'Olympic Samhyeongje' All Pass Safety Inspection... Moving House Prices

Jamsil Asia Athlete Village Reconstruction Confirmed on 19th
Total of 11,390 Households Across 3 Apartments
House Prices Rebound Amid Reconstruction Expectations

The Asia Athlete Village Apartments in Jamsil-dong, Songpa-gu, Seoul, have passed the reconstruction safety inspection. With this, the total 11,390-unit scale 'Olympic Trio (Asia Athlete Village, Olympic Family Town, Olympic Athlete Press Village)' has all passed the first hurdle for reconstruction. As expectations for reconstruction grow, housing prices, which had declined due to high interest rates, are gradually recovering.

According to Songpa-gu Office on the 21st, the Asia Athlete Village Apartments received a 'D grade (conditional reconstruction)' confirmation for reconstruction based on the first detailed safety inspection service result on the 31st of last month. Previously, receiving a D grade required a public institution's appropriateness review, but since January this year, the Ministry of Land, Infrastructure and Transport has eased safety inspection regulations, allowing local governments to decide and skip the appropriateness review if there are no special defects.

Built as accommodation for athletes participating in the 1986 Seoul Asian Games, the Asia Athlete Village Apartments were once considered part of the 'Gangnam Landmark Troika' along with Hyundai Apartments in Apgujeong-dong and Sampung Apartments in Seocho-dong during the 1990s. It is close to the Sports Complex Station, a transfer station for Seoul Subway Lines 2 and 9. The complex consists of 1,356 households.

With this decision, all three of the Olympic Trio have confirmed reconstruction projects. Olympic Family Town in Munjeong-dong (4,494 households) passed the safety inspection with an E grade in January this year. Originally used as accommodation for athletes' families and VIPs during the Seoul Olympics, it was later sold to the private sector. Although its floor area ratio is 194%, which is not very high for profitability, it is expected to benefit from developments such as the Suseo Station area development project.

Olympic Athlete Press Village Apartments in Bangi-dong (5,540 households) passed the safety inspection in February. With a floor area ratio of 137% and a building coverage ratio of 12%, it is evaluated as having excellent profitability. It is expected to be reborn as a super-large complex with 12,000 households through reconstruction. Additionally, during the 1988 Seoul Olympics, it was used as the foreign press village (Complex 1) and athlete villages (Complexes 2 and 3), offering excellent transportation, school districts, and green environments. It is close to Olympic Park and adjacent to Subway Lines 5 and 9, providing excellent access to major business districts such as Yeouido and Gangnam, and has a strong school district.

As expectations for reconstruction grow, housing prices, which had fallen due to high interest rates, have slightly increased compared to the real estate slump period. The 178.32㎡ unit in Asia Athlete Village Apartments rose from 4 billion KRW in April to 4.37 billion KRW on the 8th. A 136.32㎡ unit (12th floor) in Olympic Family Town changed hands for 2.18 billion KRW on the 6th. Considering that similar floors were traded for 1.95 to 2 billion KRW in January, this represents an increase of about 200 million KRW. A 100.82㎡ unit in Olympic Athlete Press Village was contracted for 2.18 billion KRW last month; although it does not reach the peak price (2.65 billion KRW in September 2021), it is nearly 400 million KRW higher than the 1.8 billion KRW price in December last year.

Meanwhile, Songpa-gu has many large complexes over 30 to 40 years old since completion, but redevelopment projects have been delayed due to safety inspection regulations. In Songpa-gu alone, seven complexes including the Olympic Trio, Garak Uchang (264 households), Hanyang 1st (576 households), Pungnap Miseong (275 households), and Pungnap Geukdong (415 households) have passed safety inspections this year. Seo Gang-seok, head of Songpa-gu Office, said, "We will continue to work closely with Seoul City and related ministries to promptly promote reconstruction projects and create a 'pleasant and livable premium city.'"

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