As the conflict between the union and the construction group continues over the Dunchon Jugong Apartment Reconstruction Project, concerns about the supply shortage of apartments in Seoul are growing. Not only Dunchon Jugong, but also major maintenance project complexes in Seoul have been struggling with issues such as calculating the sale price and replacing the contractor, so they are unable to even schedule the general sale.
According to the maintenance industry on the 18th, it was revealed that major maintenance project complexes in Seoul were unable to schedule general sales. If you include the sale in Imun 1 and 3 districts in Dongdaemun-gu, which is considered to be the ‘biggest fish’ in Seoul’s maintenance project together with Dunchon Jugong, the supply schedule for general sale to at least 7,000 households is unclear.
According to the Ministry of Land, Infrastructure and Transport, the total supply of apartment houses in Seoul last year was 8,567. As the supply schedule for general sales, which accounted for 82% of the total supply last year, has not been finalized, the concerns of homeless people are expected to deepen. In Dunchon Jugong, the conflict between the two sides is intensifying as the construction division decided to suspend the construction on the 15th and the union passed the agenda to cancel the resolution to change the construction contract made in the past on the 16th.
Dunchon Jugong has attracted the attention of those waiting for subscriptions since 2019, with only 4786 households for general sale. In the course of the project, until the move-in schedule was delayed from August 2023 to 2024, there was an expectation that the sale schedule would come out this year, but as the construction was halted, it became impossible to guarantee the sale.
The redevelopment project for the Imun District 1 also has not been able to determine the general sale schedule due to the calculation of the sale price. In this complex where Raemian is located, 905 units are for general sale out of a total of 3069 units.
The sale schedule for Imun District 1 was delayed during the design change process to increase the supply from 2904 households to 3069 households. The industry expects that the sale will be possible in the second half of this year at the earliest.
In the Imun 3 district, the issue of replacing the contractor was raised. The complex was built by the HDC Hyundai Industrial Development and GS E&C consortium. After the collapse of Hwajeong I-Park in Gwangju in January, voices of a construction company change came out, and the union plans to hold a general meeting soon and make a decision on the relevant content.
In Seocho-gu, Seoul, Raemian One Pentas, the 15th reconstruction project in Sinbanpo, is not speeding up. The sale schedule, originally scheduled for May of this year, has been postponed to next year. The general sale schedule is expected to be finalized depending on whether the new government eases the presale price regulations.
The real estate industry believes that the introduction of the upper price ceiling system caused a supply void along with a contraction in the real estate market. This is because an increasing number of complexes are unable to confirm the sale schedule due to difficulties in calculating the sale price after the introduction of the sale price ceiling system.
An official from the construction industry said, “The Dunchon Jugong issue is also because the project has been prolonged in a situation where the cooperative is not satisfied with the sale price due to the sale price ceiling system.”
Since the recent real estate market has turned to wait and see, there are voices that it has become more difficult to schedule a sale as more and more complexes that do not apply the sale price cap have difficulties in box office success.
An official in the real estate industry said, “In a situation where the success of the subscription cannot be guaranteed, it is inevitable to be conservative in setting the sale schedule.” It has no choice but to have a detrimental effect on
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