Songpa Hanyang 1st Receives Approval for Association Establishment Just Three Days After Applying... Songpa Reconstruction Picks Up Speed

[Financial News] The reconstruction project for the Songpa Hanyang 1st Apartment Complex around 187 Garak-ro, Songpa District, Seoul, is entering full-scale development after receiving approval for the establishment of a reconstruction association.
According to Songpa District on the 2nd, the reconstruction project for the Songpa Hanyang 1st Apartment Complex received approval for the establishment of a reconstruction association on the 1st. The approval came just three days after the application was filed.
The consent rate for establishing the reconstruction association reached 90.99%. Of the 577 land and property owners, 525 agreed to the association's establishment.
The approval was granted under the Seoul Metropolitan Government's “Measures to Improve Procedures for Expediting Association Establishment,” announced in August. The key measure allows preparatory work related to association establishment to begin during the promotion committee stage. It also permits the notification of estimated contributions, the filing of objections and preparations for the inaugural general meeting to proceed in parallel after the maintenance district is designated.
Accordingly, the Songpa Hanyang 1st promotion committee handled the notification of estimated contributions and the objection period alongside preparations for the inaugural general meeting, which was held on September 12. It then applied for approval to establish the association, and Songpa District completed the approval process just three days after receiving the application. The statutory processing period is 30 days.
The approval marks the beginning of full-scale reconstruction for the Songpa Hanyang 1st Apartment Complex. The complex currently has 577 households, but will be transformed into 11 buildings ranging from three basement levels to a maximum of 29 stories above ground, with a total of 954 households. A floor area ratio of 299.69% will be applied, and 156 of the total households will be developed as public rental housing.
Songpa District also processed approvals for the establishment of reconstruction associations for Macheon District 5 and Ogeum Hyundai Apartment within seven and 12 days, respectively, in January. In July, it also approved the project implementation plan for Jamsil Jugong Apts.
Seo Kang-seok, mayor of Songpa District, said, "The ultra-fast approval for the establishment of the Songpa Hanyang 1st Apartment Complex reconstruction association will serve as an important starting point for elevating Songpa's standing to an even higher level beyond that of a premium residential city. We will continue to work closely with the Seoul Metropolitan Government and relevant departments to create 'Songpa, a city with an overwhelming lead'—a signature Seoul city that other cities cannot catch up with."

[email protected] Choi A-young Reporter