Prime Location in Gangbuk 'Hannam 2 District' Project Implementation Plan Approved... 1,537 Households to be Supplied

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Up to 14 Floors in 30 Buildings

Construction Company Selection in First Half of Next Year

Challenges Including Namsan Height Restrictions

[Asia Economy Reporter Kim Min-young] Hannam New Town (Redevelopment Promotion District) within Hannam 2 District is being transformed into an apartment complex with 1,537 households. Considering the sloping terrain at the foot of Namsan Mountain, the complex will be built as a mid- to low-rise development with a maximum of 14 floors. Following Hannam 3 District, which is the fastest progressing project within the New Town, the full-scale development of Hannam 2 District is expected to transform this area into a landmark residential zone along the Han River, surpassing even the Gangnam area.

According to the redevelopment industry on the 26th, Yongsan-gu has decided to approve the project implementation plan for the Hannam 2 Redevelopment Promotion District Redevelopment Association and posted it in the district bulletin on the same day. Among the five districts within Hannam New Town, this is the second time the project implementation approval has been granted, following Hannam 3 District, which is called the "7th milestone of redevelopment." Hannam 2 District, designated as a redevelopment zone in 2009, received approval for the establishment of the association in 2012 and passed the Seoul City architectural review in August last year.

Hannam 2 District covers an area of 114,580㎡ in the Bogwang-dong area of Yongsan-gu. According to the approval details, the district will have 30 buildings ranging from six basement floors to a maximum of 14 floors above ground, comprising 1,537 apartment units. The apartments will range from 42 to 151㎡ (exclusive area), including 238 rental housing units. With this project implementation approval, the association plans to select a construction company as early as the first half of next year. Although Hannam 2 District is relatively farther from the Han River compared to other districts, its proximity to Namsan and good access to Yongsan Family Park are considered advantages. Being close to Itaewon Station on Subway Line 6 within the New Town is also a merit.

Hannam New Town was designated as a New Town in 2003, targeting redevelopment in the areas of Hannam-dong, Bogwang-dong, and Dongbinggo-dong in Yongsan-gu, Seoul. Due to the symbolic location of Hannam-dong and the added Han River views, it is called the "Golden New Town." Currently, redevelopment is underway in districts 2 to 5, excluding district 1 (which was canceled). Once the development of Hannam New Town, considered the largest urban renewal project in the Gangbuk area, is completed, it is expected to become one of Seoul's representative affluent neighborhoods. In fact, nearby Hannam The Hill and Nine One Hannam have already established themselves as ultra-high-priced apartments surpassing the Gangnam area.

However, challenges such as Namsan height restrictions and association members' sale prices remain issues to be resolved. The association plans to request a relaxation of the Namsan height restrictions from Seoul City and Yongsan District Office. Seoul City has imposed a height limit of 80 meters above sea level due to the creation of Sowol-gil in Namsan, preventing the construction of apartments taller than 14 floors.

A representative of the Hannam 2 District association said, "We plan to propose a relaxation of the Namsan height restrictions as long as it does not block the view of Namsan," adding, "If even some buildings can have relaxed height limits, it will improve project feasibility and reduce the financial burden on association members."

Like Hannam 3 District, the sale price for association members is also a potential source of conflict. An association official stated, "The issue of sale prices for association members can cause conflicts in any district," and added, "We will work closely with the construction company considering changes in construction methods, apartment market prices, and inflation."

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