The reconstruction market in Daechi-dong, including the iconic Eunma Apartment, is gaining momentum, with total estimated project costs reaching 10 trillion won (approximately $10 billion). Experts predict it will become the largest redevelopment battleground in the Gangnam area, following Mokdong and Yeouido.
As of June 9, the reconstruction projects in Daechi-dong, located in Seoul's Gangnam district, are officially underway. Industry insiders expect intense competition for construction rights, particularly focusing on Eunma Apartment and the so-called "Priority Mi" complexes, which include Gaepo Woosung 1 and 2, Daechi Sun Kyung 1 and 2, and Hanbo Daechi Mido Mansion 1 and 2.
Eunma Apartment is set to be redeveloped from its current 3,021 units to a maximum of 5,893 units in a 49-story building. The project passed the integrated review by the Seoul city government in February and is currently seeking project approval.
A representative from the Eunma Apartment association stated, "We have submitted the project approval application and are awaiting approval from the Gangnam District Office. Considering the rising construction costs, we expect the project scale to exceed 5 trillion won." They added, "Once we receive project approval, we plan to expedite the management approval process and are considering starting relocations as early as next summer vacation." The representative noted that among the members, there is a prevailing opinion to push the project forward quickly rather than change the construction company.
Discussions about the reconstruction of Eunma Apartment began in the late 1990s, and it has now entered a significant phase of development after nearly 30 years. The industry views the successful launch of the Eunma project as a symbolic turning point for the entire Daechi-dong redevelopment market.
The Daechi Mido Apartment is also accelerating its plans. The Daechi Mido Reconstruction Promotion Committee recently concluded its bidding process for design firms, with 11 companies participating. The committee plans to finalize the selection of a design firm at a residents' meeting scheduled for July 18. Built in 1983, Daechi Mido Apartment is expected to be redeveloped from its current 2,436 units to a maximum of 3,914 units in a 49-story building.
Daechi Sun Kyung Apartment received a modified approval for its reconstruction plan from the Seoul City Urban Planning Committee last month. The redevelopment will transform the complex into a 49-story building with 1,571 units.
Daechi Woosung 1 and Daechi Ssangyong 2 will be developed through a combined reconstruction project, also reaching a maximum of 49 stories with 1,324 units. Daechi Ssangyong 1 has already received project approval and selected Samsung C&T as its construction company, naming the complex "Raemian Renaissance Daechi."
Industry estimates suggest that the total projected construction costs for major Daechi-dong complexes could reach around 10 trillion won. The Eunma project is expected to exceed 5 trillion won, while the Mido project is estimated at 2.5 to 3 trillion won. The combined reconstruction of Woosung 1 and Ssangyong 2 is projected at about 900 billion won, and Daechi Sun Kyung is estimated at around 1 trillion won. The construction cost for Daechi Ssangyong 1, which has already been awarded, is approximately 689.2 billion won.
As major complexes in Daechi-dong gain momentum, attention is turning to the competition for construction rights. Samsung C&T, having secured the Daechi Ssangyong 1 project, is closely monitoring other key projects in the area. A Samsung C&T representative stated, "We are keeping an eye on major reconstruction sites in Daechi-dong and plan to review them according to the construction company selection schedule." Hyundai Engineering & Construction is also reported to be watching the developments closely.
Go Jun-seok, a professor at Yonsei University's Sangnam Business School, noted, "Daechi-dong is a highly sought-after area in Gangnam due to its educational reputation and housing demand. Following the bidding wars in Mokdong and Yeouido, the Daechi-dong reconstruction market is likely to emerge as a new battleground for the construction industry."
* This article has been translated by AI.
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