9,800 units in Bundang – 6,900 units in Ilsan ‘mini new town level’ reconstruction

2024-04-26 03:17:20

Designation of the 1st new city Seondo District in the second half of the year
Up to 30,000 homes, including 4,000 each in Pyeongchon and Jungdong.
Selection criteria announced next month… Construction begins in 2027
All over the complex, briefing sessions are being held and competition is going on behind the scenes… “Success depends on securing business feasibility in each district.”

The government will designate up to 30,000 units in the first new towns (Bundang, Ilsan, Jungdong, Pyeongchon, and Sanbon) as priority reconstruction targets (Seondo District) within the year. The goal is for each city to start construction on a mini-new city-sized city in 2027 and have it ready for occupancy in 2030. Complexes hoping to rebuild the first new town are already engaged in fierce competition behind the scenes ahead of the designation as a leading district in the second half of this year (July to December).

On the 27th, the Ministry of Land, Infrastructure and Transport announced plans to designate the first new city reconstruction leading district ahead of the enforcement of the Special Act on Old Planned Cities. The leading district is determined at 5 to 10% of the housing stock in each new city. This means that Bundang, with a total number of houses of 98,000, can be designated as a leading district with up to 9,800 houses. Ilsan, which has 69,000 homes, is expected to have up to 6,900 homes, and Pyeongchon, Sanbon, and Jungdong are expected to have up to 4,100 to 4,300 homes each. Considering the entire first phase of new towns, there are over 29,000 houses. It is more than twice the size of 12,032 units after reconstruction of Olympic Park Foreon (Dunchon Jugong reconstruction). In terms of number, it is expected that at least 1 or 2, but at most 4 or more locations will be selected for each new city. An official from the Ministry of Land, Infrastructure and Transport said, “We are trying to select as many complexes as possible without causing instability in the jeonse market.”

The criteria for selecting leading districts of great interest will be announced in the middle of next month. The Ministry of Land, Infrastructure and Transport chose ‘resident consent rate’ as the most important criterion. In addition, residential environments such as the overall scale of reconstruction, the number of parking lots per household, and the convenience of firefighting activities are also taken into consideration. An official from the Ministry of Land, Infrastructure and Transport said, “If the consent rate is similar, we can look at whether it is an integrated reconstruction being developed together with a nearby complex and consider the scale,” adding, “We are also considering a plan to include the percentage of residents who oppose in the point deduction items.”

Even after the announcement of the Seondo district, the Ministry of Land, Infrastructure and Transport plans to select and announce the first new city reconstruction complex with 20,000 to 30,000 units each year. Accordingly, the Ministry of Land, Infrastructure and Transport explains that all reconstruction complexes in the first new city can begin construction by 2042 at the latest. Considering that it takes about three years to complete, the first phase of new town reconstruction will be completed around 2045.

In each new city, competition over designation as a leading district is in full swing. In particular, we are focusing on increasing the consent rate of residents. An official from a reconstruction complex in Ilsan that is pursuing integrated reconstruction said, “We are holding face-to-face meetings every week and online meetings are also held frequently. There is a lot of interest, with 1,500 people attending the resident briefing session.” An official from the Bundang Pilot Complex Integrated Reconstruction Promotion Preparation Committee, which has 7,769 units, said, “Because it is the largest and most symbolic complex, residents’ expectations are high,” and “We plan to maximize resident consent.”

Of course, considering the recent surge in construction costs, securing business feasibility may be another task even if selected. An official from the Ministry of Land, Infrastructure and Transport said, “We will try to secure business feasibility as much as possible through exemption from safety diagnosis under special laws and floor area ratio benefits.” In the case of integrated reconstruction in accordance with the Special Act on Aging Planned Cities, safety inspections are exempted and the legal upper limit of floor area ratio is raised to 150% (300% → 450% based on type 3 general residential areas). Benefits of changing the use area are also provided.

Song In-ho, director of the Economic Information Center at the Korea Development Institute (KDI), said, “Ultimately, the success or failure of this plan depends on whether or not the business feasibility of each district is secured.” He added, “The floor area ratio benefit and change of use zone must be achieved at a level that allows private construction companies to actively pursue orders for the project to take place.” “This will proceed smoothly,” he said.

Reporter Choi Dong-su [e-mail]
Reporter Oh Seung-jun [e-mail]

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2024-04-26 03:17:20