首尔恩平五个重建片区推进，涉及乐天建设置业、GS建设等承建项目

Five redevelopment zones being pursued simultaneously across the Galhyeon, Daejo, Bulgwang, and Jeungsan areas of Seoul's Eunpyeong district are accelerating, each progressing through stages of zone designation, demolition, and sale preparation. Once the redevelopment of these zones—which enjoy excellent transit access near Subway Line 3—is completed, they are expected to form a housing belt with high residential preference in the northern Seoul area.
According to the redevelopment industry on the 20th, the Galhyeon 1 zone, which is undergoing the process of receiving re-approval of its management disposition plan after its design was changed to increase the volume of general sale units, is expected to hold its sale by the first half of next year at the latest.
Considered the biggest prize in Eunpyeong redevelopment, the Galhyeon 1 zone is a 4,116-home project with Lotte Engineering & Construction serving as the contractor. It received management disposition plan approval in May 2022, following its zone designation in 2011. However, after passing integrated deliberation in a direction that increases the number of general sale units, it must newly obtain union member sale applications and a management disposition plan. This is because changing the design, including floor plans and building arrangements, constitutes a "major change." For this reason, weight is being placed on the possibility that the general sale, which had been scheduled for the second half of the year, will be pushed to early next year.
The gap in expectations surrounding the sale price is also a point to watch. "Hillstate Medialle" (2,451 homes), built by Hyundai Engineering & Construction in the nearby Daejo 1 zone, was priced at approximately 45 million won per 3.3㎡ when sold in May last year, drawing genuine demand and showing a high subscription competition ratio. The 74㎡ exclusive-use area has traded in the 1.4 billion won range this year, carrying a premium of more than 100 million won above the sale price. The prevailing outlook is that the Galhyeon 1 zone's sale price will be formed at a level higher than or similar to that of Hillstate Medialle. "The premium on Galhyeon 1 zone union member listings is actually formed higher, in the mid-to-high 500 million won range, for smaller units with lower appraisal values," said the head of brokerage A in Galhyeon-dong. "After news that 300 general sale units would be added, the premium rose further, climbing to as high as the 600 million won range."
The Galhyeon 2 zone, adjacent to the Galhyeon 1 zone, has also recently gained momentum. The project builds 896 homes up to 18 stories on a 40,178㎡ site around the foothills of Aengbong Mountain at 12-248 Galhyeon-dong. The redevelopment plan decision and zone designation were confirmed through a Seoul city notice in January this year. This is an achievement about three years after redevelopment was restarted, following its selection as a Rapid Integrated Planning target site in 2023, after its zone designation was lifted in 2017. The estimated proportional rate is 108.4%, indicating good business feasibility. The union establishment currently underway is expected to be completed within the year.
The Jeungsan 5 zone, considered the last piece of the Susaek-Jeungsan New Town, has entered the demolition stage. It is being built as a 1,906-home development in the area of 243-15 Jeungsan-dong, with Lotte Engineering & Construction as the contractor. After receiving management disposition approval in 2023 and completing relocation, it conditionally passed integrated deliberation across five areas—architecture, landscape, transportation, education, and environment—in May this year. With the Seoul city environmental impact assessment consultation completed at the end of last month, asbestos removal work has begun in earnest. The union plans to proceed with administrative procedures targeting a project change general meeting in early September. Once the Jeungsan 5 zone is completed, the entire Susaek-Jeungsan New Town will have completed supply of about 12,000 homes.
The Bulgwang 5 zone is also on the verge of demolition. It is being built in the Bulgwang-dong area as a 2,425-home development with 23 buildings up to 35 stories, with GS E&C serving as the contractor. "Bukhansan Xi The Prestige" has been proposed as the complex name. After receiving management disposition plan approval at the end of 2022, it experienced a legal battle over the exclusion of a religious site with Eungwang Church on the site. However, the project was normalized when a redevelopment plan revision excluding the church from the redevelopment zone passed the Seoul Urban Planning Committee at the end of last year. In this process, the floor area ratio was raised from 235% to around 249%, and the maximum number of floors was raised from 24 to 35. Relocation, which began in September last year, exceeded 90% as of March this year. The union is targeting the start of construction at the end of next year, following building demolition in the second half.
The premium on union member occupancy rights in the Bulgwang 5 zone is formed at a level high enough to stand shoulder to shoulder with the Daejo 1 and Galhyeon 1 zones. As of early last year, an occupancy right for the 59㎡ exclusive-use area (rights value of 113 million won) traded at 463 million won with a premium of 350 million won attached. Adding the additional contribution—the union member sale price minus the rights value—the total expected investment is around 1.1 billion won. It is said that with relocation exceeding 90% recently and the project speed noticeably accelerating, an even higher premium has been attached.
The Bulgwang 8 zone is at the earliest stage among the five zones, but its project pace is fast. The project builds 321 homes up to 25 stories on a 13,145㎡ site in the area of 600 Bulgwang-dong. After being selected as a Rapid Integrated Planning candidate site in December 2021, it was designated as a redevelopment zone in October 2024. Eunpyeong district approved the establishment of the Bulgwang 8 zone union in May. It is considered the fastest case of forming a union within Eunpyeong district, through the "public-supported direct union establishment" method, in which the promotion committee stage is omitted and the district office handles the formation of the resident consultative body as well as administrative and financial support. It secured a consent rate of 77%, and the estimated proportional rate is 102.31%. The plan also includes a prime location near Bulgwang Station (Lines 3 and 6), a commercial arrangement linked to a food street, and the creation of a public parking lot.