Apgujeong District 3 '3 Trillion Land Ownership' Controversy.. Seoul City "Resolution by Next Year"

In Apgujeong District 3, a key reconstruction site in Seoul's Gangnam area, the discovery of multiple plots with unclear ownership on the register is increasing uncertainty about the overall redevelopment project.
According to the industry on the 1st, there are currently a total of 15 plots with unclear ownership within Apgujeong District 3, covering an area of 52,334㎡. Applying the local market price (2 billion won per 3.3㎡), it amounts to approximately 3.1662 trillion won.
Initially, ownership issues were raised on 9 plots, but 6 additional plots were later identified, expanding the total to 15 plots. All these plots are registered under entities other than the association, namely Seoul City and construction companies.
The land owned by Seoul City consists of 6 plots (11,627㎡), while Hyundai Construction and Korea Urban Development (formerly HDC Hyundai Development Company) hold a total of 9 plots (40,706㎡). Notably, errors were found in some registers where multiple shares of the same owner were recorded.
This issue is largely attributed to administrative errors prior to the digitization of registers in the 1970s. At that time, Apgujeong was undergoing large-scale land development and sales, which likely increased the chances of omissions or errors during the share organization process.
To resolve this issue, Seoul City recently formed a working group with the association, Hyundai Construction, and HDC Hyundai Development Company to begin the organization process. Each entity is also conducting individual legal reviews, and Seoul City has announced its plan to "complete the land share organization by next year."
Regarding potential disruptions to the redevelopment project, a Hyundai Construction representative stated, "Currently, it is still in the early stages without a construction company selected, and since it will take at least 3-4 years until the management and disposal approval, it can be sufficiently organized within that time."

en1302@fnnews.com Jang In-seo Reporter