'Prime Area of Southwest' Noryangjin New Town Gains Momentum... Management Disposition for Districts 2 and 6 Imminent

Noryangjin 2 District Management Disposition General Meeting on the 21st
Noryangjin 6 District Management Disposition Approval Application
Noryangjin New Town Drifting Since Designation in 2003
Acceleration Due to Reconstruction Regulation Tightening, Seoul New Construction Shortage, and Transportation Benefits

Noryangjin District 2 Master Plan Rendering

[Asia Economy Reporter Onyu Lim] The Norangjin New Town project in Dongjak-gu, considered a prime location in the southwestern part of Seoul, is gaining momentum. Although it had been stalled for a long time due to the aftermath of the 2008 global financial crisis and conflicts among union members, recent favorable developments have accelerated progress, bringing some districts to the brink of receiving management disposition plan approval 17 years after the New Town designation.

According to the maintenance industry on the 23rd, Norangjin District 2 held a union general meeting on the 21st and passed the management disposition plan. The management disposition plan finalizes matters related to allocation areas per union member, estimated maintenance project costs, and compensation for tenant losses. This essentially resolves most of the project's uncertainties. The union plans to apply for approval of the management disposition plan from Dongjak-gu Office within three weeks. This district will be transformed into a residential-commercial complex with up to 29 floors and 421 households through redevelopment. SK Construction will be responsible for construction.

Norangjin District 2 was the first among Norangjin New Town areas to be designated as a maintenance district in December 2009. Although the district area is 16,307㎡, the smallest among the eight districts within the New Town, it is the most active in terms of project progress along with the nearby District 6. District 6 has already applied for approval of the management disposition plan to Dongjak-gu. District 6 will be built with up to 28 floors and 1,499 households. A consortium of GS Construction and SK Construction is participating as the contractor.

Norangjin New Town, covering about 73,000㎡ around Norangjin-dong and Daebang-dong, is considered the last New Town in southwestern Seoul. It was designated as a New Town in 2003, but the project stalled due to the 2008 global financial crisis and strong opposition from union members of large exam villages. However, as the real estate market recovered and nearby projects such as Singil New Town in Yeongdeungpo-gu and Heukseok New Town in Dongjak-gu succeeded, the Norangjin New Town project has recently gained momentum. The proximity to Norangjin Station, a transfer station for subway lines 1 and 9, and Jangseungbaegi Station on line 7, as well as the Western Line light rail project, have also acted as positive factors.

Besides Districts 2 and 6, other districts are also accelerating their projects. Currently, Districts 4, 7, and 8 have received project implementation approval, while Districts 1, 3, and 5 are in the union establishment approval stage. The largest district by area is District 1 (132,118㎡), where 2,992 apartment units are planned. Upon completion, Norangjin New Town is expected to become a residential area with around 9,000 households. A representative from real estate agency A in the area said, "With excellent access to Yeouido and Gangnam, combined with the spillover effect of strengthened reconstruction regulations, the value of Norangjin New Town is rising," adding, "In District 6, the premium for a move-in right based on an 84㎡ (exclusive area) unit is in the 800 million KRW range."

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