Will the 4,500-Unit 'Olympic Family' Become Songpa's New Landmark?

After the Launch of the September Promotion Preparation Committee, This Month's Briefing Marks the Start of Reconstruction 추진

[Asia Economy Reporter Kim Hyemin] The mammoth complex Olympic Family Town, consisting of 4,500 households in the Munjeong-dong area of Songpa-gu, Seoul, has officially begun reconstruction. If the reconstruction is successful, it is expected to become a new landmark of Songpa-gu along with the nearby Garak-dong Helio City.

According to the maintenance industry on the 24th, Olympic Family Town in Munjeong-dong will hold the first reconstruction briefing session for owners on the 27th. This comes just over two months after the Reconstruction Promotion Preparation Committee was formed last September. The committee stated, "After holding the first briefing session with DL E&C, we plan to hold sequential briefing sessions with Hyundai Construction and GS Construction." The committee also started fundraising activities for a detailed safety inspection, aiming for the end of January next year.

Built in 1988, this apartment complex consists of 56 buildings with up to 15 floors and a total of 4,494 households. It was originally constructed for the Seoul Olympics, along with the Olympic Athletes' Village in Bangi-dong and the Asian Athletes' Village in Jamsil-dong, and was later sold to private owners. The Garak Market Station, a transfer station for subway lines 3 and 8, is located right next to the complex, providing excellent access to major business districts in Gangnam. To the north, across Garak Market, stands Garak-dong Helio City, the largest single-scale complex in the area.

This complex gained momentum for reconstruction after the Munjeong Residential District Unit Plan for commercial land in the area was finalized in July last year. Reflecting this optimism, a 158㎡ (exclusive area) apartment in this complex was traded at a record high of 2.84 billion KRW last month. Compared to the beginning of the year, prices have risen by approximately 250 million to 300 million KRW over ten months. Despite a slowdown in housing demand, asking prices have reached up to 3 billion KRW.

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