No-won Reconstruction Boom... 'Gangbuk's Biggest Deal' Mi·Mi·Sam Passes Detailed Safety Inspection

Immediate Reconstruction Judgment for E Grade
Nowon-gu "Final Results Under Review... Notification During the Week"
House Prices Stir as Special Bogeumjari Loan and Buying Demand Increase

'The largest catch in Seoul's Gangbuk area,' Nowon-gu's 'Mi·Mi·Sam' (Miseong, Miryung, Samho 3rd) has finalized its reconstruction plan by passing the detailed safety inspection. Nowon-gu, developed as a large-scale housing site in the 1980s, is experiencing a surge in reconstruction projects in line with government deregulation. Housing prices, which plummeted due to high interest rates, are also showing signs of recovery thanks to reconstruction efforts and special Bogeumjari loan programs.

According to the maintenance industry on the 13th, Wolgye Shiyeong, composed of Miseong, Miryung, and Samho 3rd, received an E grade in the detailed safety inspection, allowing immediate reconstruction. A Nowon-gu office official said, "We are currently conducting the final internal review process," adding, "We plan to notify Wolgye Shiyeong of the reconstruction confirmation within this week."

Wolgye Shiyeong is considered one of the largest reconstruction complexes in the Gangbuk area, alongside Seongsan Shiyeong in Mapo-gu (3,710 households). It consists of a total of 32 buildings and 3,930 households. Completed between 1986 and 1987, it has long surpassed the 30-year reconstruction eligibility period.

After failing the preliminary safety inspection in October 2019, it passed upon reapplication last year. Following setbacks in other reconstruction complexes, the project slowed down until the government announced the 'Rationalization Plan for Reconstruction Safety Inspections' in December last year, prompting immediate detailed safety inspections and ultimately receiving final project approval.

Nowon-gu is filled with aging apartments supplied through housing development in the 1980s. Many have reached the 30-year reconstruction eligibility. Since the government eased reconstruction regulations, the number of complexes seeking reconstruction in this area has rapidly increased. Currently, 31 apartment complexes in Nowon-gu have passed the preliminary safety inspection.

Among them, Sanggye Jugong 3rd Complex (2,213 households) confirmed reconstruction after receiving an E grade in the detailed safety inspection last month, while Taereung Woosung in Gongneung-dong (432 households) and Hyundai Woosung in Hagye-dong (1,320 households) are awaiting their detailed safety inspection results. Recently, Nowon-gu office also announced a bid for the detailed safety inspection for Junggye Green Apartments, which has 3,481 households, to determine its reconstruction status.

As reconstruction gains momentum, apartment prices in Nowon-gu, which sharply dropped due to last year's interest rate hikes, are also showing signs of revival. Especially with the launch of the special Bogeumjari loan for properties under 900 million KRW, young buyers are actively purchasing mid- to low-priced apartments, leading to gradual price increases after the clearance of urgent sale listings. Wolgye Shiyeong's 59.22㎡ units were sold for 700 million to 725 million KRW last month, but current asking prices for units excluding lower floors are between 750 million and 770 million KRW.

Sanggye Jugong 3rd Complex also saw high-floor units change hands for 680 million KRW in March, with current listings priced between 700 million and 850 million KRW. A representative from a real estate agency in Sanggye-dong explained, "With the confirmation of reconstruction after passing the detailed safety inspection, homeowners are raising asking prices by about 50 million KRW on existing listings."

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