Olympic Village Apartments Join In... Is a Reconstruction Boom Coming?

After a setback in 2019, reattempt passes conditional precision safety inspection
From Mokdong New Town to Gangnam potential contenders... Reconstruction market stirs
Second safety inspection remains... "Need to watch longer," cautious views also expressed

[Asia Economy Reporter Kim Hyemin] The Olympic Athletes' Village Apartments in Bangi-dong, Songpa-gu, known as a 'dark horse' in the Gangnam area reconstruction market, are causing a stir as they have passed the first phase of the detailed safety inspection. Following last month's trend in Mok-dong New Town, Yangcheon-gu, the safety inspection wave has spread to the Gangnam area, fueling expectations for reconstruction.

According to Songpa-gu Office on the 9th, the Olympic Athletes' Village Apartments received a conditional pass with a D grade (53.37 points) in the detailed safety inspection service for reconstruction the day before. If it also passes the public institution's appropriateness review (second detailed safety inspection), reconstruction will be confirmed. Passing this stage of the safety inspection is necessary to proceed with procedures such as designation of maintenance zones, establishment of associations, and selection of construction companies, making it the first gateway for reconstruction.

The Olympic Athletes' Village Apartments are notable for having cleared the first hurdle of the safety inspection after a reattempt. In 2019, they applied for a detailed safety inspection but received a C grade (60.24 points), missing the chance for reconstruction. This was largely due to the Ministry of Land, Infrastructure and Transport raising the weight of the structural safety evaluation (which assesses structural risks such as collapse due to building aging) from 20% to 50% in 2018. At that time, the Olympic Athletes' Village Apartments received a B grade (81.91 points) in the structural safety category.

However, in this reinspection, the score for that category dropped to 74.74 points. Looking at the detailed categories, the apartment received scores of 32.33 points for residential environment, 44.6 points for building finishing and equipment aging, 74.74 points for structural safety, and 0 points for cost analysis. It is also analyzed that the change in sample complexes influenced the results. A Songpa-gu Office official said, "There were buildings that the apartment side claimed were in worse condition, and including these, 11 sample buildings were newly selected."

The Seoul reconstruction market appears to be gaining momentum this year. Last month, several complexes including 1, 2, 3, 4, 10, and 14 in Mok-dong New Town, Yangcheon-gu, Seoul, totaling 26,635 households, passed the first safety inspection in large numbers. Apartments in Apgujeong-dong, Gangnam-gu, Seoul, have been establishing associations one after another, accelerating reconstruction projects. With the addition of the Olympic Athletes' Village Apartments, it is expected to inject vitality into the reconstruction projects of previously stagnant apartment complexes. In particular, attention is focused on the results of the reattempted safety inspections for Siyeong Apartments in Wolgye-dong, Nowon-gu (preliminary safety inspection), and Miseong Apartments in Bulgwang-dong, Eunpyeong-gu (second safety inspection).

However, despite the first safety inspection results, cautious views suggest that it remains to be seen whether the Olympic Athletes' Village Apartments will pass the second safety inspection (appropriateness review). This is because there have been many cases where complexes such as Mok-dong New Town 9th complex, Dongbu Green Apartments in Oryu-dong, and Miseong Apartments in Bulgwang-dong passed the first safety inspection but failed the second. The 53.37 points the Olympic Athletes' Village Apartments received in the first safety inspection is higher than the 53.32 points of Mok-dong 9th complex. The closer the score is to the perfect 100 points, the lower the possibility of reconstruction. Songpa-gu Office plans to request the second safety inspection soon in consultation with the apartment side.

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