"A Rebuilding Banner on Every Block"... Even Samsung and Hyundai Line Up for a Dated Five-Story Apartment Complex [Report]

[Financial News] It took less than a minute to reach Sangnoksu Apartment Complex from Exit 5 of Irwon Station on Seoul Subway Line 3. Banners from construction companies ring the complex and are the first thing visitors see. Between the buildings, mist-covered Daemosan comes into view. The low-rise complex, which has the quiet and pleasant feel typical of a “forest-adjacent” residential area, is preparing to transform into a large-scale development with up to 25 floors and more than 1,100 households.When visited on the morning of the 31st, Sangnoksu Apartment Complex in Irwon-dong, Gangnam-gu, Seoul, was displaying congratulatory banners from eight of the country’s top 10 construction firms. The complex received official notice of approval from Gangnam District Office on the 28th, and within just one business day, major builders including Samsung C&T, Hyundai Engineering & Construction, GS Engineering & Construction, Daewoo Engineering & Construction, DL E&C, Lotte Engineering & Construction, POSCO E&C, and HDC Hyundai Development Company had already begun sending strong signals of interest.
The approval came about a month after the committee began collecting consent forms from landowners on July 27, showing remarkable speed. Analysts say Gangnam-gu’s Rebuilding Acceleration Project, introduced in July, played a key role. The district had previously said it would shorten the approval period for rebuilding committees from 30 days to 10 days, significantly speeding up permitting procedures.
Residents are also highly interested in pushing the redevelopment forward. The project committee secured about 58% consent within 10 days of starting to collect signatures, surpassing the legal threshold of 50%. Yoo Seung-tae, head of the redevelopment committee, said, "The district office approved it in just 10 business days," adding, "If we can smoothly gather opinions from commercial property owners, we aim to establish the association in the first half of next year."
The complex is currently set to be rebuilt from a five-story, 740-unit development into a 25-story complex with 1,126 households. The height has been planned at 25 floors to comply with Daemosan-related height restrictions, but the number of buildings will be reduced from 22 to 12, which is expected to preserve a comfortable environment inside the complex.
Its strongest advantage is its excellent location. It is both a “super-station area” near Irwon Station on Seoul Subway Line 3 and a “forest-adjacent area” near Daemosan. Gangnam Business District (GBD) can be reached by public transportation in about 20 minutes, while Daechi-dong’s private education district is also accessible within 10 to 20 minutes by car or public transit, offering strong education and work-life convenience. Samsung Seoul Hospital, a major medical facility, is also nearby.
The biggest variable for the rebuilding project, however, is the commercial facilities within the complex. Owners of the 198 retail units are reportedly struggling to coordinate their views. An official in the redevelopment industry said, "There is still no representative for the commercial facilities," adding, "A unified position will be needed before discussions with the apartment owners can move forward."
In the Irwon-dong area, not only Sangnoksu Apartment Complex but also complexes such as Ilwon Garam, Mokryeon Town, Saemteo Village, Pureun Village, Cheongsol Village, and Ilwon Hansol are pursuing rebuilding around Irwon Station. As a result, banners related to redevelopment projects filled the main roads, not only from construction companies but also from the district office and local politicians. A real estate agency owner said, "The neighborhood is pursuing rebuilding all at once," adding, "Because these are low-rise apartments, the project economics are solid, and with Gangnam-gu providing extra momentum, the overall atmosphere is positive."

[email protected] Jeon Min-kyung Reporter