The redevelopment of Yeouido is gaining momentum, with major construction companies competing for contracts and increasing expectations for the projects centered around areas near subway stations.
According to industry sources, key redevelopment sites in Yeouido are accelerating their processes for passing maintenance plans and selecting construction firms.
During a visit to the Yeouido redevelopment site on September 29, the atmosphere reflected this trend. The Misung Apartment, located just a minute's walk from Exit 6 of Yeouido Station, exemplifies a prime location near subway access.
The Misung Apartment began occupancy in 1978 and consists of five buildings (A to E), with heights reaching up to 12 stories (13 stories for Building A) and a total of 577 units, including one commercial building. Once redevelopment is completed, it is expected to transform into a large complex with approximately 1,000 units. Additionally, the upcoming Shinansan Line and GTX-B line are anticipated to enhance transportation conditions.
The redevelopment expectations are evident in the surrounding area. Banners from major construction firms such as Samsung C&T, Hyundai Engineering & Construction, DL E&C, and GS Engineering & Construction were prominently displayed, indicating that the competition for contracts has already begun.
The educational environment is also considered a strong point. Right next to the complex are Seoul Yunjung Elementary School and Yunjung Middle School, making it a 'school district' location accessible by crossing just one small traffic light. However, being adjacent to schools may pose challenges regarding sunlight and environmental issues during the redevelopment process.
The project is becoming more concrete. Misung Apartment selected Haean Architecture as its design firm after gathering opinions from landowners at the end of last year.
A nearby real estate agent stated on October 3, "As of recently, the agreement rate for the current five apartment buildings has exceeded 50%, while the commercial building has secured about 22% of agreements. Once the agreement rate reaches 70%, we can proceed to hold a general assembly for establishing the association and apply for approval to establish the association." The agent added, "Samsung C&T is reportedly the most interested construction firm."
Adjacent to Misung Apartment, the Gwangjang Apartment is also undergoing redevelopment. A visit to the site revealed that crossing just one street from the Gwangjang Apartment leads directly to Yeouido Hangang Park, where residents were seen enjoying walks with their dogs.
The Gwangjang Apartment, a 48-year-old complex, is located between Yeouido Station and Saetgang Station, making it a prime location with easy access to both the subway and the Han River, contributing to high expectations for redevelopment.
The pace of the project is also swift. On March 11, the Seoul City Council approved a revised maintenance plan for the Gwangjang Apartment redevelopment. As a result, Gwangjang Apartment became the ninth site in Yeouido to finalize its maintenance plan, laying the groundwork for the project.
The key aspect of this plan is the change in land use designation. The area will be upgraded from a general residential zone to a commercial zone, allowing for a floor area ratio of 597%. The redevelopment is expected to yield a 414-unit complex (including 154 public housing units) with a maximum height of 52 stories.
Thus, the Yeouido redevelopment is expanding beyond individual complexes to encompass the entire region. Currently, among the 15 complexes undergoing redevelopment in Yeouido, nine have passed their maintenance plans, marking significant progress.
In particular, Hanyang Apartment and Daegyo Apartment are moving forward the fastest, having completed their project approval processes, while Gongjak Apartment has also finalized its construction firm selection. Additionally, Shibeom Apartment is pursuing a redevelopment plan for a maximum of 65 stories, aiming to commence construction in 2029.
Meanwhile, the selection of construction firms for major complexes in Yeouido is expected to continue for some time. In December 2023, Gongjak Apartment selected Daewoo Engineering & Construction as its contractor, followed by Hyundai Engineering & Construction being chosen for Hanyang Apartment in March 2024. Once all projects are completed, Yeouido is projected to be transformed into a high-rise residential area with approximately 13,000 new units.
* This article has been translated by AI.
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