Mokdong Complex 6 to 49 Floors... Maintenance Zone Application in March-April

Reconstruction into 2,120 Households, Resident Inspection Until the 29th
Direct Establishment of Association Promoted, Possibility of Association Establishment Within the Year

Mokdong New Town Apartment View (Photo by Yonhap News)

Among the Mokdong new town apartments undergoing reconstruction, the application for the designation of the maintenance area for Mokdong Complex 6, which is progressing the fastest, is expected to be submitted soon.

According to Yangcheon District Office on the 12th, the public inspection of the reconstruction maintenance project plan for Mokdong Complex 6 is being conducted until the 29th of this month, and a residents' briefing session will be held on the 16th. A Yangcheon District official explained, "We plan to request the Seoul Metropolitan Government to designate the maintenance area between March and April. The goal is to have the designation completed within the first half of this year." Once the city completes the designation of the maintenance area, the reconstruction project can proceed in earnest, including the establishment of the association.

Mokdong Complex 6 consists of 15 buildings with 1,362 households and is subject to a floor area ratio of 139%. Among the Mokdong complexes, it has a relatively smaller number of households and a higher floor area ratio. In November 2022, the rapid integrated planning was confirmed, making the reconstruction progress faster than other complexes.

Mokdong New Town Apartment Complex Panorama

The establishment of the Mokdong Complex 6 association is also expected to be possible within this year. The Reconstruction Promotion Preparation Committee of Mokdong Complex 6 is collecting consent forms from members for the direct establishment of the association. Typically, in redevelopment and reconstruction projects, after the designation of the maintenance area, a promotion committee is formed, and then approval for the establishment of the association is obtained. By utilizing the 'Direct Association Establishment System,' the formation of the promotion committee can be skipped, and the association can be established directly. More than half of the owners must agree to the maintenance plan proposal and the direct association establishment system. Through this system, public support can be received to establish the association and accelerate the project.

After reconstruction, Mokdong Complex 6 will be built with up to 49 floors and 2,120 households. The number of households by area mentioned in the maintenance project plan is divided into 256 households under 60㎡ exclusive area, 1,018 households between 60㎡ and 85㎡ exclusive, and 846 households over 85㎡. Mokdong Complex 6 is adjacent to an academy district and Ewha Womans University Mokdong Hospital. A Mokdong Line bus stop is also planned to be installed on the north side of the complex.

As the reconstruction project of Mokdong Complex 6 gains momentum, unlike the overall market atmosphere, the asking prices for listings have not decreased. Currently, the asking price for a 47㎡ unit is 1.45 billion KRW. The actual transaction price for the same area in November last year was 1.35 billion KRW. In September of the same year, transactions were in the low 1.3 billion KRW range, and in July, in the low 1.2 billion KRW range. In December 2021, transactions were recorded at 1.47 billion KRW.

The Mokdong new town is a large-scale apartment complex that began occupancy in 1985 and surpassed the 30-year reconstruction eligibility mark in 2018. It consists of 14 complexes with 26,000 households and houses over 100,000 residents. Mokdong, along with Daechi-dong and Junggye-dong, is one of Seoul's three major school districts, with over 600 academies gathered. Given the mammoth-scale complexes and secured project feasibility, competition among major construction companies for contracts is expected to be fierce.

Currently, except for Mokdong Complexes 1, 2, 3, and 11, the other complexes have applied to the Seoul Metropolitan Government for the new integrated planning advisory method and are proceeding with their projects. Only Complex 11 is undergoing a safety diagnosis, while the others have passed it. A Yangcheon District Office official explained, "Although the government announced that projects can start without a safety diagnosis, legal amendments are required, and since it is uncertain when changes will occur, if there are no requests from residents, we plan to proceed with the current method."

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