멈춰 선 도심의 맥박, 재건축·재개발은 대한민국 부동산의 해법이 될 수 있는가 > K-wave Trends

The government's decision to use reconstruction and redevelopment as a breakthrough for housing supply is rooted in the severe slump in permits and construction starts over the past few years. Private renewal projects have effectively been at a standstill due to the triple threat of high interest rates, rising construction costs, and financial regulations. Although the President has expressed a strong will to dramatically increase supply by combining new construction with complex urban development, the industry continues to point to realistic barriers. In particular, the burden on union members to secure relocation funds due to loan regulations is the biggest obstacle to project progress. While core areas like Gangnam may find a way forward with support from construction firms, in less profitable general areas, union members are frequently abandoning or delaying projects altogether because they cannot bear the financial costs.

In this context, the case of Sanggye Hanshin 1 & 2 in Nowon-gu, Seoul, illustrates the local government's struggle to improve the feasibility of renewal projects. Nowon-gu has introduced the "Feasibility Correction Coefficient 2.0," using floor area ratio incentives to lower the financial burden on union members and secure momentum for the projects. This is seen as more than just administrative support; it is a practical incentive to encourage the transition from aging complexes to new apartments in areas with high concentrations of old housing. Similar projects are underway for the nearby Sanggye Hanshin 3rd and Boram Apartments, with about 10,000 new units expected in this area alone. However, for these efforts to bear fruit, they must pass through the narrow gate of the Seoul Metropolitan Government's Urban Planning Committee review, and the process of gathering resident opinions and coordinating between departments will be a key variable in determining the success or failure of the projects.

Major construction companies are also engaged in life-or-death bidding wars to survive in the stagnant renewal market. The fact that DL E&C, which had zero orders in the first half of the year, is focusing all its capabilities on the Mok-dong Complex 6 reconstruction symbolizes the desperate situation currently faced by the construction industry. Their strategy of targeting core areas like Gangnam and Mok-dong with their high-end brand "ACRO" shows that selective, profit-oriented bidding is becoming the norm. However, as seen in the Apgujeong District 5 bidding war, it has become an era where it is difficult to win the hearts of union members with brand power alone. Amidst persistent risks such as construction cost disputes and contractor replacements, construction companies face the difficult task of building trust with unions through differentiated proposals, such as financial support and shortened construction periods.

Meanwhile, renewal projects centered on the first-generation new towns are blocked by the massive mountain of relocation measures. In areas with explosive demand for reconstruction like Bundang and Pyeongchon, residents are demanding the lifting of annual renewal volume limits, but the Ministry of Land, Infrastructure and Transport is maintaining a cautious stance, considering the impact that relocation demand will have on the surrounding housing market. In particular, there is widespread dissatisfaction in the Ilsan area that securing project feasibility is difficult due to low base floor area ratios, and this has re-emerged as a major political campaign promise in line with local elections. Renewal projects have become more than just improving living environments; they have become a battleground where political interests and residents' desires to maximize asset value collide. The two major challenges of "relocation crises" and "project feasibility" raise doubts about whether first-generation new town reconstruction can meet its goal of first move-ins by 2030.

Reconstruction and redevelopment are not necessarily limited to apartment complexes. The "public-private partnership model with land donation," attempted for the first time in the nation in Dangjin, South Chungcheong Province, sets a new milestone for traditional market renewal projects. This project, with an investment of 35.8 billion won, aims to transform an aging market into a complex space that blends daily life, culture, and tourism, reflecting a will to revitalize the local economy. While this shows a different texture from large-scale apartment reconstruction, it ultimately answers the common question of "how to efficiently regenerate aging spaces." Such a model, which combines private capital with administrative support, will serve as an important reference for renewing neglected urban areas across the country in the future.