Is the establishment of the Apgujeong District 3 redevelopment association’where 8 billion sales came out

Input 2021.04.19 22:29 | Revision 2021.04.19 23:16

Apgujeong District 3, which boasts the largest scale among apartment complexes for reconstruction in Apgujeong-dong, Gangnam-gu, Seoul, received approval for the establishment of a reconstruction association.

According to the maintenance industry on the 19th, Apgujeong District 3 received a notification from the Gangnam-gu Office on the same day for permission to establish a union. It has been 2 years and 7 months since the establishment of the Promotion Committee in September 2018.

Apgujeong District 3 is the largest of the six Apgujeong Special Plan Zones with a total of 4065 households, including Hyundai 1st-7th apartments, 10th, 13th, 14th apartments, and Daelim Villa. Prior to this, Apgujeong Districts 2, 4, and 5 were also approved by Gangnam-gu Office to establish a union.

The reason why the maintenance area around Apgujeong-dong is in a hurry to approve the establishment of the union is to avoid the requirement for the two-year actual residence of the members. The government announced that through the June 17th measures last year, the reconstruction apartments in the overheated district will be allowed to receive the right to occupy new apartments only if the members lived for two years.

Apgujeong District 3 is also the area where’Hyundai 7th’, which attracted attention by recording an actual transaction price of 8 billion recently, belongs. According to the actual transaction price disclosure system of the Ministry of Land, Infrastructure and Transport, the 245m2 for Hyundai 7th was traded for 8 billion won on the 5th. The city of Seoul has initiated its own investigation, seeing the sale of the house as an abnormal transaction.

The Apgujeong-dong area is accelerating the establishment of the association, and the expectation for reconstruction is growing with the election of Seoul Mayor Oh Se-hoon. With the occurrence of shortage of sales, the bid price and the actual transaction price are rising steeply.

However, real estate experts advised that there is no need to rush to buy, considering that if a cooperative is established, sales can be reduced, but the actual promotion of the reconstruction project may be slow. It is said that there are still regulations such as the reconstruction excess profit redemption system and the pre-sale price ceiling system.

If an application for the project implementation plan is not applied within three years after the approval for the establishment of the association, the maintenance project sunset system may be applied. Apartments in Apgujeong, which established a reconstruction association earlier this year, may be released again if the project implementation plan is not approved by the beginning of 2024.