Eunma, Mido and Ssangyong to Become 49-Story Mega Complexes, Transforming the Daechi-dong Skyline

Redevelopment in Daechi-dong has entered a full-fledged race for speed. After Eunma Town Apartments showed its first real progress in 27 years, major complexes such as Mido, Ssangyong and Seonkyung are moving to flesh out their projects, sending redevelopment across the area into high gear.
According to the redevelopment industry on the 31st, Gangnam District announced on the 27th the establishment of a promotion committee for the redevelopment of the Daechi Mido Apartment Complex. The committee plans to launch a residents’ association by the end of this year and select a construction company in the first half of next year. The current consent rate is reported at 80.04% (74.4% including commercial units). Through redevelopment, the complex will apply a floor area ratio of 299.99% and be rebuilt into 37 buildings with 3,914 units, including 756 public rental units, ranging from four basement levels to 49 above-ground stories.
Daechi-dong is known as Seoul’s top "education district," consistently attracting families seeking strong school districts. The area is packed with complexes more than 30 years old, and redevelopment had long been delayed. Recently, however, major complexes have accelerated their projects, shifting the overall mood.
Eunma Town Apartments, the flagship redevelopment site in Daechi-dong, passed the integrated review of the Urban Planning Committee of the Seoul Metropolitan Government on February 26. This came roughly 27 years after redevelopment talks first began. Under the plan, Eunma Town Apartments will be transformed into a complex with up to 49 stories and 5,893 units. The association aims to secure project implementation approval within this year, obtain management and disposal approval next year, and begin construction in 2030.
Across the street, the Daechi Ssangyong 1st Apartment is also gaining speed in its redevelopment. On February 24, Samsung C&T was selected as the preferred negotiation partner, and a general meeting to finalize the construction company is scheduled for the 11th. The project will rebuild the existing 15-story, five-building, 630-unit complex into six buildings with up to 49 stories and 999 units.
Together with Daechi Mido, the Daechi Seonkyung 1st and 2nd Apartment Complex forms one pillar of the Usunmi apartment cluster (Woosung, Seonkyung and Mido complexes in Daechi-dong). In January, it went through a public inspection process for its redevelopment plan and proposed designation as a redevelopment zone. Once rebuilt, the complex is expected to grow from a maximum of 15 stories and 1,034 units to up to 49 stories and 1,686 units, including 233 rental units.
Daechi Woosung 1st Apartment Complex and Daechi Ssangyong 2nd Apartment Complex also passed the Urban Planning Committee of the Seoul Metropolitan Government last month with a joint redevelopment plan to rebuild them into a complex with up to 49 stories and 1,324 units. Gaepo Woosung 1st and 2nd Apartments, which are pushing for redevelopment into a maximum of 49 stories and 1,612 units, completed public inspection of their redevelopment plan and proposed redevelopment zone designation on the 12th.
As redevelopment projects pick up speed, attention is focusing on potential development gains. However, home prices have remained flat amid the scheduled end of the capital gains tax relief for multiple-home owners and looming regulations on high-priced homes. An apartment in Mido 2nd with an exclusive area of 126 square meters changed hands for 4.95 billion won on February 3, maintaining its previous price level.
Realtor A in Daechi-dong said, "Redevelopment discussions in Daechi-dong have been going on for a long time, so to really spark interest in today’s market, the projects need to move even faster." Broker B added, "With external factors like property holding taxes weighing heavily, it seems the market is not responding even though redevelopment is seen as a positive catalyst."
act@fnnews.com Reporter Choi A-young