“Looking at the pledges, whoever becomes the mayor of Seoul, it seems that reconstruction will survive more than now.” (Apgujeong District 3 Redevelopment Promotion Committee)
The anticipation of major Seoul reconstruction complexes, such as Yeouido, Apgujeong, and Seongsu-dong, is growing ahead of the 4·7 Seoul Mayor’s by-election. This is because there is a high possibility that some of the reconstruction regulations will be lifted even if the new mayor becomes a new mayor among Democratic Party candidate Park Young-sun and People’s Strength candidate Oh Se-hoon.
Candidate Oh said, “Within one week of inauguration, Apgujeong-dong, Mok-dong, Yeouido-dong, and other redevelopment regulations will be lifted.” Candidate Park also said, “The uniform regulation needs to be fixed” in relation to the ’35 floor number regulation’.
The mayor of Seoul holds the right to permit reconstruction, so if the election is decided, it is expected that the slowdown in the project will speed up. Representative places where the maintenance project has stopped due to the Seoul Metropolitan Government’s failure to proceed with the administrative procedure for reconstruction permits are Apgujeong-dong, Gangnam-gu, and Yeouido-dong, Yeongdeungpo-gu. District unit plans were established for Apgujeong-dong and Yeouido-dong, but the decision was not announced. Development can proceed with the permission of the mayor of Seoul.
Residents of these complexes are complaining of inconvenience as redevelopment and maintenance projects have been delayed for a long time. An official from a Yeouido reconstruction union said, “The Yeouido demonstration apartment is 50 years after it was built, and residents are living in danger of collapse.
Candidate Park argues that Gangnam apartments built in the 1980s should be rebuilt. However, a certain level of regulation is maintained, such as introducing a public community under the premise of government-led development. Candidate Oh pledged to supply 360,000 new homes in Seoul for five years through revitalization of reconstruction and redevelopment and normalization of new towns.
There is also a cautious theory that it is unknown whether the regulation will be released as much as the pledge, no matter who wins. In addition to being the mayor of Seoul with a term of one year and two months, if Candidate Oh is elected, it could lead to friction with the central government over real estate policy. A union official in Apgujeong said, “If candidate Oh is elected, public-led development will take some brakes, but there is no guarantee that private reconstruction will certainly be activated.”
In anticipation of the new mayor of Seoul, reconstruction prices are on the rise. Apgujeong-dong Apgujeong Hyundai 1st and 2nd exclusive 211m2 was traded for 6.3 billion won on the 15th. The previous transaction price was 5.15 billion won last month, up 1.15 billion won in one month. Jamsil-dong Jugong Complex 5 was traded at 2,581 billion won on the 25th of last month, up 200 million won from the last January trading price (2,481 billion won). Apgujeong J official said, “As the mayoral election approaches, the landlords are raising prices for their properties in anticipation of reconstruction.
Reporter Bae Jeong-cheol [email protected]
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