The Yeouido reconstruction project is gaining momentum. Daegyo Apartment has received approval for its management plan and is preparing for relocation, while Hanyang Apartment has also entered the management phase. Sibeom, Mokhwa, and Hwarang Apartments are beginning the contractor selection process, marking a significant step forward for the Yeouido reconstruction project, which has a total budget of 15 trillion won.
According to the construction industry on June 15, a total of 15 complexes, including Sibeom, Daegyo, and Hanyang Apartments, are currently pursuing reconstruction in Yeouido. Once completed, the project is expected to transform the area into a new residential community with approximately 13,000 housing units, benefiting from its location in a financial district along the Han River.
Daegyo Apartment is leading the way in the reconstruction process. Completed in 1975, it received approval for its management plan on May 19, paving the way for relocation and demolition.
A representative from the Daegyo Apartment association stated, "We are currently selecting a relocation company and plan to start the relocation process in October. We aim to complete the relocation in 5 to 6 months, begin demolition in April next year, and start construction by the end of next year." However, they added, "There is a significant concern among residents due to the limited availability of rental properties in Yeouido."
Daegyo Apartment is recognized as the first project under the Seoul city’s fast-track integrated planning initiative. Samsung C&T is responsible for the construction, which will feature a total floor area of 22,200 square meters, with four buildings rising up to 49 stories and comprising 912 units.
The timing for approval remains uncertain. An official from the Yeongdeungpo District Office stated, "It is difficult to predict the approval timeline for Hanyang Apartment's management plan. While Daegyo Apartment took about three months from application to approval, the timeline can vary depending on the conditions of each project."
Mokhwa Apartment is currently undergoing the project implementation approval process. It was the first among the Yeouido reconstruction complexes to select Daewoo Engineering & Construction as its contractor in December 2023, having passed the integrated review at the end of last year.
Industry experts believe that the relocation efforts for Daegyo and Hanyang Apartments, along with the contractor selection results for Sibeom and Mokhwa Apartments, will mark a turning point for the Yeouido reconstruction project. As major complexes enter the relocation and contractor selection phases, the project is transitioning into an execution phase.
Kim Je-kyung, head of Tumi Real Estate Consulting, stated, "Yeouido has a strong impetus for reconstruction due to its dual advantages of being a business district and riverside location, along with relatively high financial capacity among association members. Once reconstruction is completed, its future value is expected to increase, which continues to attract interest from construction companies."
However, public contributions and donations remain variables. Kim explained, "Daegyo Apartment has had conflicts with the city over public contribution issues, such as the daycare center. If some complexes encounter disagreements with the city regarding donations or public contributions, it could create variables in the project process."
* This article has been translated by AI.
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