Even in hilly Sangdo-dong, a multifamily home fetches 1 billion won

[Financial News] Sangdo 15 District, where redevelopment is under way under Seoul’s expedited integrated planning program in Dongjak District, is set to file for project implementation approval on the 30th. It is progressing faster than any other site that began redevelopment under the program and is expected to become the first project to receive project implementation approval. Expectations of an accelerated project are also heating up buyer interest in the area.
According to redevelopment industry sources on the 27th, the Sangdo 15 District Redevelopment Project Committee and project operator Daishin Asset Trust held a general meeting on the 24th to prepare an application for project implementation approval. Based on the meeting, they plan to submit the application to Dongjak-gu Office on the 30th. Under current law, the application must be processed within 60 days of filing, and the project is expected to receive approval of its implementation plan by year-end. This would clear a key permitting hurdle about four years after the area was designated a candidate for expedited integrated planning in December 2022.
The Sangdo 15 District redevelopment project will build up to 35 stories, with 32 buildings and 3,204 homes. Expedited integrated planning was finalized in March 2024, followed by the area’s designation in April 2025 and the public notice designating the project operator in June of the same year. On the 16th, Daewoo Engineering & Construction Co., Ltd. was finalized as the contractor, with its high-end Summit brand expected to be used. The project is seen as having nearly established its overall framework.
Residents’ voluntary participation is said to be behind the project’s rapid progress. Lee Jin-ho, chair of the redevelopment project committee, said at the committee office, “Since 2021, when expedited integrated planning was introduced, residents spent a year putting up posters and collecting consent forms for the planning proposal without using outsourced promotional staff (OS workers). With so many residents putting in the legwork, people came to trust one another.”
The number of homes initially projected for the project was 2,800, but Lee, then chair of the preparatory committee, also significantly increased the planned number by pursuing measures such as arranging alternative bus routes, helping improve the project’s viability and pace. The redevelopment project committee and Daishin Asset Trust plan to proceed in stages, targeting approval of the management and disposition plan in October 2027 and relocation in 2028.
This is the first time a project site that began redevelopment under expedited integrated planning has filed for project implementation approval. Of the 214 areas designated under the program to date, seven have received approval to implement their projects: Sillim 1 District, Sanggye Jugong Complex 5, Heukseok 11 District, Yeouido Hanyang, Yeouido Daegyo, Yeouido Sibeom and Eunma Town Apartments. They differ from Sangdo 15 District in that all had been pursuing redevelopment for more than 20 years.
As the project moves ahead faster, home prices in the district are climbing steeply. A multifamily home that sold for 430 million won in 2021 was sold for 1 billion won on the 3rd. The head of a nearby real estate brokerage said, “A young person came to view a home today, too,” adding, “Sales at 1 billion won are common now, and there are listings at 1.2 billion won as well.” The premium is said to be around 500 million to 600 million won. According to the redevelopment project committee, about 50% of the association’s members have changed since the project began in 2021.
Located between the Heukseok and Noryangjin New Towns, Sangdo 15 District is considered a connecting link in the redevelopment belt in the western part of the southern Han River area. Its hilly terrain is seen as a drawback, but it is close to Sindaebangsamgeori and Jangseungbaegi stations, and the planned Seobu Line is considered a plus. Nearby, Sangdo Prugio Clavenue, completed by Daewoo Engineering & Construction Co., Ltd. in 2024, sold units with exclusive areas of 59 square meters for 1.43 billion won in May and 84 square meters for 1.73 billion won in August.
[email protected] Jeon Min-kyung Reporter