Daechi Eunma 'Gukpyeong' Hits Record High of 2.82 Billion Won... Rebuilding Complexes Rise on 'Rapid Integrated Planning' Expectations

The area around Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Ryu Tae-min] Eunma Apartment, a representative reconstruction complex in the Gangnam area, has set a new record price. As more complexes aim to accelerate reconstruction through the ‘Rapid Integrated Planning’ project led by Mayor Oh Se-hoon, the upward trend of Gangnam reconstruction apartments is becoming more prominent.

According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system on the 11th, an 84㎡ (exclusive area) unit in Eunma Apartment, Daechi-dong, Gangnam-gu, Seoul, was sold for 2.82 billion KRW on the 15th of last month, setting a new record price. The previous highest price was 2.78 billion KRW as of August, meaning the price increased by 40 million KRW in three months.

The strong price trend in reconstruction complexes is due to heightened expectations for reconstruction projects following participation in Rapid Integrated Planning. Introduced by Seoul Mayor Oh Se-hoon, Rapid Integrated Planning is a system where the Seoul city government participates from the planning stage to secure public interest, in exchange for shortening various review periods. The usual designation process for maintenance zones, which takes over five years, can be reduced to around two years.

Additionally, the integrated review of traffic, environment, and architecture during the project implementation stage can shorten the review period by about half. In the case of Eunma Apartment, there is an expectation that the currently pending maintenance plan review will proceed more swiftly if it participates in Rapid Integrated Planning.

More complexes are choosing Seoul’s Rapid Integrated Planning method over the government’s public maintenance approach. Representative reconstruction complexes such as Sibeom Apartment in Yeouido, Mido Apartment in Daechi-dong, Gangnam-gu, known as a leading reconstruction complex, and Jangmi Apartment in Jamsil along the Han River in Songpa-gu have all joined Rapid Integrated Planning.

Complexes participating in Rapid Integrated Planning are also on the rise. On the 8th of last month, a 128㎡ unit in Hanbo Mido Mansion, Daechi-dong, Gangnam-gu, Seoul, was traded for 4.18 billion KRW, which is 490 million KRW higher than the previous transaction price. A 71㎡ unit in Jangmi Apartment, Jamsil, Songpa-gu also recorded a new high price of 2.13 billion KRW on the 11th of last month.

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