Mapo Redevelopment Megaproject 'Seongsan Seyeong' Accelerates... Cooperative Establishment Planned for November [Real Estate AtoZ]

General Meeting for Association Formation Just 8 Months After Committee Launch
Consent Rate for Association Formation Surpasses 80%
Redevelopment to Transform Complex into 4,823 Households

Seongsan Sijeong Apartment, considered a prime candidate for redevelopment in Mapo-gu, Seoul, is accelerating its project with the goal of establishing a cooperative association by November.

On the 15th, Seongsan Sijeong Apartment in Seongsan-dong, Mapo-gu, Seoul. Seongsan Sijeong Apartment is a complex with 33 buildings, up to 14 floors, and 3,710 households, completed in 1986. Photo by Jin-Hyung Kang aymsdream@

According to explanations from the maintenance industry on September 12, the Seongsan Sijeong Redevelopment Promotion Committee has achieved an 82% consent rate for the establishment of the cooperative association. A general meeting to establish the cooperative is scheduled for November 2. Prior to this, an information session on estimated contribution payments for owners will be held on September 14.

The Seongsan Sijeong Redevelopment Promotion Committee began accepting design competition submissions in June. The consortiums of ANU·Nowdongin and Haean·DA Architecture participated in the design competition. The committee plans to hold an explanatory session for the design competition next month and to finalize the design proposal at the cooperative’s inaugural general meeting.

This site was designated as a maintenance zone in December 2023. The promotion committee was established in March this year, just one year and three months later. With the consent rate for cooperative establishment surpassing 80%, the consent rate among commercial property owners is also reported to exceed 67%. The committee plans to secure a 95% consent rate and hold the inaugural general meeting.

On the 15th, Seongsan Sijeong Apartment in Seongsan-dong, Mapo-gu, Seoul. Seongsan Sijeong Apartment is a complex with 33 buildings, up to 14 floors, and 3,710 households, completed in 1986. Photo by Jin-Hyung Kang aymsdream@

This apartment complex, completed in 1986, consists of 33 buildings with 14 floors above ground and 3,710 households. After redevelopment, it will be reborn as a complex with up to 40 floors, 30 buildings, and 4,823 households. Upon completion, it will become a mammoth-scale complex with about 1,000 more households than Maporaemian Prugio (3,885 households), currently the largest in Mapo-gu. The planned number of households by unit type is as follows: 2,100 units of 60 square meters or less (469 rental units), 2,443 units between 60 and 85 square meters (47 rental units), and 280 units over 85 square meters.

As Seongsan Sijeong is a rare large-scale maintenance project site in northern Seoul, major construction companies are showing keen interest in winning the construction contract. After the area was designated as a maintenance zone, leading construction companies rushed to put up banners. If the cooperative is established smoothly within this year, it is expected that the selection of the construction company could begin around next summer.

Currently, if an owner of a 59-square-meter unit receives an allocation of the same size after redevelopment, there will be no contribution payment. If a 74-square-meter unit is allocated, the estimated contribution is 230 million won, and for an 84-square-meter unit, it is 375 million won. If an owner of a 50.54-square-meter unit receives a 59-square-meter unit, the estimated contribution is 156 million won, and for a 50.03-square-meter unit owner, it is estimated at 197 million won for a 59-square-meter unit. If a 49-square-meter unit is allocated, a refund will be issued. The roughly calculated construction cost per 3.3 square meters in the maintenance plan is around 8.01 million won, and the estimated proportional rate is 101.97%. The estimated contribution payments may change as the project progresses.

Kim Ahyoung, chairperson of the Seongsan Sijeong Redevelopment Promotion Committee, said, "We are preparing for approval of the cooperative establishment just eight months after forming the promotion committee. We will do our best to complete the approval by the end of the year and push the project forward."

As the redevelopment project progresses, transaction prices are also rising. On August 23, a 59-square-meter unit was sold for 1.4 billion won, setting a new record. A 50.5-square-meter unit also found a new owner for 1.23 billion won as of August 8. This represents an increase of about 100 million to 200 million won compared to the beginning of the year.

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