Remodeling Trend Gently Blowing Near Imun and Hwikyung New Town

Matching Large-Scale Redevelopment Nearby
Imun Ssangyong, Seokgwan Kolon, etc.
Push for Remodeling of Aged Apartments

[Asia Economy Reporter Kim Hyemin] Aging mid-rise apartments located near Seoul's Imun and Hwikyung New Towns have started remodeling projects one after another. This is interpreted as a result of improved business feasibility due to rising housing prices and increasing demand for residential environment improvement as large-scale redevelopment projects continue in the surrounding areas.

According to the maintenance industry on the 12th, Ssangyong Apartment in Imun-dong, Dongdaemun-gu recently formed a remodeling promotion committee and officially launched the project. The committee plans to actively collect residents' consent forms to establish a union in the future. To apply for union establishment, consent from more than two-thirds of the residents is required.

Built in 2000, Ssangyong Apartment is a large complex with 15 buildings and 1,318 households, making it one of the largest in Imun-dong. It is close to Sinimun Station on Subway Line 1 and borders Jungnangcheon Stream to the east. The floor area ratio of this complex is 343%, exceeding the zoning district limit of 250%, making reconstruction practically impossible. Unlike reconstruction, remodeling can be promoted once 15 years have passed since completion. This advantage seems to have led to the quick choice of remodeling.

A representative from nearby A Real Estate Agency said, "As redevelopment in the Imun-dong area accelerates, expectations for residential improvement are high," adding, "In addition, the nearby Samik Apartment quickly pushed forward remodeling, which seems to have stimulated interest." Earlier, Samik Apartment in Imun 4 District's preservation zone received approval for remodeling union establishment in August. It took six months since residents began signing consent forms in February this year.

Kolon Apartment in Seokgwan-dong, Seongbuk-gu, located north of Imun and Hwikyung New Towns, also recently formed a remodeling promotion committee and began actively pursuing union establishment. The committee expects rapid project progress, stating that preliminary survey results show resident consent rates already meet the union approval requirements. This complex, built in 1998, consists of 6 buildings and 453 households.

The simultaneous remodeling of aging apartments in the area is interpreted as a reflection of growing expectations due to the visible progress of redevelopment in Imun and Hwikyung New Towns. Although designated as a redevelopment promotion district in 2006, the project was delayed for a long time due to conflicts among residents. However, the project has gained momentum again, supported by the expected development effects around Cheongnyangni Station. Imun 1 and 3 Districts are awaiting the supply of a total of 7,000 apartment units, and Imun 4 District, near Imun Samik and Ssangyong, is currently in the architectural review stage.

A representative from B Real Estate in the area said, "As remodeling promotion becomes visible, asking prices are rising sharply." In fact, the 84㎡ (exclusive area) unit in Imun Samik was traded at 750 million KRW in December last year, and the actual transaction price rose to 918 million KRW in June. The current asking price has risen to 1 billion KRW. The 84㎡ unit in Imun Ssangyong, which set a record high of 970 million KRW in August, currently has asking prices up to 1 billion KRW.

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