Complexes 6 and 7 of the Gaepo Jugong apartments in Seoul's Gangnam District, the last of the estate to be rebuilt, have won approval of their management and disposal plan. With resident relocation set to begin in February next year, followed by demolition and construction, the rebuilding of the Gaepo district moves a step closer to completion.
Gangnam District said on the 13th that it approved the management and disposal plan for the rebuilding of Gaepo Jugong Complexes 6 and 7 on Oct. 8. The approval came eight days after the district received notice that the Korea Real Estate Board had completed its feasibility review. The district plans to publish the details of the approval in its official gazette and on its website on Oct. 15.
A management and disposal plan is the step in a rebuilding project that finalizes which units each association member will receive, the value of their existing assets and the contributions they must pay. It follows approval of the project implementation plan, and once granted, it allows relocation, demolition and other follow-up steps to proceed.
Gaepo Jugong Complexes 6 and 7 will be transformed from the current 1,960 units into a complex of 2,698 units across 21 buildings standing up to 35 floors, an increase of 738 units. Units will range from 45 to 147 square meters of exclusive floor area, with Hyundai Engineering & Construction (000720) serving as builder.
The reconstruction association plans to begin relocating residents in February 2027 and to carry out asbestos removal and demolition of the existing buildings in the second half of that year. Construction is to start in 2028, with move-in targeted for the second half of 2032.
The complexes are seen as having strong residential appeal, sitting next to the Daechi-dong neighborhood and near Yangjae Stream, Gaepo Neighborhood Park and Mount Daemo. They also offer wider transport access via the Suin-Bundang Line and the Yangjae interchange.
With Complexes 6 and 7 now following Complex 5 in securing approval of their management and disposal plans, the rebuilding of mid-rise apartments across the Gaepo-dong area is set to gather pace.
"With Complexes 6 and 7 following Complex 5 in completing approval of their management and disposal plans, the rebuilding of mid-rise apartments in Gaepo-dong has taken another step forward," Gangnam District Mayor Kim Hyun-ki said. "We will continue to provide swift administrative support so that residents do not have to wait unnecessarily and the project proceeds without setbacks."