Speeding Up the Re-promotion of the 'Remodeling Five Brothers' Project in Dongbu Ichon-dong

Large-Scale Development Boons Continue
Five Complexes Unified in 2018
Speeding Up Remodeling Re-Promotion

Average Floor Area Ratio Exceeds 300%
No Alternative to Remodeling
Acceleration Expected with Shinbundang Line Extension Success

[Asia Economy Reporter Donghyun Choi] Riding the wave of large-scale development, the remodeling trend is resurging in major apartment complexes in the Dongbu Ichon-dong area of Yongsan-gu, Seoul.

According to industry sources on the 21st, there has been a recent movement to reinitiate remodeling projects in Hangaram (2,036 households), Gangchon (1,001 households), Ichon Kolon (834 households), Hangang Daewoo (834 households), and Ichon Woosung (243 households) located in Ichon 1-dong, Yongsan-gu. These complexes had previously attempted a '5-complex integrated remodeling' project in 2018, which was eventually canceled. After showing little activity for some time, the recent succession of large-scale development benefits nearby?such as Yongsan Park, the railway maintenance depot site, and the reconstruction of Hangang Mansion?has accelerated the push to restart remodeling projects in each complex.

Gangchon and Ichon Kolon, which are adjacent complexes, have settled on a joint remodeling approach. Recently, residents of the two complexes signed a memorandum of understanding for joint remodeling. Originally, they planned to invite interested construction companies for an on-site briefing session, but due to the spread of COVID-19, this was canceled, and an online residents' briefing session is scheduled for the 29th.

Hangaram, the largest complex, has launched a promotional campaign targeting residents by establishing an online cafe centered around the remodeling promotion committee. The committee plans to hold a residents' briefing session in October. A committee official stated, "Now is the optimal time for the project as many favorable developments are underway in Yongsan," adding, "The higher the participation rate of owners, the faster the project will progress."

Hangang Daewoo has also recently begun to actively push forward the project centered on its promotion committee. The committee intends to expedite the election of the currently vacant chairman position. They plan to gather residents' opinions on various options, including a standalone project or integrated remodeling with neighboring complexes.

As for Ichon Woosung, there is currently no notable movement, but a former promotion committee official reportedly plans to resume the project as early as the end of October.

The average floor area ratio (FAR) of these five complexes exceeds the legal maximum of 300% for residential areas. Since reconstruction is not possible, remodeling is the only viable alternative. In remodeling, even if the existing FAR is high, vertical extension of up to three floors is possible if a safety inspection receives a grade B or higher, and horizontal or annex extensions are allowed with a grade C or higher. The resident consent rate required to establish a union is 66.7%, lower than the 75% required for reconstruction, and 75% approval is needed at the project approval stage. The projects are also free from regulations such as donation of land and rental housing. Projects can be initiated if the building is over 15 years old since completion.

Residents expect that the remodeling push will gain momentum if the northwest extension of the Shinbundang Line is realized. This project aims to connect approximately 18.6 km between Yongsan, Eunpyeong New Town, and Samsong. Last year, during the preliminary feasibility study mid-term review by the Ministry of Economy and Finance, it was evaluated as economically unfeasible, making its realization unlikely in the current state. However, Seoul City has raised objections to the Ministry's evaluation method, and during the 21st general election, Lee Nak-yeon of the Democratic Party pledged to promote this project, raising residents' expectations for its advancement.

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