Yongsan Seobu Ichon-dong Jungsan Sibeom Public Land Appraisal Rekindles Reconstruction 'Start'

Appraisal of 4,695.5㎡ Public Land within Seobu Ichon-dong Jungsan Sibeom Apartment
Submission to City Shared Property Deliberation Committee to Decide Sale Price After Appraisal
Reconstruction Procedures to Begin Once Land Ownership Transferred to Building Owner

Yongsan-gu, Seoul (District Mayor Park Hee-young) will conduct an appraisal to sell 4,695.5㎡ (6 parcels) of city-owned land located at Jungsan Sibeom Apartments in Seobu Ichon-dong (211-2, Ichon 2-dong).

Along the Gangbyeonbuk-ro, near Wonhyo Bridge, a red brick apartment with peeling paint catches the eye. The Jungsan Sibeom Apartments, built by the Han River in 1970, are accelerating their reconstruction projects as the Yongsan International Business District development project has been fully underway for over 10 years.

The name "Jungsan" was given to the 54-year-old Jungsan Sibeom Apartments because Seoul City built small apartments ranging from 39 to 59㎡ targeting the middle class. However, the problem is that reconstruction is very difficult even if the buildings are old due to restrictions on property rights. Since 1996, it has been designated as disaster risk "Grade D," and the need for reconstruction has been continuously raised, but due to the structural limitation of separating land and building ownership, reconstruction has not been promoted for over 30 years.

According to related laws, in order for building owners to promote reconstruction maintenance projects, securing land ownership must precede, so the purchase of city-owned land was prioritized.

Accordingly, Seoul City and the district proceeded with procedures for land sale, but failed to meet the residents' consent rate, and a lawsuit for free transfer of ownership based on completion of land possession and acquisition prescription was also conducted, causing reconstruction to be delayed for a long time.

At the end of 2021, the Jungsan Sibeom Apartments Housing Reconstruction Association Establishment Promotion Committee resubmitted a purchase application to the district, and in 2022, the Seoul City Shared Property Deliberation Committee decided to sell 4,695.5㎡ of city-owned land. After the city council's resolution on the shared property management plan, the sale was finally confirmed.

In March this year, the district actively requested Seoul City to proceed with follow-up procedures based on ▲a high purchase application rate of 94.3% among building owners and ▲a full payment rate of 96.4% among applicants, leading to this appraisal.

The district will commission multiple appraisal agencies to estimate the land price, calculate the average amount, and submit it to the city shared property deliberation committee. Once the final sale price is confirmed and notified by the committee, the district will sign land sale contracts with building owners.

After the ownership transfer is completed, procedures for reconstruction maintenance projects such as designation of maintenance zones and approval of association establishment will be actively promoted.

Park Hee-young, Mayor of Yongsan-gu, said, “Reconstruction was delayed due to land ownership issues, causing severe aging such as water leaks and ceiling collapses, which must have caused great hardship for residents. Now that we have taken the first step to resolve land ownership issues, once the reconstruction maintenance project proceeds, we will support high-density development through zoning upgrades.”

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