'Bundang blue chip' Yangji Village to be led by three co-chairs ... first deal at 100 million won per 3.3 sq. m.

[Financial News] Yangji Village in Bundang-gu, Seongnam-si, Gyeonggi Province, which is pursuing reconstruction as a leading district in the first-generation new towns, will elect joint redevelopment committee chairs on the 24th. With five apartment complexes and commercial properties involved, the interests are complex, drawing close attention from the industry to the chair election. As the project gets underway in earnest and expectations rise, it has been confirmed that a recent listing has had an agreement signed at 100 million won per 3.3 square meters.
According to redevelopment industry sources on the 12th, Daishin Asset Trust, which is overseeing the Yangji Village redevelopment project, set the first general meeting of landowners for the 24th on the 8th. At the meeting, executives including the redevelopment committee chair will be elected, and a redevelopment committee will be formed to put the project into full swing. In trust-based reconstruction, the redevelopment committee chair plays a role comparable to that of the head of an association in association-based reconstruction, giving the position key representative authority. The chair will play a central role not only in communicating and coordinating work with the trust company, but also in overseeing the execution of work, resolving conflicts among owners and fostering unity.
The most notable feature of this chair election is that three chairs will be elected, one for each alliance. The aim is to minimize conflict by ensuring each alliance's voice is represented. Accordingly, the Geumcheong Alliance (Geumho Complexes 1 and 3, Cheonggu Apartments, and Towers 601 and 602 of the mixed-use complex), the Hanyang Alliance (Hanyang Complexes 1 and 2, and Tower 603 of the mixed-use complex), and the Commercial Properties Alliance will each choose one chair. Park Se-jin, former vice chair of the residents' representative group, said, “The Hanyang Alliance and the Commercial Properties Alliance each have a sole candidate, so their chairs are effectively decided. In the Geumcheong Alliance, six candidates have entered the race.” The three chairs ultimately elected plan to meet individually with the trust company on matters that require separate decisions by each alliance, and coordinate together on issues common to the entire complex.
The Yangji Village reconstruction project will redevelop the existing 4,392 households into a complex of 6,839 households, with buildings up to 37 stories tall, making it the largest reconstruction project in Bundang. The project encountered a setback when the trust company was changed, but it has since returned to normal, quickly securing residents' consent, and expectations are being reflected in home prices. Recently, an agreement was signed in Yangji Village for the first time at 100 million won per 3.3 square meters.
The licensed real estate agent handling the deal said, “A 42-square-meter unit in Hanyang Apartments, for which the buyer can take over the seller's association-member status, has been agreed at 1.7 billion won, and the parties are coordinating the schedule for actual occupancy.” The agent added, “An application for land transaction permission is expected to be filed with the district office at the end of this month.” The most recent transaction for a unit of the same size in the complex was on September 14, when it set a new reported high of 1.57 billion won. That amounts to an increase of 130 million won in just over a month. The agent added, “Since the project implementer was designated and publicly announced on July 27, there aren't many listings where association-member status can still be transferred. Smaller units are especially scarce.” Under trust-based reconstruction, the transfer of association-member status is restricted after the project implementer's designation is publicly announced, making sales more difficult.
[email protected] Jeon Min-kyung Reporter