The union leader election at the Apgujeong Hyundai Apartments is often referred to as the 'Apgujeong Presidential Election.' While the term may be exaggerated, it reflects the scale of the project. The Apgujeong District 3 redevelopment is the largest in the area, combining existing 3,934 units from Hyundai 1, 7, 10, 13, and 14, as well as Daelim Villat. The construction cost proposed by Hyundai Engineering & Construction is approximately 5.561 trillion won.
The District 3 union received approval from the promotion committee in 2018 and was officially established in April 2021. In April 2024, Ahn Jung-geun was re-elected as the union leader. In May 2026, the union members selected Hyundai Engineering & Construction as the construction company during a general meeting. Their proposal includes rebuilding the existing complex into a maximum of 65 floors with 5,175 units.
However, selecting a construction company is not the end but the beginning of the main process. The proposed design by the construction company is not automatically approved. It must undergo a comprehensive review in accordance with the maintenance plan and Seoul's permitting standards, and a detailed project implementation plan that includes specific unit layouts, sizes, infrastructure, and construction plans must be approved. Following this, evaluations, member allocation applications, and management plans must be completed before determining who will receive which new homes and the associated costs.
The first challenge for the next administration will be the design. The Apgujeong District 3 site has a long riverfront along the Han River, with diverse existing unit sizes and land shares. While all members desire a view of the river, the actual value of the view varies significantly by unit and floor. Conflicts are inevitable in the process of incorporating high-rise landmarks, riverfront openness, member rights value, and public pedestrian pathways into the design.
The second challenge is financing. The 5.561 trillion won is the construction cost proposed by the construction company. The total project cost, including demolition, design and supervision fees, financing costs, taxes, and union operating expenses, will be higher. If the project is delayed or specialized designs are expanded, financing interest and construction costs will increase. The timing and conditions under which the estimated contribution fees are disclosed will significantly impact the trust of the union members.
The third challenge is transparency. The Apgujeong District 3 project will involve numerous contracts related to design, legal and accounting, electrical, telecommunications, fire safety, and relocation and occupancy management. The union leader represents the union in negotiations but does not have the authority to distribute project rights personally. Important contracts must go through budget and bidding processes, as well as approval from the representative council or general assembly, and specialized work must be assigned to companies with legal licenses and proven track records.
The exact schedule and candidate landscape for the next union leader election must be confirmed through official announcements. However, it is clear that the election should not be a mere contest of personalities. Candidates must be evaluated on the same criteria regarding project implementation goals, construction cost control, contribution fee disclosure, view allocation, information transparency, and solutions for future housing technologies. The new leader of Apgujeong District 3 should be someone capable of managing the rights of thousands of members through transparent processes, rather than the one with the most extravagant promises.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.