Among Hanam New Town, Hanam District 2, which is the second fastest in reconstruction after Hanam District 3, is on the brink of obtaining approval for its management disposal plan.
According to the construction industry on the 21st, the Hanam District 2 redevelopment association received the feasibility verification report for the management disposal plan, commissioned by the Yongsan District Office to the Korea Real Estate Board (REB), on the 19th.
Currently, the Hanam District 2 association is reviewing the feasibility verification report for the management disposal plan it received from the Yongsan District Office. It plans to submit an opinion letter on the report to the Yongsan District Office soon and to accelerate relocation, demolition, general sale, and occupancy after receiving approval for the management disposal plan. It is anticipated that it could receive the management disposal plan approval from the Yongsan District Office by July.
The feasibility verification of the management disposal plan is a process in which the Korea Real Estate Board (REB) checks the qualifications of association members, allocation procedures, estimated costs of the maintenance project, and cash settlement methods for the management disposal plan applied for approval to the district office.
In Seoul, the authority to approve management disposal plans resides with each district office head, but in the case of large business sites, it is common for the district office to request the Korea Real Estate Board (REB) to verify the feasibility of the management disposal plan. This is to ensure the appropriateness of the management disposal plan and to address deficiencies to prevent disputes and lawsuits in advance.
Feasibility verification can be requested if ▲ the maintenance project costs increase by more than 10% compared to the project plan ▲ the total amount of member contribution increases by more than 20% compared to the application date of the management disposal plan ▲ more than 1/5 of the members requested feasibility verification within 15 days from the application date of the management disposal plan.
If Hanam District 2 obtains approval for the management disposal plan, member status succession will not be possible due to its designation as a speculative overheating zone. Transactions within the district will be restricted until completion after the management disposal plan is approved.
The Hanam District 2 redevelopment project is a project to construct a new apartment complex with a total of 1,537 dwellings, with 30 buildings, six underground floors, and 14 above-ground floors, on a site of 115,500 square meters located in Bogwang-dong, Yongsan District, Seoul.
According to the real estate industry in the Hanam-dong area, the asking price for Hanam District 2 properties has seen a price premium of up to 1 billion won. Industry insiders noted that the number of inquiries about purchases has increased because the down payment and balance must be paid before obtaining approval for the management disposal plan.
An agent from a certified brokerage in Hanam-dong stated, "Currently, there is a property of 159 square meters that has been assigned both 178 square meter and 82 square meter types available for 540 million won, with a premium of around 160 million won attached. Additionally, a property with a 112 square meter type was assigned, and for an expense to change it to over 165 square meters, the price is 520 million won, with a premium of around 180 million won attached."
Previously, the Hanam District 2 association experienced internal strife as two votes for reconfirmation of the construction firm, Daewoo E&C, were held. The association selected Daewoo E&C as the construction company in November 2022. However, as Daewoo E&C did not receive approval from the city of Seoul for the easing of height restrictions and the abolition of through roads proposed at the time of the bid, a first reconfirmation extraordinary general meeting was convened in January 2023.
Daewoo E&C maintained its status as the contractor after receiving reconfirmation from the members. Following that, Daewoo E&C proposed to abolish the through road within the district and to integrate blocks as an alternative, but this suggestion was also rejected as the city of Seoul maintained its position on keeping the through road, leading to a second reconfirmation extraordinary general meeting for Daewoo E&C in April. Through a vote, Daewoo E&C once again retained its status as the contractor.