Approval for Geoye4 Complex Union Establishment Imminent... Remodeling Complexes in Geoye Area Gain Momentum

Apartment complex view of Geoyeo 4-danji, Geoyeo-dong, Songpa-gu, Seoul (Photo by Promotion Committee)

[Asia Economy Reporter Ryu Tae-min] The Geoye 4 Complex apartment in Geoye-dong, Songpa-gu, located right in front of Geoye Station on Seoul Subway Line 5, has completed the establishment of its remodeling association and is now actively advancing the project. Earlier this year, Geoye 5 Complex received approval for association establishment and selected a construction company in July. Additionally, Geoye 1 Complex is expected to hold its association founding general meeting next month, raising expectations for the remodeling projects of aging complexes in the Geoye-dong area.

According to industry sources on the 14th, Geoye 4 Complex in Geoye-dong, Songpa-gu, held its founding general meeting on the 29th of last month. This means it is on the verge of receiving approval for the remodeling association establishment. Establishing a remodeling association requires the consent of more than two-thirds of the members. This complex achieved a resident consent rate of 67% on August 10, meeting the qualification requirements.

Constructed in 1997, this apartment complex consists of six buildings with a maximum of 12 floors above ground and a total of 546 households. It is a mid-rise complex composed of small units ranging from 49 to 59 square meters (exclusive area). It is a station-area complex located within 500 meters of Geoye Station on Subway Line 5. With a floor area ratio of 240%, the project’s profitability is low, which is why remodeling was chosen over reconstruction. The promotion committee plans to increase the number of households by 81 through horizontal and separate building extensions, transforming the complex into a total of 627 households.

In Geoye-dong, not only Geoye 4 Complex but also the adjacent Geoye 1 and Geoye 5 Complexes are accelerating their remodeling projects. Geoye 5 Complex received approval for remodeling association establishment in March and selected Daewoo Construction as the contractor in July. This complex is expected to be reborn with 690 households through horizontal and separate building extensions. Geoye 1 Complex, which has secured resident consent (1,004 households), is expected to hold its association founding general meeting within next month and proceed to obtain establishment approval.

Furthermore, aging complexes pursuing remodeling projects in the Songpa-gu area have recently gained momentum. On the 26th of last month, the Garak Ssangyong 2nd Complex Remodeling Promotion Committee in Garak-dong, Songpa-gu, received approval for association establishment. In July, Garak Kumho in Garak-dong also received approval for association establishment, and nearby, the ‘Garak Ssangyong 1st Complex,’ known as the largest remodeling project, is accelerating its project promotion. ‘Songpa The Platinum’ in Ogeum-dong, which was the first remodeling apartment in Korea to offer 29 units for general sale, also succeeded in its subscription with a competition rate of 2,599 to 1.

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