'Gangbuk Prime' Hannam 2 District Project Implementation Approval Imminent... Will New Town Gain Momentum?

Successful General Assembly Held on the 30th of Last Month
Expected to Receive Project Implementation Approval as the Second After Hannam 3 District

[Asia Economy Reporter Onyu Lim] Hannam 2 District in Hannam, Yongsan-gu, Seoul is on the verge of receiving approval for the project implementation plan, nine years after the establishment of the union was authorized. With Hannam 3 District joining in, the real estate market around Hannam New Town, known as the largest catch in Gangbuk, is expected to stir up again.

According to the maintenance industry on the 3rd, Hannam 2 District successfully held a general meeting of union members on the 30th of last month for the approval of the project implementation plan. This meeting was a re-voting procedure by union members on the project plan that was submitted to Yongsan-gu Office last year and then revised through consultations with Seoul City and the district office. Hannam 2 District was designated as a maintenance district in 2009 and received union establishment approval in 2012. A Hannam 2 District official said, "After the project implementation plan approval in September, we plan to select a construction company in February next year."

Hannam 2 District is a project to build 1,537 new apartment units on a site of 82,821㎡ in the Bogwang-dong area of Yongsan-gu. Although it is the smallest in scale among the approximately 13,000 units being developed in Hannam New Town and has the disadvantage of limited views of the Han River, it has the advantage of being adjacent to Itaewon Station on Subway Line 6.

Following District 3 (5,816 units), which received project implementation approval last year and completed the selection of a construction company, this is the second fastest project in progress. Hannam New Town was designated as a new town in 2003, but the project has been slow due to residents' conflicting interests. Districts 4 (2,595 units) and 5 (2,359 units) are still at the stage of union establishment approval. District 1 pursued public redevelopment after the maintenance district was lifted but failed in the public offering. It is reported that private redevelopment is currently being prepared again.

The industry expects that once the Hannam New Town project is completed, the area will establish itself as a representative affluent neighborhood in Seoul. To the west lies Dongbu Ichon-dong, and to the east are ultra-luxury apartment complexes such as Hannam The Hill and Nine One Hannam.

However, in the case of District 2, issues such as reduced profitability due to share splitting and additional contribution fees remain challenges to overcome. An industry official said, "In Hannam New Town, problems such as illegal brokerage of unauthorized buildings without move-in rights have persisted until recently, and since money can be tied up for a long time, caution is needed when investing."

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