50 Years of Apgujeong Hyundai: What Defines a Future Residential City?

Aju Economy is marking the 50th anniversary of the completion of Apgujeong Hyundai Apartments with a five-part series titled 'Apgujeong: Building the Future Again.'
 
Introduced in 1976, Apgujeong Hyundai Apartments transformed a sandy area south of the Han River into a premier residential district in South Korea. With features like elevators, central heating, spacious layouts, and a community-oriented environment, it ushered in the era of Gangnam apartments, symbolizing a time when housing transcended mere living space to represent asset value and social status.
 
Now, half a century later, Apgujeong Hyundai stands at the threshold of a massive reconstruction project. The 24 apartment complexes are divided into six special planning zones, with the selection of construction companies for Zones 2 to 5 already completed. However, challenges remain, including construction costs amounting to trillions of won, member contributions, height regulations along the Han River, public contributions, relocation expenses, and transportation plans.
 
This series will begin by revisiting the birth and 50-year history of Apgujeong Hyundai in the first installment. The second part will explore the background of the six special planning zones and changes in urban planning. Subsequent articles will analyze the election of the association president for the largest site, Zone 3, the key issues surrounding the project, and why the construction cost of 5 trillion won is referred to as a '20 trillion won project.' The final installment will propose the conditions for a '100-year housing' concept that integrates AI, robotics, caregiving, energy, and disaster safety.
 
The success of the Apgujeong reconstruction cannot be measured solely by height and housing prices. Advanced technology must care for residents, the complex should connect the Han River and the city, and development profits must harmonize with public interests. Aju Economy will closely examine whether the new Apgujeong can redefine the standards for future housing in South Korea.