"Mayor Oh Se-hoon, please expedite the reconstruction of our apartment!"
Following the approval of the project plan for the 47-year-old Eungma Apartment, banners with this message have appeared in the Gangnam area, known for its redevelopment projects. As Eungma, a symbol of Gangnam's reconstruction efforts, swiftly clears regulatory hurdles, residents of other aging complexes are also calling for increased administrative support.
According to the construction industry on July 5, banners expressing a desire for rapid redevelopment have been displayed near several ongoing reconstruction sites in Gangnam. One banner reads, "Eungma Apartment's project approval is the first case of the Seoul City’s Rapid Integrated Planning Season 2," along with a plea, "Please expedite the reconstruction of our apartment!"
The bottom of the banners does not specify individual apartment complexes but instead states, 'Residents of Gangnam District.' This suggests that the banners reflect the collective hopes of residents waiting for redevelopment rather than individual complaints.
Analysts believe that the atmosphere has been influenced by the approval of Eungma Apartment's project plan. Eungma received its project approval about seven months after the announcement of a revised maintenance plan last November. Given that approvals often take over a year, this is considered a rapid process.
Seoul City has designated the Eungma reconstruction as a key supply strategy project and the first application of Rapid Integrated Planning Season 2, overseeing the process. The city has coordinated discussions with relevant agencies and preemptively resolved issues through a project facilitation meeting, reducing the standard processing time by about a year.
Gangnam District has also supported the approval process through its dedicated 'Gangnam Reconstruction Acceleration Task Force.' The project plan for Eungma was processed 33 days ahead of the legal deadline after consultations with relevant departments and public reviews following its application on May 22. Gangnam District officials noted that this marks the first project plan approval under the current administration and is the fastest case within the district.
Currently, there are 103 maintenance projects underway in Gangnam, with 53 of them focused on reconstruction. The Eungma case has sparked hope beyond its own approval, energizing other redevelopment projects in the Gangnam area.
However, the speed of Eungma's approval is not solely due to administrative support. The association has also proactively prepared for the next steps following the project plan approval. A representative from the Eungma Apartment reconstruction association stated, "We have been preparing the management disposal process in line with the project plan approval. We have already applied for the valuation of the existing assets and plan to complete member housing surveys this month, with member subscription applications expected in the fall."
The representative added, "We will hold a general meeting for the approval of the management disposal plan by the end of the year and proceed with external reviews. We aim to push forward with subsequent procedures targeting relocation next year."
Under this approval, Eungma Apartment will be reconstructed into a large complex with 5,850 units across 29 buildings, ranging from six underground floors to 49 above ground, located in the Daechi-dong area. This includes 909 public rental units and 195 public sale units.
The construction industry anticipates that the Eungma case will influence other redevelopment projects in the Gangnam area. It sets a precedent that if Seoul City and local districts process administrative procedures concurrently and associations prepare for subsequent steps in advance, the approval period can be shortened.
An industry insider remarked, "Eungma is a significant symbol of Gangnam's 47-year-old reconstruction, and its accelerated pace will inevitably stimulate other complexes. However, each complex has different internal conditions, rights relationships, project viability, and public contribution requirements, making it difficult to apply the Eungma case directly to others."
* This article has been translated by AI.
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