Seoul Apgujeong District 4 was approved for establishment of the association. Hanyang 6th Apartment in District 4. Hankyung DB
The reconstruction project in Apgujeong-dong, Seoul, called’Reconstruction Daeeo’, is gaining momentum. Four of the six maintenance zones in Apgujeong-dong (Hyundai 8th, Hanyang 3rd, 4th and 6th) were first approved for establishment of the association. When a cooperative is established, it is possible to move on to the next stage of reconstruction, such as project implementation authorization and management and disposal plans. In addition, Apgujeong District 5 has applied for the establishment of the association, and areas 1, 2, and 3 are also preparing to apply. It is judged that the possibility of public-led development, which is the core of the ‘2·4 real estate countermeasures’, is low.
Zone 4 avoided ‘2-year residence’
According to Gangnam-gu on the 15th, Apgujeong District 4, which held the association inauguration general meeting in December last year, received approval for the establishment of the association on the 10th. It has been about three years since the association establishment promotion committee was established in November 2017. It plans to rebuild 1,300 households into 2,000 households.
Other areas in Apgujeong-dong, consisting of 24 complexes and 10,466 apartments, are also speeding up. Apgujeong-dong includes District 4, District 1 (Miseong 1st and 2nd), 2nd district (Shinhyundai 9, 11, 12th), 3rd (Hyundai 1-7th, 10th, 13th, 14th), 5th (Hanyang) It is divided into 6 district unit planning zones, including 1st and 2nd) and 6th district (Hanyang 5th, 7th and 8th), and is promoting the reconstruction project. The 2nd zone is scheduled to hold the association establishment general meeting on the 25th and the 3rd zone on the 20th. An official in Gangnam-gu said, “The results of District 5, which submitted the application for the establishment of the association, are expected to come out this month.”
Until now, most of the Apgujeong-dong reconstruction projects have passed the reconstruction period (30 years), but the project has been slow. This is because there are many elderly people who have lived in the area for a long time, and there are not many furniture that have been repaired inside. However, as the amendment to the Urban and Residential Environment Improvement Act was proposed last year through the ‘6/17 countermeasures’, the maintenance business began to accelerate. The amendment allowed only owners who have lived for two years or more to receive new tenancy rights for reconstructed apartments that have not been established. With the approval of the establishment of the association, District 4 can avoid regulations such as the mandatory 2-year residency requirement for members. An official from the Ministry of Land, Infrastructure and Transport said, “The amendment is pending on the standing committee of the National Assembly.”
Investing in business speed and prices are also strong
As the reconstruction project accelerates, it is predicted that the rise in house prices in Apgujeong-dong will continue this year. The average transaction price of apartments in Apgujeong-dong was close to 3 billion won. As a result of analyzing 80,5183 cases of apartment transactions that were traded nationwide over the past year by Jikbang, a real estate information company, the average transaction price in Apgujeong-dong was 2.9 billion won. The price was the highest among 3536 eups, myeons and dongs nationwide. Compared to 2019 (2.67.96 million won), the average rose by 77762 million won.
It is also a good thing that it is an area with high possibility of private redevelopment, not a public-led maintenance project announced in the second and fourth measures. Major reconstruction complexes in the Gangnam area, which are concerned about cash settlement, are in a hurry to draw a line. Apgujeong-dong official representative A said, “The residents of the Apgujeong-dong redevelopment complex are striking their hands when they hear the word “public”.”
As the number of landlords reaping property increases, the sale price is on the rise. Hanyang 6th dedicated area, which belongs to District 4, has a new reported price of 2.75 billion won on the 3rd. It jumped 230 million won from last December (2.52 billion won). Currently, the quoted price is around 2.8 billion won. The 49㎡ dedicated to Hanyang 1st in District 5, where the application for establishment of the association was filed, also wrote a new reported price of 2 billion won on the 5th. It is a housing type that was traded at 1.85 billion won in December last year.
Jae-Hyun Jang, head of Real Today Research Headquarters, said, “The reconstruction project in Apgujeong-dong, which has a large symbolism, has highlighted the advantage of low cash liquidation concerns, and the expectation for reconstruction has increased.” It is also an upward factor.”
Reporter Jang Hyun-joo [email protected]