The estimated additional contribution of Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul, has been disclosed. An additional cost of about 9.7 billion won is expected to be paid to buy a dedicated 286㎡ penthouse.
According to the urban maintenance industry on the 23rd, the reconstruction association of Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul, recently announced to its members additional contributions incurred when applying for new apartments in the future.
It was found that members who own 84㎡, called the state council, have to pay an additional contribution of 184.41 million won to receive the same equilibrium after reconstruction. Considering that the estimated contribution in the same situation in early 2023 was 117.66 million won, the burden has increased by about 70 million won.
In order for the member to sell 109㎡ exclusively, the additional contribution will increase by nearly 500 million won from 474.66 million won to 939.41 million won.
According to the results of the desired equilibrium survey for union members, it is estimated that the exclusive 286㎡ (penthouse) will have to pay 9.73 billion won for 76㎡ owners and 9.45 billion won for 84㎡ owners. The penthouse is built on the top floor and is set at 1.3 times the unit price based on 84㎡.
If a dedicated 143㎡ (penthouse) is sold, the estimated contribution will be 3.74 billion won based on 76㎡ and 3.45 billion won based on 84㎡, respectively. The estimated contribution of 128㎡ is 1.5 billion won (84㎡) to 1.79 billion won (76㎡), 1.23 billion won to 1.51 billion won for 118㎡, and 940 million won to 1.22 billion won for 109㎡.
It is estimated that if 59㎡ is sold, 76㎡ owners will receive a refund of 290 million won and 84㎡ owners will receive a refund of 570 million won.
Industry experts analyze that 1,104 households, which account for 20% of the total 5,893 households, have contributed to the increase in public rental and distribution, despite the Seoul Metropolitan Government's active support to increase business feasibility, including the highest height and floor area ratio.
As a key measure to expand the housing supply, the Seoul Metropolitan Government has come up with various support measures to revitalize the maintenance project. From the perspective of the union, the burden of public contributions, including social mix (mixed arrangement of pre-sale and rental housing), has increased.
Due to the recent surge in construction costs, even the Gangnam area maintenance project cannot avoid additional contributions worth hundreds of millions of won. Experts point out that proper public contribution is the key to the pace of housing supply expansion aimed by the Seoul Metropolitan Government.
Eunma Apartment has not been able to speed up the reconstruction project. High floor area ratio (201%) and low land shares (48.3㎡ based on 76㎡ dedicated and 53.9㎡ based on 84㎡) were hampered.
Then, the Seoul Metropolitan Government abolished the height limit in 2023 and raised the height from the highest 35 floors to 49 floors, and the floor area ratio was also eased from 300% to 331.9% due to the "special case of the floor area ratio of the station area area," and the recent announcement of the decision on the maintenance plan is on the verge of 29 years since 1996, when discussions on reconstruction began. Seoul Mayor Oh Se-hoon recently announced the start of construction in 2030 by applying the so-called "Integrated Planning Season 2," which aims to simplify various licensing procedures, to Eunma Apartment for the first time.
Nevertheless, it is evaluated that the background of the increase in the burden of contributions was the construction cost, which has been steadily high in recent years, and the size of public rental and distribution households, which account for nearly 20% of the total. Eunma Apartment, which currently has 4,424 households, has been reborn as 5,893 households through reconstruction, but among them, only 400 households are general, excluding 1,104 households, including 909 public rental and 195 public sales.
An industry official said, "In the case of Eunma Apartment, it is expected to lose about 200 million won per household of public rental compared to the general sale," adding, "There is a great concern that public contributions can act as a risk for maintenance projects." "The most important criterion for the smooth implementation of the maintenance project will eventually be how much more individual members should pay," he said, adding, "If the contribution I have to pay right away increases by hundreds of millions of won due to public contributions, internal conflicts will inevitably arise."
Another official said, "The biggest difficulty at the maintenance business site is by far public contributions such as social mix," adding, "It is difficult to expect a smooth maintenance project if we have to provide a good partnership with social mix in the reality of not even acknowledging the realization of the sale price of public rental housing."