Gaepo Hyundai 2nd Complex to Be Rebuilt with 49 Floors and 1,112 Units [Real Estate AtoZ]

The maintenance plan to reconstruct the Gaepo Hyundai 2nd Apartment Complex, which was completed 39 years ago, into a maximum of 49 floors with 1,112 units, has passed the review by the Seoul Metropolitan Government.

Location map of Gaepo Hyundai 2nd Complex. Provided by Seoul City.

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On November 4, the Seoul Metropolitan Government announced that it had held the 11th Urban Planning Committee and the Subcommittee on Rapid Integrated Planning Maintenance Projects, and had approved with amendments the "Gaepo Hyundai 2nd Reconstruction Maintenance Plan Establishment, Maintenance Zone Designation, and Landscape Review (Draft)" for Gangnam District.

Gaepo Hyundai 2nd Complex is an aging development approved for use in 1986, consisting of 13 buildings and 558 mid- to large-sized units. It is adjacent to Yangjaecheon Stream to the north and Dalteo Park to the west. After deciding to implement the rapid integrated planning (fast-track) process in March, the maintenance plan was prepared through three rounds of consultation, and the area was designated as a maintenance zone in just over seven months.

The maintenance plan (draft) decided through this review includes the construction of 1,112 apartment units (including 192 public housing units) and community welfare facilities, with a building coverage ratio of 50% or less, a floor area ratio of 300% or less, and a maximum height of 49 floors.

Gaepo Hyundai 2nd Apartment Complex is expected to be reborn as an eco-friendly development by leveraging its locational advantage adjacent to Yangjaecheon Stream, creating parks and green corridors connected to the stream, and integrating waterfront and green spaces. In May last year, a public notice was issued proposing the donation of a daycare center to increase the floor area ratio, but due to resident opposition, the plan was changed to include rental housing instead.

Perspective view of Gaepo Hyundai 2nd Reconstruction Project. Provided by Seoul City

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At the low-rise section along the northern Yangjaecheon Stream, open community facilities will be installed, and a north-south public pedestrian passage (6 meters wide) is planned. The pedestrian environment connecting Yangjaecheon Stream and Gaepo-dong will be improved to provide citizens with an open space for relaxation.

Nearby, other reconstruction projects are underway, such as Gyeongnam, Woosung, and Hyundai 1st Complex (49 floors, 2,343 units), and Gaepo Woosung 4th Complex (49 floors, 1,080 units), so a major change in the skyline is expected in the Gaepo-dong area.

Choi Jinseok, Director of Housing at the Seoul Metropolitan Government, stated, "With the amended approval of the Gaepo Hyundai 2nd Apartment Complex reconstruction maintenance plan, we expect to create a variety of landscapes along Yangjaecheon Stream and develop a high-quality residential complex. We will continue to actively support the swift progress of the Gaepo Hyundai 2nd Apartment Complex reconstruction project going forward."

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