed the consent form. Songpa District Office is currently selecting a service company to conduct the detailed safety inspection.

The Olympic Athletes and Journalists Village is a massive complex with 122 buildings, up to 24 floors above ground, and 5,540 households. It was used as accommodation for athletes and journalists participating in the 1988 Seoul Olympics and was later supplied to the general public. This year marks its 32nd year since completion. Although reconstruction efforts began in earnest at the end of 2016, the project was halted last year after receiving a C grade (60.24 points) in the detailed safety inspection, indicating reconstruction is not possible. To proceed to the next stage of reconstruction, an E grade (30 points or below) must be received in the detailed safety inspection. A D grade (between 30 and 55 points) allows conditional reconstruction.

Residents expressed dissatisfaction with the safety inspection results. Some voices claimed that the government and Seoul city are blocking reconstruction under the pretext of stabilizing housing prices without considering residents' safety. However, there are also concerns among residents that passing the safety inspection may not be easy. One resident said, "It has been less than a year since we received the failed safety inspection result, so I worry that the district office will find it difficult to overturn the result regardless of the actual condition of the apartments."

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