Heukseok New Town as a 'Jun-Gangnam' Residential Belt... Approval of Project Implementation for District 11

Han River View Adjacent to Banpo-dong
Prime Location Closest to Dongjak Station
Redevelopment into 1,500-Unit Apartment Complex
30-Pyeong Unit Villa Sale Prices Up to 1.8 Billion KRW

[Asia Economy Reporter Onyu Lim] Heukseok 11 District within Heukseok New Town in Dongjak-gu, Seoul has passed the business implementation plan approval stage. Additionally, Heukseok 2 District, which had been stagnant due to resident conflicts, has been selected as a candidate site for public redevelopment, solidifying Heukseok New Town’s position as a ‘quasi-Gangnam’ area with a scale of 12,000 households.

According to the urban maintenance industry on the 23rd, the redevelopment project of Heukseok 11 Redevelopment Promotion Zone in Heukseok-dong 304 area, Dongjak-gu, received business implementation plan approval from Dongjak-gu Office on the 18th. The district office plans to announce this on the 25th. The association intends to accelerate the approval of the management disposition plan within this year.

District 11 offers views of the Han River and is adjacent to Banpo-dong, Seocho-gu. Dongjak Station, a transfer station for subway lines 4 and 9, is also close within the New Town. With this implementation approval, 25 buildings ranging from 5 basement floors to 16 above-ground floors, comprising 1,509 apartment units, will be constructed here. Of these, 553 units excluding association members’ shares and rental units will be sold to the general public. The construction company is Daewoo E&C, applying the high-end brand ‘Summit.’

The price increase trend is also steep. Villas with rights to move into 84㎡ (exclusive area) apartments in this district are currently listed at 1.6 to 1.8 billion KRW. A representative from real estate agency A in the area said, "Prices have risen by more than 500 million KRW compared to a year ago," adding, "Since resale is only possible before the management disposition approval, the price increase trend comparable to new apartments will continue until this year."

Within Heukseok New Town, districts 4 to 8 out of 10 districts have completed move-ins. Acro River Heim, redeveloped from District 7, saw its 84㎡ units traded in the 2 billion KRW range last October, marking the first time for a non-Gangnam general apartment to reach that price.

Moreover, with the previously stagnant District 2 confirmed as a final candidate site for public redevelopment, market interest in Heukseok New Town is growing. Although designated as a maintenance zone in 2008, this district remained at the promotion committee stage for over 10 years due to opposition from commercial property owners. Once public redevelopment is confirmed, the project can proceed with consent from more than two-thirds of owners, which is lower than the three-quarters required for general redevelopment. A representative from real estate agency B in the area said, "District 2 is the ‘face’ that determines the impression of Heukseok New Town, and since the decision on public redevelopment, it has raised prices not only in the redevelopment zone but also in nearby new constructions."

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