Seoul's 'Prime Location' Remodeling Accelerates

The number of districts in Seoul where the average apartment sale price exceeds 50 million KRW per 3.3㎡ has more than doubled in one year. As of November last year, only Gangnam-gu, Seocho-gu, and Songpa-gu among the 25 districts in Seoul had average apartment sale prices exceeding 50 million KRW per 3.3㎡, but last month, Yongsan-gu, Seongdong-gu, Mapo-gu, and Gwangjin-gu were added, making a total of seven districts. The photo shows the view of Seoul apartments from 63 Square. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Hyemin] Remodeling projects in Seocho, Mapo, and Seongdong districts, considered prime locations in Seoul, are gaining momentum. These complexes attract significant market interest due to their large size, proximity to subway stations, and location along the Han River.

According to the maintenance industry on the 10th, ‘Banpo Prugio’ in Seocho-gu recently received approval for the establishment of a remodeling association. The promotion committee held the inaugural general meeting of the association in January after obtaining 75.5% consent, and with the recent successful establishment of the association, the project is gaining further momentum.

Constructed in 2000 and now in its 23rd year, this complex is an ultra-station area directly adjacent to Sinbanpo Station on Subway Line 9. It is within walking distance of an elementary school and surrounded by high-end apartment complexes such as Acro River Park and Raemian Prestige, making it a prime remodeling site. With a total of 237 households, the plan is to increase the number by 29 through remodeling. Expectations that it will be reborn as a newly built apartment are clearly reflected in housing prices. The 84㎡ unit that was traded for 2.25 billion KRW last May is currently listed at around 2.8 billion KRW.

In Mapo-gu, remodeling projects for large apartment complexes with over 1,000 households are attracting attention. The fastest progressing project is ‘Mapo Taeyoung.’ Built in 1999, this complex has 1,992 households. Among them, 568 units are owned by the Seoul Metropolitan Government as rental housing, and the city has decided to participate in remodeling as association members, significantly raising the consent rate, which currently stands at 50%.

Gongdeok Samsung, adjacent to Gongdeok Station, has also established a promotion committee, and preparations have begun to collect consent forms for the establishment of associations for Dowon Samsung Raemian (1,458 households) and Riverhill Samsung (1,102 households), both within walking distance of Mapo and Gongdeok stations. Garak Kumho, near Songpa Station, is also gathering resident consent forms aiming for an association establishment general meeting next month.

Some complexes have accelerated their progress after passing safety inspections. ‘Seogang GS’ in Mapo-gu received a remodeling safety inspection grade of C last month and is moving forward with the project. Built in 1999, this complex has 538 households and is located along the Han River. Right next to Seogang GS, Mapo-gu’s Bamseom Hyundai Hillstate recently received a safety inspection grade of B. In Seongdong-gu, ‘Kumho Byeoksan’ recently received a safety inspection grade of B. Constructed in 2001, this large complex has 1,707 households and plans to increase by about 260 units through remodeling. An industry insider said, "Since President Yoon Suk-yeol has pledged to revitalize remodeling through legal and institutional improvements, complexes where reconstruction is difficult are likely to choose remodeling more actively."

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