The redevelopment project for the Gongjak Apartment in Yeouido, Seoul, has received approval for its implementation plan. The project aims to transform the existing 373-unit complex into a new development featuring up to 49 stories and 585 units, accelerating the process following the selection of a construction company and the completion of integrated reviews.
According to a document from the Yeongdeungpo District confirmed by Aju Economy on October 19, the district processed the implementation plan approval for the Gongjak Apartment redevelopment project on October 16 and notified the project implementer, KB Real Estate Trust. The official announcement of the approval is scheduled for October 22.
The approved plan outlines the construction of three buildings with a total of 585 residential units and supporting facilities on a 16,929 square meter site located at 21-2 Yeouido-dong, Yeongdeungpo District. The total floor area will be 153,583.20 square meters, with a floor area ratio of 499.99%. The plan was adjusted from the previous proposal of 581 units across seven underground floors to 585 units across six underground floors.
The Gongjak Apartment complex, completed in 1976, consists of four buildings with a maximum height of 12 stories and 373 units. After 50 years, the redevelopment plan has been approved, resulting in an increase of 212 units compared to the existing structure.
The project is being carried out under a trust scheme managed by KB Real Estate Trust, with Daewoo Engineering & Construction selected as the construction company during a meeting of all owners in December 2023. Daewoo proposed the name 'Summit The Black Edition' for the complex, reflecting a high-end branding approach.
In December 2022, the project passed the integrated review by the Seoul City Maintenance Project Committee. The review included plans to combine residential, commercial, and office functions, reflecting the area's status as a financial hub, while also improving pedestrian environments through the creation of public spaces and open community facilities.
The implementation plan approval is a crucial step in the administrative process for the redevelopment project, which includes details on building scale, layout, and infrastructure installation. With this approval, the Gongjak Apartment redevelopment project has completed one of its major administrative procedures.
Yeongdeungpo District has requested that KB Real Estate Trust comply with relevant laws and approval conditions. The project will proceed with the establishment and approval of a management and disposal plan, followed by relocation, demolition, and construction.
* This article has been translated by AI.
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