First Reconstruction Association Established in Apgujeong-dong... Approval for District 4

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An apartment complex in Apgujeong-dong, Gangnam-gu, Seoul [Image source=Yonhap News]

[Asia Economy Reporter Onyu Lim] Among the six redevelopment zones in Apgujeong-dong, Gangnam-gu, Seoul, Zone 4 (Hyundai 8th Complex, Hanyang 3rd, 4th, and 6th Complexes) has received approval for the establishment of a reconstruction association for the first time.

According to the real estate industry on the 16th, the Gangnam-gu Office in Seoul notified the approval for the establishment of the association for Apgujeong Zone 4 on the 10th. It has been about 3 years and 3 months since the establishment of the association promotion committee in November 2017 that Apgujeong Zone 4 received the approval for the association establishment. Apgujeong Zone 4, which consists of 1,368 households, is expected to be reconstructed into about 2,000 households after going through project implementation approval and management disposition plans.

Apgujeong Zone 4 is the first among the six redevelopment zones in Apgujeong-dong, Gangnam-gu, consisting of 24 complexes and 10,466 households, to receive approval for the establishment of an association. Besides Zone 4, Zones 1 (Miseong 1st and 2nd Complexes), 2 (Shinhyundai 9th, 11th, and 12th Complexes), 3 (Hyundai 1st to 7th, 10th, 13th, and 14th Complexes), 5 (Hanyang 1st and 2nd Complexes), and 6 (Hanyang 5th, 7th, and 8th Complexes) are also accelerating their reconstruction projects.

Zones 1 (Miseong 1st and 2nd Complexes), 2 (Hyundai 9th, 11th, and 12th Complexes), and 3 (Hyundai 1st to 7th, 10th, 13th, and 14th Complexes, Daerim Villart) have exceeded the 75% consent rate for association establishment and are preparing for the general meeting to establish the association. Zone 5, which applied for association establishment approval at the Gangnam-gu Office along with Zone 4 in December last year, is expected to receive results this month.

The redevelopment zones in Apgujeong-dong, Gangnam-gu, which are considered the most expensive apartments in the area, are rushing to obtain approval for association establishment to avoid the mandatory two-year residence requirement for association members. Earlier, the government announced through the June 17 measures last year that reconstruction apartments in speculative overheated districts require association members to reside for two years to receive the right to move into the new apartments.

This content was produced with the assistance of AI translation services.