Two of Songpa-gu's flagship reconstruction complexes accelerate timelines

Jugong 5's prestige faces off against Jangmi's Han River frontage

Prices at both complexes climb as redevelopment momentum builds

Jangmi Apartments in Jamsil, Songpa-gu, Seoul. [Herald Business DB]
Jangmi Apartments in Jamsil, Songpa-gu, Seoul. [Herald Business DB]

Two of Seoul's most closely watched reconstruction projects — Jangmi Apartments in Sincheon-dong and Jamsil Jugong 5 Complex in Jamsil-dong, both in Songpa-gu — are advancing in tandem, fueling growing speculation over which will emerge as Jamsil's premier residential address.

Jangmi 2nd complex 82㎡ hits record 3.3 billion won, surpassing neighboring Parkrio

The Seoul Metropolitan Government officially announced Thursday the revised maintenance plan for Jangmi Apartments, about three months after a modified reconstruction and landscape review proposal for the Jangmi 1st, 2nd and 3rd complexes was conditionally approved at the fourth Urban Planning Committee's special subcommittee on maintenance projects in late March.

As the long-stalled Jangmi Apartments project picks up pace, actual transaction prices have been trending upward. According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, an 82-square-meter unit (exclusive use area) in Jangmi 2nd complex — among the most sought-after in the development due to its proximity to Jamsilnaru Station — sold for 3.3 billion won ($2.12 million) on June 1, setting a new record high.

The head of a real estate agency near Jangmi Apartments said the 82-square-meter units there had previously tracked closely with the 84-square-meter units at the adjacent Parkrio complex, but the gap widened last year as the reconstruction project became more concrete. "Right now, Jangmi is running about 300 million to 400 million won higher," the agent said.

Successor membership now open — project implementation approval targeted for next year

Jangmi Apartments currently qualifies for the transfer of union membership rights, as more than three years have passed since union establishment approval without a project implementation approval being granted. As of Thursday, Naver Real Estate listed 129 units for sale at Jangmi 1st complex, 52 at Jangmi 2nd and seven at Jangmi 3rd. Analysts interpret the listings as owners moving to sell before the project advances further, since membership transfer rights are expected to be restricted again once project implementation approval is secured.

Jangmi Apartments has been pursuing reconstruction in earnest since 2024 through Seoul's fast-track integrated planning scheme, which provides city support from the earliest stages to shorten the time needed to designate a maintenance zone. A Seoul Urban Planning Committee review last October was deferred over concerns about building placement, public pedestrian pathways and traffic management, but a revised proposal passed in March and the maintenance plan was finalized this week.

Estimated additional contributions per union member have also come into clearer focus, varying significantly depending on the unit type currently held and the new unit type selected. A member holding a 71-square-meter unit who opts for a 59-square-meter replacement would face an additional burden of about 44 million won, while choosing an 84-square-meter unit would push that figure to roughly 577 million won. Owners of 82-square-meter units stand to receive about 164 million won back if they select a 59-square-meter unit, but would need to pay an additional 369 million won to upgrade to an 84-square-meter unit.

An official from the Jangmi 1st, 2nd and 3rd Apartments Housing Reconstruction Maintenance Project Union said the association plans to submit an integrated review application within this month. "Last month we held meetings to draft bidding guidelines and set contractor selection criteria, and we are pursuing contractor selection on a two-track basis in parallel," the official said. "Our goal is to receive project implementation approval in the second half of next year."

Jamsil Jugong 5 82㎡ recovers to 4.3 billion won, closing in on Jamsil Lotte Castle 84㎡

Jamsil Jugong 5 Complex, the flagship reconstruction project in Jamsil-dong, has also recently accelerated its timeline. Songpa-gu Mayor Seo Gang-seok approved the project implementation plan for the complex as his first official act of the ninth elected term — a milestone that comes 30 years after a reconstruction promotion committee was formed in 1996 and 26 years after a contractor was selected in 2000.

The complex was not without controversy, having previously been caught up in a dispute over placing public rental housing along the Han River as part of a social mix policy. While pursuing reconstruction through the fast-track integrated planning advisory process, the project was deferred last February when the Seoul Metropolitan Government recommended during an integrated maintenance review that public rental units be placed along the Han River frontage. The union subsequently accepted the city's request, cleared the integrated review and has now received project implementation approval.

After an 82-square-meter unit set a record high of 4.625 billion won (11th floor) in December last year, prices pulled back to around 4.1 billion won in March before recovering. According to the Ministry of Land, Infrastructure and Transport's real transaction price system, an 82-square-meter unit changed hands for 4.325 billion won (2nd floor) on June 16.

That figure approaches the 4.35 billion won (5th floor) paid for an 84-square-meter unit at Jamsil Lotte Castle — currently regarded as the top-tier new apartment in the Jamsil area — in a transaction recorded May 23, a sign that the market holds strong expectations for Jamsil Jugong 5's future value after reconstruction. Listings for the complex on Naver Real Estate stand at 302 units, equivalent to roughly 10 percent of total households.

Jamsil Jugong 5 Complex in Songpa-gu, Seoul. [Yonhap]
Jamsil Jugong 5 Complex in Songpa-gu, Seoul. [Yonhap]

Jugong 5's prestige vs. Jangmi's Han River access — which will define Jamsil?

The two complexes are frequently compared as the twin pillars of Jamsil's reconstruction market, each with distinct locational and symbolic strengths. The head of a real estate agency in Sincheon-dong said the prevailing view in the market is that Jamsil Jugong 5 Complex will ultimately claim the title of Jamsil's top apartment, given its scale, prestige and name recognition.

The same agent noted, however, that Jangmi Apartments offers a unique advantage: it is the only complex in Gangnam where residents can reach the Han River directly by passing through a single underpass within the development, and it has the longest stretch of Han River frontage among complexes in the Jamsil area. "The fact that you only need to cross one road to reach office facilities including Samsung SDS is another advantage that sets it apart from Jamsil Jugong 5," the agent added.

Kim Je-gyeong, director of Tumi Real Estate Consulting, said Jamsil Jugong 5 carries the weight of the Jamsil-dong address itself. "Jangmi Apartments has a price advantage — it's about 1 billion won cheaper for comparable unit sizes — but there is a difference in the status each commands in the market," Kim said. He added that once both projects are completed, Jamsil Jugong 5 is likely to establish itself as the definitive landmark complex representing Jamsil.


quq@heraldcorp.com