Gangnam's Top 5 Redevelopment Projects Accelerate After Eunma Clears Review

Seoul's Eunma Apartment in Daechi-dong recently passed the city's integrated review, injecting momentum into the long-stalled project. Other flagship Gangnam redevelopment complexes—including Jamsil Jugong 5, Jamsil Jangmi 1-3 in Sincheon-dong, Songpa-gu, and Sinbanpo 2 and 4 in Jamwon-dong—are also picking up speed after more than a decade in the pipeline.

These large-scale projects, some exceeding 6,000 units, are expected to significantly boost urban housing supply and have substantial market impact.

According to urban redevelopment industry sources on the 10th, Eunma Apartment passed the Seoul Metropolitan Government's 3rd Redevelopment Project Integrated Review Committee on the 26th of last month. The integrated review examines eight areas simultaneously: architecture, landscape, transportation, education, environment, fire safety, disaster prevention, and parks.

Built in 1979, Eunma has been pursuing redevelopment since the late 1990s and is considered a symbol of Gangnam redevelopment. While the recent fire death of a teenage girl highlighted aging safety equipment, the project had remained stagnant.

The project gained momentum after being selected for the Seoul city government's "Fast-Track Integrated Planning Season 2" last year, shortening the integrated review by three months. The association plans to complete project implementation approval this year, obtain management disposal approval next year, and begin construction in 2030. Through redevelopment, Eunma will transform from a 14-story complex with 4,424 units to a maximum 49-story complex with 5,893 units.

Jamsil Jugong 5 and Jamsil Jangmi 1-3—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 complexes 1-4, which completed redevelopment early, Jamsil Jugong 5 saw procedures delayed for over 10 years after receiving association establishment approval in 2013.

The project accelerated after being selected for Seoul's Fast-Track Integrated Planning advisory program, passing integrated review in June last year and filing for project implementation approval in December. As the project gained speed, prices surged—with an 82-square-meter unit recording a new high of 4.625 billion won in December last year.

Jamsil Jangmi 1-3, located across Songpa-daero from Jugong 5, elected former auditor Kim Man-su as new association president on the 7th. Having reorganized its leadership, the association aims to select a contractor this year and obtain project implementation approval next year.

Unlike Jamsil Jugong 5, where listings have dried up following the implementation approval application, Jangmi Apartment still has many units available. While association member status transfers are generally prohibited after association establishment in speculative overheated districts, an exception applies to members who have held their positions for more than three years without filing for project implementation approval. According to real estate big data platform Asil, 348 units—nearly 10% of the total—are listed for sale across the three Jangmi 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 2 and 4, considered the last large complexes in the Banpo area of Seocho-gu, are expected to take more time for redevelopment. Sinbanpo 2 has selected Hyundai E&C (000720) as contractor and recently resubmitted its architectural review that had been put on hold by Seoul city, but litigation between commercial and residential association members remains unresolved. Court rulings on a lawsuit over revised bylaws regarding commercial members' apartment allocation rights have gone opposite ways in the first and second trials, with a Supreme Court decision now pending. If the association, which won in the second trial, prevails in the final ruling, the project is expected to accelerate.

Sinbanpo 4, a prime location in the Express Bus Terminal station area, selected Samsung C&T as contractor last year but has yet to apply for project implementation approval. While integrated review is upcoming, concerns exist that sunlight rights issues related to Cheongdam High School's planned relocation to the north of the complex could delay the project.

These large-scale redevelopment projects have been significantly affected by changing redevelopment policies with each new Seoul mayor. However, with urban housing supply remaining insufficient, expectations are high that momentum will continue after the June local elections.

An industry official said, "Trading is slow now due to the government's strong real estate market stabilization measures, but buyers remain interested in these redevelopment complexes given their excellent business viability." The official added, "Not only Mayor Oh Se-hoon, who has promoted fast-track planning, but also leading mayoral candidates from the ruling party are expected to actively support redevelopment projects to expand supply, so large-scale redevelopment projects will likely gain momentum."