Residents of Bukahyeon District 2 prepare to move out 18 years after its designation as a redevelopment zone [On-site Report]

[Financial News] On the 8th, in Bukahyeon District 2, Seodaemun District, Seoul, rain was falling steadily, but residents preparing to move could be seen one by one. Relocation notices had been posted throughout the area, and shops had each put up notices stating their final day of business.
A banner at the entrance to the district announced the period for applying for relocation expenses. As we walked around the area, trucks that appeared to belong to moving companies bustled back and forth. One resident we met that day said, “I think it’s been delayed quite a bit, but I’m glad the relocation plan has finally come through, even now,” adding, “I hope the move is completed without a hitch early next year.”
Bukahyeon District 2 is beginning relocation in earnest 18 years after being designated a redevelopment zone in 2008. The relocation period runs from the 9th through March 8 next year. The redevelopment project in Bukahyeon District 2 will build a residential complex of up to 29 stories and 2,320 homes in Bukahyeon-dong, Seodaemun District. A consortium of Samsung C&T Corporation and DL E&C Co., Ltd. will carry out the construction.
Industry sources say it typically takes five to seven years from designation as a redevelopment zone to relocation. Bukahyeon District 2 took about three times that long.
Many residents, worn down by the wait, had left before the official relocation period began. A person surnamed Lee in their 70s, who said they had lived here for more than 20 years, said, “When I first came, most of the homes had already changed hands at least once,” adding, “More than half the homes are already vacant, with their residents having moved out.”
The dispute over the “1+1” housing allocation, cited as an obstacle to relocation, has been resolved to some extent. The Bukahyeon District 2 association initially pursued a plan to provide two homes to some members, but later canceled it, leading to ongoing legal disputes with some members. On October 19, Seodaemun District revoked on its own authority all conditions related to the “1+1” allocation that had been attached to approval of the management and disposition plan, pursuant to Article 18(1) of the General Act on Public Administration.
With Bukahyeon District 2 set to begin relocation in earnest, some in neighboring Bukahyeon District 3 are expressing hope that its project will resume. The project in Bukahyeon District 3 has been delayed amid conflict between the association’s executive leadership and the district office, as well as ongoing disputes within the association.
According to real estate industry sources, the head and auditor of the Bukahyeon District 3 association positions are currently vacant. The association is also reportedly expected to recruit at least several dozen delegates.
Some association members hope the project can resume if a general meeting to appoint replacements is held as early as this month to fill the vacancies. A person surnamed Kim in their 80s who has lived in Bukahyeon District 3 for more than 30 years said, “The best option at this point is to hold a general meeting to elect the association head and an auditor before the end of the year, obtain approval for an amendment to the project implementation plan in the first half of next year, and begin relocation in the second half,” adding, “However, the fact that there are as many as five emergency committees, along with the conflict, could become a variable.”
[email protected] Kwon Jun-ho Reporter