Speeding Up Mullae Integrated Remodeling... Hyundai 3rd Complex Holds First Union Founding General Meeting

[Asia Economy Reporter Ryu Tae-min] The 'integrated remodeling' project in the Mullae-dong area of Yeongdeungpo-gu, Seoul is gaining momentum. Among the seven complexes involved, the founding general meeting was first held at Hyundai 3rd Complex, and Hyundai 5th Complex is also preparing for its founding general meeting next month.

According to industry sources on the 7th, the Hyundai 3rd Complex apartment in Mullae-dong held its founding general meeting on the 3rd. This complex, consisting of 166 households, is pushing forward integrated remodeling together with Hyundai 1st Complex (264 households), 2nd Complex (390 households), 5th Complex (282 households), 6th Complex (270 households), Daewon Cantavil (218 households), and Doosan We've (383 households) in the Mullae-dong 5 and 6 areas. Combined, the seven complexes total 1,973 households.

Among these complexes, Hyundai 3rd Complex was the first to hold a founding general meeting. After forming a promotion committee in July last year, Hyundai 3rd Complex secured a resident consent rate of 67% in June, meeting the requirements for establishing a remodeling housing association.

Nearby Hyundai 5th Complex also achieved a resident consent rate of 67%, fulfilling the association establishment requirements as the second complex after Hyundai 3rd. Hyundai 5th Complex plans to hold its founding general meeting on the 29th of next month. Additionally, most complexes such as Hyundai 2nd Complex (63%), Daewon Cantavil (63%), Hyundai 1st Complex (60%), and Doosan We've (60%) have surpassed a 60% resident consent rate, accelerating the project.

All these complexes are located in semi-industrial zones. Built between 1986 and 1998, they have aged but were difficult to renovate due to business feasibility issues. With a floor area ratio around 300%, reconstruction and even individual remodeling were challenging. By combining small complexes, they aim to achieve the business scale and negotiation power of a large complex and proceed with integrated remodeling.

The popularity of integrated remodeling stems from expectations of a 'large complex premium.' The larger the complex, the more households it contains, increasing business feasibility and enabling transformation into landmark apartments constructed by major construction companies. Moreover, various community facilities such as fitness centers, libraries, and guest houses, which are difficult to install in small complexes, can be provided, enhancing residents' convenience.

The Mullae-dong integrated brand remodeling promotion committee plans to transform the complexes into a total of 2,212 households through horizontal and annex expansions. The promotion committee stated that major construction companies such as Hyundai Engineering & Construction, Hyundai Engineering, POSCO Construction, GS Construction, Daewoo Construction, and Lotte Construction have shown interest.

Besides Mullae-dong, integrated remodeling is actively being pursued in other parts of Seoul. The integrated remodeling promotion committee for Woosung 2nd & 3rd Complexes, Geukdong, and Sindonga 4th Complex (Woosung, Geukdong, Sindonga) in Sadang-dong, Dongjak-gu, Seoul, plans to hold a general meeting for association establishment on November 5th. These complexes, totaling 4,397 households, are the largest integrated remodeling complexes in Korea and are expected to transform into a large complex of 5,054 households through the remodeling project.

In Jamwon-dong, Seocho-gu, Seoul, complexes such as Banpo Hanshin Tower (250 households), Blue Hill House (125 households), Jamwon Central Heights (126 households), and Kim's Village (160 households) are also known to be discussing integrated remodeling after establishing promotion committees earlier this year.

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