Dunchon Jugong Construction Resumption in Sight... October New Executive Election General Meeting

The Dunchon Jugong union and the construction business group have agreed on 8 out of 9 major issues. The 8 agreed clauses are ▲ re-verification of the existing construction cost increase ▲ review of the sale price ▲ general sales and union member sales ▲ design and contract changes ▲ verification ▲ general meeting resolution ▲ resumption of construction ▲ effectiveness of the agreement and responsibility in case of violation. However, since there is a disagreement regarding the commercial dispute, more time is expected before construction can resume. A view of the Dunchon Jugong reconstruction site in Gangdong-gu, Seoul on the 7th. Photo by Moon Honam munonam@

[Asia Economy Reporter Ryu Tae-min] The Dunchon Jugong (Olympic Park Foreon) reconstruction association in Gangdong-gu, Seoul, has decided to hold a general meeting in October to appoint a new executive team and resume construction, raising the likelihood that the reconstruction work will restart.

According to recent statements from the Dunchon Jugong reconstruction association's executive team and the Normalization Committee, the executive team, Normalization Committee, construction consortium, and Gangdong District Office reached this agreement through a four-party face-to-face meeting yesterday.

The executive team, which had been under pressure due to the extension issue of the 700 billion KRW project loan guarantee maturing on the 23rd of next month and dismissal pressures from the Normalization Committee, will submit resignation letters to the district office according to this agreement.

Concerns grew as a resignation of the current executive team would create a roughly six-month gap during which no work could be done. Although all current executives have expressed their intention to resign, they appear to plan to continue their duties until a new executive team is formed.

As a result, there is speculation that the Dunchon Jugong reconstruction, which has been halted since April 15, could resume as early as November. A Normalization Committee official stated, "We agreed to hold a general meeting in October to appoint a new association executive team and to collectively propose and approve agenda items related to the resumption of construction on the same day. We expect construction to resume as early as November."

The four parties will finalize and sign the detailed agreement after adjustments at the Gangdong District Office on the same day. Dunchon Jugong is known as the "largest reconstruction project since the founding of Korea," involving the demolition of 5,930 households and the construction of 85 buildings up to 35 floors high, totaling 12,032 households. On the 17th, Chairman Kim Hyun-cheol unexpectedly resigned. Previously, the executive team and the construction consortium, which had been in conflict over increased construction costs, had reached a stalemate, leading to a complete halt of the construction, which was 52% complete, from midnight on April 15.

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