Remodeling Wave in Jamwon-dong Area

As Reconstruction Becomes Active, Remodeling Movement Centers on Small to Medium Complexes
Shinbanpo Cheonggu Prepares for Union Establishment General Meeting
Jamwon Family Recently Passes Building Review
D-H Brand Applied to Jamwon Donga

[Asia Economy Reporter Kim Hyemin] In Jamwon-dong, Seocho-gu, considered a prime location along the Han River in the Gangnam area of Seoul, a remodeling trend is underway. Most of the apartments are small to mid-sized mid-rise buildings with around 300 households. They appear to be stimulated by nearby large apartment complexes transforming into new apartments through reconstruction.

According to the maintenance industry on the 15th, a total of 12 complexes are currently pursuing remodeling in the Jamwon-dong area. Among them, 8 complexes have already received approval for the establishment of associations.

Some complexes are preparing for general meetings to establish associations. Shinbanpo Cheonggu has secured the legal consent rate of 67% required for association establishment and will hold the inaugural general meeting for association establishment on the 28th. It is expected to receive association establishment approval in the first half of next year and proceed to the next steps such as selecting a construction company and conducting safety inspections. Although this apartment complex is small with 347 households, it is highly regarded for its location close to Hangang Citizen Park and within walking distance to Jamwon Station on Subway Line 3. This complex, completed 23 years ago, has a floor area ratio of 328%, which already exceeds the legal maximum floor area ratio of 300% for reconstruction, so it abandoned reconstruction early and chose remodeling instead.

There are also standalone complexes promoting integrated remodeling to enhance business feasibility. Four complexes near Banwon Elementary School?Banpo Hanshin Tower (250 households), Blue Hill House (125 households), Jamwon Central Heights (126 households), and Kim’s Village (160 households)?have formed an integrated remodeling promotion committee and are currently obtaining residents’ consent.

The most notable complex in the area is Jamwon Donga, completed in 2002. It is large with 991 households and is close to Banpo Station on Subway Line 7. This complex, which received association establishment approval in August, recently selected Hyundai Construction as the contractor. For the first time in a remodeling project, the premium brand ‘THE H’ will be applied. Through remodeling, the complex will be transformed into a total of 1,127 households, increasing by 136 households.

Jamwon Family (288 households), which is planning an annex extension, recently passed architectural review. Hanshin Royal (208 households), the only complex in Jamwon-dong pursuing vertical extension, is undergoing a second safety review. Lotte Castle Galaxy Phase 1 (256 households), which reconstructed the old Seorak Apartments 1 and 2, is pursuing remodeling for the first time in 19 years. After establishing the association, it commissioned the first safety inspection service last month. In addition, Shinhwa (166 households), Hyundai Family (113 households), and Miju Pastel (91 households) have also established associations.

An industry official said, "The atmosphere has changed as newly reconstructed large complexes have been continuously built in the Jamwon-dong area. Standalone apartments with low business feasibility for reconstruction are choosing remodeling for upgrading."

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