Han River belt voters chose permit momentum and policy continuity; Oh Se-hoon dominated Mokdong, Yeouido and Apgujeong — and even made inroads in Jeong Won-o's home turf of Seongsu
The force behind Oh Se-hoon's come-from-behind victory in the June 3 local elections was real estate sentiment. Oh, the People Power Party candidate for Seoul mayor, ran strongest across the Han River belt's major reconstruction and redevelopment zones — Apgujeong, Yeouido, Mokdong and even Seongsu-dong, the home turf of his Democratic Party of Korea rival Jeong Won-o. Voters in those areas appear to have rallied behind Oh out of expectations that he would continue deregulating reconstruction and redevelopment projects and keep them moving forward.
In the final count for the Seoul mayoral race — part of the ninth nationwide simultaneous local elections — Oh led in 10 of Seoul's 25 autonomous districts: Gangnam-gu, Gangdong-gu, Gwangjin-gu, Dongjak-gu, Seocho-gu, Songpa-gu, Yangcheon-gu, Yeongdeungpo-gu, Yongsan-gu and Jung-gu. The result heavily featured the three Gangnam districts and the key nodes of the Han River belt.
The clearest pattern emerged in Yangcheon-gu, where 14 complexes in the Mokdong New Town are slated for reconstruction. According to precinct-level results from the National Election Commission, Oh led in six of the district's 18 administrative neighborhoods — Mok 1-dong, Mok 3-dong, Mok 5-dong, Sinjeong 1-dong, Sinjeong 6-dong and Sinjeong 7-dong — all of which overlap geographically with the Mokdong New Town reconstruction zones.
The People Power Party also won the Yangcheon-gu district mayoral race, making it one of eight districts — alongside Gangnam-gu, Gangdong-gu, Gwangjin-gu, Songpa-gu, Seocho-gu, Yongsan-gu and Jung-gu — where the party took the district mayor's seat.
Of the 14 Mokdong New Town complexes, 12 have already received association establishment approval, with only complexes 3 and 7 still pending. All 14 are pursuing reconstruction through Seoul's Fast-Track Integrated Planning program.
Adding urgency, the complexes face a tightening deadline: the International Civil Aviation Organization is set to impose stricter altitude restrictions in 2030, meaning the Mokdong projects must secure project implementation approval before then to proceed without regulatory disruption. Experts say concern that a change in Seoul mayor could slow that process was a key factor consolidating votes in the reconstruction zones.
Seoul City Hall has been providing active administrative support to accelerate the Mokdong reconstruction. The fastest-moving of the 14 complexes, Mokdong Complex 6, cleared the city's integrated review last month. According to the Seoul Metropolitan Government, the project set an all-time record — just 30 months from selection under the Fast-Track Integrated Planning program to association establishment — and completed the integrated review in five months from submission, another record.
In Seongdong-gu, the vote also split along redevelopment lines. Oh outpolled Jeong in Seongsu 1-ga 1-dong and Seongsu 2-ga 1-dong — the neighborhoods containing zones 1 through 4 of the Seongsu Strategic Redevelopment District — even though the area had long been considered Jeong's stronghold as a former Seongdong-gu district mayor. The Seongsu Strategic Redevelopment District is a major project estimated at roughly 8 trillion won (about $5.8 billion).
The project had stalled for years before gaining momentum after Seoul announced plans in 2023 to develop a waterfront residential complex with direct access to the Han River. The four zones together are planned to include more than 9,000 apartment units and a landmark tower rising up to 250 meters. Zone 1, the most advanced, confirmed GS Construction as its contractor in April, with a construction cost of 2.154 trillion won — making it the largest single project within the Seongsu Strategic Redevelopment District.
In Yeongdeungpo-gu, where Oh's support was relatively even across most neighborhoods, Yeouido-dong stood out: residents there gave him a commanding 71.8 percent of the vote. The neighborhood is home to a large-scale reconstruction drive covering 15 complexes and roughly 15,000 units, including the Daegyo and Sibeom apartment complexes.
The fastest-moving project in Yeouido is the Daegyo Apartment complex, which received management and disposal plan approval from the Yeongdeungpo-gu office last month. That came just two years and four months after the association was established in January 2024, and nine months after project implementation approval was granted in August last year. The pace has drawn wide attention in the industry.
In Apgujeong-dong, Gangnam-gu — where contractor selection for zones 2, 3, 4 and 5 recently wrapped up — Oh won 84.5 percent of the vote, the highest margin of any administrative neighborhood in Seoul. Apgujeong zones 2 through 5 together represent more than 10,000 units and a construction cost approaching 12 trillion won, making them the largest Han River-front reconstruction belt in the country.
All four zones are advancing through Seoul's Fast-Track Integrated Planning program and have completed the district designation process. Under current plans, zone 2 will be redeveloped into roughly 2,700 units, zone 3 into about 5,800 units, zone 4 into approximately 1,790 units and zone 5 into around 1,540 units.
"Oh's election win itself will be read by the market as a signal of renewed expectations for privately led reconstruction and redevelopment projects," said Ham Young-jin, head of the real estate research lab at Woori Bank. "It is also notable that his strongest showings came precisely in the Han River belt and Gangnam areas where reconstruction and redevelopment activity is most concentrated."
Ham added that relocation costs could emerge as a sensitive issue as projects advance. "Seoul already has many reconstruction sites that have reached the association establishment stage, and as they move sequentially through project implementation approval and management and disposal plans toward the relocation phase, relocation financing will become a pressing concern," he said. "Even if the city cannot support every project, it would be prudent for local government to prepare the funding and regulatory frameworks needed to handle relocation demand in advance."
By Yoon Sung-hyun and Seo Jeong-eun
quq@heraldcorp.com
lucky@heraldcorp.com
