'Tightly United' Mullae-dong Small Complex... 2,000 Households Integrated Remodeling 추진

Hyundai, Daewon, Doosan, and Other Small Complexes Unite
Securing Business Feasibility and Negotiation Power Comparable to Large Complexes
However, Project Speed Varies by Complex, Raising Concerns of Delays

[Asia Economy Reporter Onyu Lim] In Mullae-dong, Yeongdeungpo-gu, Seoul, an integrated remodeling project combining seven small complexes into a 2,000-unit scale is being promoted. The intention is to overcome the limitations of aging mid-rise small complexes and enhance business feasibility and negotiation power as if it were a large complex. However, concerns about project delays due to differences in the age of each complex and consent rates remain challenges to overcome.

According to the maintenance industry on the 8th, the integrated remodeling is being promoted for Hyundai 1st Complex (264 units), 2nd Complex (390 units), 3rd Complex (166 units), 5th Complex (282 units), 6th Complex (270 units) in the 5th and 6th blocks of Mullae-dong, along with Daewon Cantaville (218 units) and Doosan We’ve (383 units). Combining the seven complexes totals 1,973 units.

All these complexes are located in semi-industrial areas. Built between 1986 and 1998, they have aged but were difficult to renovate due to business feasibility issues. With a floor area ratio around 300%, reconstruction as well as individual remodeling was not easy. Small complexes decided to unite to have business feasibility and negotiation power like a large complex and promote integrated remodeling.

In particular, as redevelopment and reconstruction in Mullae-dong and Yangpyeong-dong areas have recently become active, momentum is building for the integrated remodeling of these complexes. However, while selecting the same construction company for each complex to unify the brand, the plan is to proceed with permits and other project procedures separately.

A representative involved in the Mullae-dong integrated remodeling said, "The members’ will is strong enough that a formal promotion committee was formed in less than a month since the concept was conceived in July," adding, "The average consent rate is estimated to be over 20%, and formal consent forms are expected to be collected as early as October."

Besides Mullae-dong, integrated remodeling is actively being promoted recently in Seoul. In Sindorim-dong, Guro-gu, Woosung 1st and 2nd complexes selected GS Construction as the contractor last month, kicking off integrated remodeling. Upon completion, the 1st complex will increase from 169 units to a maximum of 194 units, and the 2nd complex from 239 units to a maximum of 268 units. In Sadang-dong, Dongjak-gu, a mammoth integrated remodeling project of over 5,000 units is also underway. Four complexes?Woosung 2nd Complex (1,079 units), 3rd Complex (855 units), Geukdong (1,550 units), and Shindong-A 4th Complex (912 units)?have joined forces.

Of course, differences in the age of each complex, floor area ratios, and consent rates are pointed out as obstacles to integrated remodeling. There are differences in cost-sharing and permit processing speed. This is also why the integrated remodeling of Woosung 1st, 2nd, 3rd, and 5th complexes in Sindorim recently failed. A real estate industry official explained, "While the larger the scale, the higher the business feasibility and the more interest it can attract from large construction companies, coordinating disagreements among residents is indeed not easy."

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