Mokgye Apartment, also known as 'Mimi Sam' (Miyeong, Misong, Samho 3rd), is being recognized as the largest redevelopment complex in northern Seoul. Although it is still in the early stages, with a request for a maintenance district application pending, there are plans to establish a promotion committee within the year.
According to the redevelopment industry on the 3rd, the Mimi Sam Redevelopment Promotion Preparation Committee is currently collecting consent forms for the maintenance plan, with the consent rate exceeding 50%. A 'resident briefing session on redevelopment' is scheduled for May 24, and a request for the maintenance plan will be submitted to Nowon District Office in June.
A representative of the Mimi Sam Redevelopment Promotion Preparation Committee noted, "We plan to hold an information session for residents regarding the maintenance district application in May," adding, "Once designated as a maintenance district, we aim to promptly proceed with the establishment of the promotion committee and accelerate the establishment of the association."
Mimi Sam, located in Wolgye-dong, Nowon District, Seoul, is a 40-year-old aging apartment building completed in 1986. It mainly consists of small units ranging from 33 to 59 square meters, totaling 3,930 households. It has a low floor area ratio of 131%, which analysis suggests provides substantial revenue. Along with Seongsan Apartment in Mapo District (3,710 households), it is designated as the largest redevelopment complex in northern Seoul.
Last year, the Seoul government amended and passed the district unit plan involving Mimi Sam as part of the 'Wolgye 2 District.' The Wolgye 2 District, which includes Mimi Sam and Samho 4th, will be transformed into a mixed residential complex with around 6,700 households in the future. It is expected to benefit when the GTX-C line opens at Gwangwoon University Station in 2031. Once the GTX-C line is completed, travel from Gwangwoon University Station to Samsung Station will take about 10 minutes with three stops. Additionally, the eastern arterial road underground project has started, aiming for completion by 2029, covering a distance of 12.5 kilometers from Seongbuk District's Seokgwan-dong to Gangnam District's Daechi-dong.
Since the Seoul Won Air Park was sold in November last year, prices for Mimi Sam have been on the rise. An analysis indicates that the high sale price controversy surrounding the Seoul Won Air Park, which could not sell out, resulted in a spillover benefit for Mimi Sam. A unit with a size of 59 square meters, which was trading in the range of 600 million to 700 million won in June to July 2023, changed hands for 815 million won (11th floor) on the 15th of last month. However, compared to the highest price, it is still nearly 20% lower. A 59 square meter unit at Mimi Sam reached its peak price of 980 million won in September 2021. The transaction volume remains at a high level, with 34 transactions this year up to today, and 126 transactions occurred last year.