O Sehun's Reconstruction Plan Stirs Excitement... Will 'Gangnam's Top Property' Eunma Also Join?

Consent Collection for Ban Sang Hoe Leadership Begins
Reconstruction Initially Ignored, Gains Interest in Major Complexes

The area around Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Hyemin] The number of complexes aiming to accelerate reconstruction through the ‘Rapid Integrated Planning’ project, a maintenance project led by Mayor Oh Se-hoon, is increasing. Participation from prime complexes in Gangnam and Yeouido stands out.

According to the maintenance industry on the 16th, Eunma Apartment in Daechi-dong, Gangnam-gu recently began collecting consent forms for the Rapid Integrated Planning application, led by the owners' association ‘Eunma Bansanghoe.’ The association stated, "We believe it is necessary to prepare the application to shorten the review period after the establishment of the union," adding, "We plan to decide on the final submission after the Seoul City briefing session."

Eunma Apartment is considered the flagship of Gangnam reconstruction, but since the establishment of the reconstruction union promotion committee in 2003, it has been stagnant for 18 years without even forming a union. Even the maintenance plan, which is the blueprint for reconstruction including floor area ratio, building coverage ratio, and number of households, has not passed Seoul City’s review.

Rapid Integrated Planning is a system where Seoul City participates from the maintenance plan establishment stage to secure public interest, while reducing various review periods. The usual designation process for maintenance zones, which takes over five years, can be shortened to around two years. Additionally, traffic, environmental, and architectural reviews conducted during the project implementation stage are integrated, cutting the review period by about half. In the case of Eunma Apartment, if it adopts Rapid Integrated Planning, it is expected that the pending maintenance plan review will proceed more swiftly.

When Rapid Integrated Planning reconstruction was known as public planning, no complexes participated due to low awareness. The first project site, Ogeum Hyundai Apartment in Songpa-gu, was scrapped due to residents’ opposition. However, as the distinction from government-led maintenance projects such as public redevelopment became clear and redevelopment contests gained popularity, reconstruction applications also gained momentum.

Nearby Mido Apartment and Yeouido Sibeom Apartment in Yeongdeungpo-gu have completed their Rapid Integrated Planning applications. Wooshin Villa in Gung-dong, Guro-gu, is also reported to have applied as a candidate site for Rapid Integrated Planning after exceeding 30% resident consent. Additionally, Shinbanpo 2nd Apartment in Seocho-gu is currently promoting its Rapid Integrated Planning application, holding briefings for union members.

An industry official said, "The fact that more complexes are considering participation despite no benefits such as exemption from the reconstruction excess profit recovery system and increased public rental housing ratios means that many complexes prioritize reconstruction speed," adding, "If the project period is shortened, the burden of interest and other costs can be reduced accordingly, so many complexes are seriously considering it."

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