Approval of Reconstruction Project Implementation Plan for 1980-born 'Namseoul Mujigae'

[Asia Economy Reporter Onyu Lim] The Namseoul Mujigae Apartment, the second oldest in Geumcheon-gu, Seoul, has received approval for its reconstruction project.

According to Geumcheon-gu Office on the 1st, Seoul City approved the project implementation plan for the reconstruction maintenance project around Namseoul Mujigae Apartment in Siheung-dong the day before.

Built in 1980, this apartment complex is the oldest in the Geumcheon-gu area after the Siheung Apartment in Siheung-dong, built in 1975 (79 households). Through reconstruction, it is planned to be newly built from a maximum of 10 floors with 639 households to a maximum of 35 floors with 993 households, including a regional art center. All units will be small to medium-sized, under 85㎡ (exclusive area).

The association plans to start construction in May 2023 after obtaining approval for the management disposition plan and complete the construction by 2026.

The complex has been designated as a special architectural zone, applying designs such as △public pedestrian streets and open spaces △open courtyard-type residential forms △community streets and living streets.

This apartment is located between Geumcheon-gu Office Station on Seoul Metropolitan Subway Line 1 and Siheung Sageori Station on the Sinansan Line, scheduled to open in 2024. A Geumcheon-gu official explained, "We will develop this area into a landmark of Geumcheon-gu in connection with the development of the Geumcheon-gu Office Station complex station and the construction of a large general hospital."

New apartments are rare in the Geumcheon-gu area. The only recent ones are Lotte Castle near Doksan Station, which began occupancy last May, and Geumcheon Lotte Castle Gold Park built on the former Army crossing unit site. Since the completion of SM Elui (formerly Geumgang Yeonrip Housing, 82 households) in 2012, there have been no reconstruction complexes that have received project implementation approval. Currently, reconstruction is underway for Lucky Apartment and Hyundai Apartment in Siheung-dong.

Meanwhile, with the commencement of the Sinansan Line, development of the Geumcheon-gu Office complex station, and establishment of a general hospital, housing prices in this area are rising sharply. For example, the actual transaction price of an 84㎡ unit in Doksan-dong Lotte Castle Gold Park Phase 3 rose from 1.199 billion KRW in September last year to 1.365 billion KRW in March this year.

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