[Exclusive] Official Redevelopment Plan Notice Completed for 'Korea's Most Affluent Neighborhood' Apgujeong District 3

According to Financial News, the official notice of the redevelopment plan for Apgujeong District 3 Reconstruction Zone, known as 'Korea's most affluent neighborhood,' has been completed. The reconstruction schedule, including the process of selecting a construction company, is now expected to accelerate.
According to industry sources on the 22nd, the Seoul Metropolitan Government has completed issuing the official decision notice designating the reconstruction redevelopment zone for Apgujeong Apartment District Special Planning Zone 3.
With this redevelopment plan notice, the reconstruction project is also expected to gain momentum. The next step is to select a construction company for the project. The Apgujeong District 3 Reconstruction Association plans to immediately begin the contractor selection process. Ahn Jung-geun, head of the Apgujeong District 3 Reconstruction Association, said, "We plan to speed up the process and push to select a construction company within the first half of the year."
Previously, the redevelopment plan for Apgujeong District 3 Reconstruction Zone received a deferred decision at a review by the Urban Planning Committee of the Seoul Metropolitan Government in August last year. The committee requested changes to the number of floors in some buildings.
In response, the association moved quickly and was notified in October of the same year that the revised redevelopment plan had been approved. This came after it fully complied with recommendations from the Seoul Metropolitan Government, including reducing the number of landmark towers from four to two, establishing separate land rights for mixed pedestrian-vehicle access roads, and widening pedestrian view corridors.
As the selection of a construction company becomes more tangible, builders are also moving swiftly. Hyundai Engineering & Construction (Hyundai E&C) sent a message to the association saying, "We sincerely congratulate you on the official decision notice for the redevelopment plan of Apgujeong District 3," and added, "Hyundai E&C will live up to the status of Apgujeong Hyundai with the best possible project proposal to meet customers' expectations." Other major builders, including HDC Hyundai Development Company, are also reported to have sent congratulatory messages.
Apgujeong District 3 Reconstruction Zone will be developed around 369-1 Apgujeong-dong and will feature up to 65-story apartment buildings with 5,175 units, including 641 rental units. The zone consists of Apgujeong Hyundai Apartments 1–7, Hyundai Hometown 10th Apartment Complex, Apgujeong Hyundai Apartment Complex 13, Apgujeong Hyundai Apartment Complex 14th, Daelim Acrovill, and Daerim Villat. Samsung C&T, Hyundai E&C, and HDC Hyundai Development Company are all vying to become the construction company for this zone. The total project cost is estimated to exceed 7 trillion won.


kjh0109@fnnews.com Kwon Jun-ho Reporter