Reconstruction projects gain speed in Seoul’s Heukseok, Gayang areas

2023.09.19 13:36:01 | 2023.09.19 15:30:13

[Photo by Chung Seok-hwan]이미지 확대

[Photo by Chung Seok-hwan]

Reconstruction efforts are gaining momentum in Heukseok-dong and Gayang-dong in Seoul, affected by the acceleration of similar projects in key locations along the Han River, such as Apgujeong and Yeouido.

According to the Dongjak District Office on Monday, Myeongsudae Hyundai and Hangang Hyundai apartment complexes in Heukseok-dong have recently passed a preliminary safety inspection.

The two complexes are expected to pursue a detailed safety assessment as they have just crossed the initial threshold for reconstruction.

Myeongsudae Hyundai is a complex with 660 units built in 1988, and Hangang Hyundai has 960 units built in the same year.

The two complexes, located adjacent to the Olympic Expressway, are highly regarded for their Han River views.

According to data from the Ministry of Land, Infrastructure, and Transport and other sources, Myeongsudae Hyundai, which did not witness a single transaction last year, has experienced nine changes of ownership this year. Hangang Hyundai has seen 11 transactions this year, surpassing last year’s nine transactions.

A unit in Myeongsudae Hyundai with a floor area of 124 square meters set a record high selling price of 2.25 billion won ($1.7 million) when it was transacted on August 17, up 170 million won from the previous record high of 2.08 billion won in August 2021.

Apartment complexes along the Han River in the Gayang-dong are also accelerating their reconstruction efforts.

The apartments in the area were supplied as part of the Gayang Land Development Project in the early 1990s. Of the complexes, complexes 2, 3, 6, and 9-2 are seeking reconstruction, with complexes 3 and 6 coordinating their timing for a detailed safety inspection after passing the preliminary one.

All of the four complexes in Gayang are large complexes with more than 1,000 units each.

Insiders in the redevelopment industry see that the Heukseok and Gayang areas have various advantages, while not directly comparable to Seoul‘s core riverside locations such as Apgujeong, Yeouido, and Seongsu neighborhoods.

“The Heukseok area has great advantages just by being close to the Banpo neighborhood of Seocho District in southern Seoul,” said Kim Je-kyung, director of a local real estate consulting firm. “In particular, the Heukseok New Town project in the area is proceeding rapidly, raising the likelihood that all reconstruction projects, except for those that are public, will be completed by the end of the next five years.”

By Chung Seok-hwan and Yoon Yeon-hae

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