Mid-rise Reconstruction Speeding Up in Nowon-gu... Wolgye and Hagye Also Busy to Overtake Sanggye

Passed Preliminary Safety Inspection for Sanggye
Active Moves to Promote Nearby Complexes
Accelerated Progress Due to Government Regulations

[Asia Economy Reporter Donghyun Choi] The momentum for mid-rise apartment reconstruction, which began in the Sanggye-dong area, is spreading to Hagye and Wolgye-dong in Nowon-gu, Seoul. As apartments in Sanggye-dong accelerate their projects one after another, the surrounding complexes are also experiencing growing expectations for reconstruction.

According to industry sources on the 1st, Samho 4th Complex in Wolgye-dong, Nowon-gu, a mid-rise complex with 910 households, has started accepting applications for a preliminary safety inspection for reconstruction from this day. The preliminary safety inspection is an on-site survey procedure conducted before the detailed safety inspection. If more than 10% of residents agree, an application for the preliminary safety inspection can be submitted to the district office.

Across from Samho 4th Complex, the Miryung, Miseong, and Samho 3rd complexes within Wolgye Shiyeong are also collecting consent forms to re-pursue the preliminary safety inspection. This complex, with 3,930 households, received a C grade in last year's preliminary safety inspection, causing the project to be halted once, but they plan to pass the preliminary safety inspection within this year through a renewed attempt. The preliminary safety inspection is graded from A to E, and only those receiving a grade of D or lower qualify for the detailed safety inspection.

The complexes around Hagye Station are also actively moving forward with safety inspections. The Reconstruction Promotion Preparation Committee for Hyundai and Woosung complexes (1,320 households) in Hagye-dong submitted an application for the preliminary safety inspection to Nowon-gu Office on the 28th of last month.

Jangmi 6th Complex (1,880 households) across the street recently launched a social network service (SNS) community and has begun organizing to collect consent forms for the preliminary safety inspection. A resident of this complex said, "We plan to hold an official meeting over the weekend to take the first step in the reconstruction project."

Real estate agencies nearby explained that the active reconstruction efforts in the Hagye and Wolgye-dong areas were influenced by the Sanggye Jugong 6th Complex passing the preliminary safety inspection. The Sanggye Jugong 6th Complex, with 2,646 households, received a D grade in the preliminary safety inspection on the 24th of last month. Previously, in the Sanggye-dong area, 'Forena Nowon,' which reconstructed Jugong 8th Complex, is scheduled for move-in this December, and Jugong 5th Complex passed the detailed safety inspection as a pilot project site for Seoul City's 'Urban and Architectural Innovation Plan,' with the maintenance district designation notice forthcoming. The representative of A Real Estate Agency in Sanggye-dong said, "Following the recent announcement of the Taereung Golf Course development plan and the preliminary safety inspection pass of Jugong 6th Complex, surrounding aging complexes are also rushing reconstruction."

The government's raising of the safety inspection threshold for reconstruction through the June 17 real estate measures is also cited as a factor accelerating projects. The government plans to change the selection and management authority of the 1st and 2nd detailed safety inspections from the existing city, county, and district offices to metropolitan governments. Additionally, sanctions against poorly conducted safety inspection institutions will be strengthened, and on-site investigations by public institutions will be mandatory for the 2nd safety inspection.

According to real estate agencies, apartment prices in Nowon-gu have risen by about 100 million to 150 million KRW since the beginning of this year due to the successive reconstruction initiatives. For example, the 79㎡ (exclusive area) unit in Sanggye Jugong 7th Complex was traded at 765 million KRW at the start of the year but rose to 900 million KRW in July. Similarly, the 51㎡ unit in Miryung, Wolgye-dong, increased from 568 million KRW to 689 million KRW during the same period.

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