Eunma Apartment in Daechi-dong, Seoul recently passed the city's integrated review, breathing new life into a long-stalled project. Other flagship Gangnam redevelopment complexes—including Jamsil Jugong District 5, Jamsil Jangmi 1·2·3 in Sincheon-dong, Songpa-gu, and Sinbanpo 2nd and 4th in Jamwon-dong—are also accelerating their redevelopment efforts after more than a decade of delays. These mega-complexes, some exceeding 6,000 units after reconstruction, are expected to have significant market impact as they can substantially boost urban housing supply at once.
According to urban redevelopment industry sources on the 10th, Eunma Apartment passed the Seoul Metropolitan Government's 3rd Urban Renewal Integrated Review Committee on November 26. The integrated review examines eight areas simultaneously: architecture, landscape, transportation, education, environment, fire safety, disaster prevention, and parks.
Completed in 1979, Eunma Apartment is considered "the symbol of Gangnam redevelopment," having pursued reconstruction since the late 1990s. The recent death of a teenage girl in a fire highlighted aging safety facilities, but progress had remained stagnant.
The project gained momentum last year after being selected for Seoul's "Rapid Integrated Planning (Sintong Planning) Season 2," shortening the integrated review by three months. The association plans to complete project implementation approval this year and obtain management disposal approval next year, targeting groundbreaking in 2030. Through redevelopment, Eunma will transform from 4,424 units in 14-story buildings to 5,893 units reaching up to 49 stories.
Jamsil Jugong District 5 and Jamsil Jangmi 1·2·3—two mammoth projects adjacent to the Han River at the southern end of Jamsil Bridge—are also expected to show visible progress this year. Unlike Districts 1-4, which completed redevelopment early, District 5 saw follow-up procedures delayed for more than 10 years after association establishment approval in 2013. The pace quickened after selection for Seoul's Sintong Planning advisory project (fast track), passing the city's integrated review in June last year and filing for project implementation approval in December. As the project accelerated, prices surged—with an 82㎡ exclusive unit recording an all-time high of 4.625 billion won in December last year.
Jamsil Jangmi 1·2·3, located across Songpa-daero from Jugong District 5, elected former auditor Kim Man-soo as new association chairman on the 7th. Having reorganized its leadership, the association aims to select a constructor this year and obtain project implementation approval next year. Unlike Jamsil Jugong District 5, where listings have dried up following its project implementation approval application, Jangmi Apartment still has many units available. While transfer of association membership is normally prohibited after association establishment in speculative overheating districts, an exception applies to members who have held units for more than three years when project implementation approval has not been filed within three years of association establishment. According to real estate big data platform Asil, 348 units—nearly 10% of total stock—are listed across Jangmi's three complexes. A local real estate agent said, "There are quite a few association member listings from multi-home owners trying to avoid heavy transfer taxes."
Sinbanpo 2nd and 4th, considered the last major complexes in the Banpo area of Seocho-gu, are expected to take longer for redevelopment. Sinbanpo 2nd selected Hyundai Engineering & Construction as constructor and recently resubmitted a modified architectural review that Seoul had placed on hold, but litigation between commercial and residential association members remains unresolved. A lawsuit over bylaw amendments regarding apartment allocation standards for commercial unit owners produced opposite rulings at first and second trials, now awaiting Supreme Court judgment. If the association, which won at the second trial, prevails at final appeal, the project could gain speed.
Sinbanpo 4th, considered a prime location in the Express Bus Terminal station area, selected Samsung C&T as constructor last year but has yet to file for project implementation approval. While an integrated review lies ahead, concerns are emerging that sunlight rights issues related to Cheongdam High School's planned relocation north of the complex could delay the project.
These large-scale redevelopment apartments have been significantly affected by shifting renewal policies with each change in Seoul mayor. However, expectations remain high that momentum will continue even after the June local elections, given persistent shortages in urban housing supply. An industry official said, "Transactions are currently slow due to the government's strong real estate stabilization measures, but buyers remain interested in these redevelopment complexes given their excellent business potential." The official added, "Not only Mayor Oh Se-hoon, who promoted Sintong Planning, but also leading mayoral candidates from the ruling party are expected to actively support renewal projects to expand supply, so large-scale redevelopment projects should gain momentum."