Speeding Up Gwangmyeong Reconstruction... Housing Prices Also Stirring

Cheolsan-dong Area's Largest Complex 13th District
90-Day Safety Inspection Underway
12th District Safety Inspection Scheduled for October
Low-Rise Jugong Project Nearing Completion

13th District 84㎡ Records New High Price
Cheolsan Central 59㎡ Market Price Doubles

[Asia Economy Reporter Donghyun Choi] In the Cheolsan-dong area of Gwangmyeong City, the largest low-rise Jugong apartment reconstruction zone in the southwestern Gyeonggi region, some mid-rise complexes are also undergoing safety inspections one after another, accelerating the project.

According to the industry on the 29th, Jugong Complex 13, the largest in Cheolsan-dong with 2,460 households, recently selected a service company and is promoting a detailed safety inspection. The detailed safety inspection is the first step in the reconstruction project. If it receives a D grade (conditional reconstruction) or E grade (reconstruction) among grades A to E, the final possibility of reconstruction is determined after a public institution's appropriateness review.

Jugong Complex 13 is the last apartment to be occupied among the Jugong apartments built in the early to mid-1980s in Cheolsan-dong. It is located in a station area adjacent to Cheolsan Station on Subway Line 7, and has Gwangseong Elementary School within the complex, so if reconstruction is successful, it is considered the place with the highest future value in the area. However, as a 15-story mid-rise complex with a relatively high existing floor area ratio of 170%, the project progress is slower compared to low-rise apartments. A representative of the apartment's reconstruction promotion preparation committee said, "We plan to select 73 sample households by the end of this month and conduct a 90-day safety inspection."

Earlier, Jugong Complex 12, with about 1,800 households, also entered a detailed safety inspection in October. After passing the preliminary safety inspection in March 2018, the project stalled for a while, but recently, with the rapid rise in housing prices in the Gwangmyeong New Town area, the project is gaining momentum. Complex 12 is also a mid-rise complex of 12 to 15 stories, with an existing floor area ratio of 159%, which is somewhat high. Large construction companies such as Hyundai Construction and GS Construction are reportedly interested in securing construction rights for Complex 12. Residents plan to officially launch the promotion committee around the first half of next year.

The low-rise Jugong apartments in Cheolsan-dong are already entering the final stages of the project. Complex 4 is scheduled to complete construction in March next year and transform into "Gwangmyeong Cheolsan Central Prugio." Complex 7 is also under construction with the goal of completion in March 2022 under the brand "Cheolsan Lotte Castle & SK View Class Tige." Complexes 8 and 9, which are pursuing integrated reconstruction, are undergoing relocation, and Complexes 10 and 11 are expected to receive management disposition plan approval around the end of the year. Complexes 1 to 3 completed reconstruction between 2009 and 2010.

Prices are also on the rise. The 84㎡ unit in Complex 13 recently set a new record at 945 million KRW last month, approaching the 1 billion KRW mark. When Cheolsan Central Prugio 59㎡ was sold in July 2018, the general sale price was in the mid-500 million KRW range, but the current market price has more than doubled to 1.15 billion KRW. A representative from Cheolsan-dong A Real Estate Agency said, "Reconstruction complexes in the Gwangmyeong City area have consistently increased in price due to excellent accessibility to Seoul and simultaneous large-scale redevelopment in the old downtown area," adding, "Transportation benefits such as the Shinansan Line are also factors driving up prices."

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