[Edaily Reporter Jeong Yun-ji ] Gil-eum-dong in Seongbuk-gu, Seoul, is home to a mix of older apartment complexes and redevelopment sites centered around Gil-eum Station on Subway Line 4. The area is close to Gil-eum New Town, offering a relatively well-developed residential environment, and surrounding development projects—such as the Sinwol-gok District 1 redevelopment and the opening of the Dongbuk Line—are also underway.

Even as housing prices in Seoul continue to soar daily, there are still apartment complexes in this area that maintain prices in the 700 million to 800 million won range. E-Daily took a look at three older apartment complexes near Gil-eum Station.

Gil-eum Station Exit Inside the Complex… Gil-eum Sambu Convenience Apartment Complex

Immediately upon exiting Gil-eum Station Exit 3, we entered a small apartment complex. This 684-unit complex is notable for having a station exit located right inside

the grounds

. It is truly a prime location right next to the station, where residents can use the subway station as if it were an on-site facility.

Completed in February 1998, the complex is now in its 29th year. Signs of aging, typical of older apartment buildings, were visible on the exterior walls. The complex features a mix of corridor-style and staircase-style layouts, with 363 units—the largest number—having a private area of 59㎡.

The problem lies in the cramped living conditions. The floor area ratio (FAR) reaches 350%, and there are only 0.57 parking spaces per household. Residents explain that due to the lack of parking, double parking is practically a necessity. It was also difficult to find separate community facilities such as a gym or library.

Road noise is also cited as a drawback. Since the complex is located in front of the Inner Ring Road and the road leading toward Mia Intersection, vehicle noise is reportedly significant. Some residents even suggest that replacing the windows is necessary to reduce the noise.

On the other hand, daily convenience is decent. Residents can access the commercial area in front of the complex, including the Lotte Castle mixed-use retail space across the street, and E-Mart, as well as Lotte Department Store and Hyundai Department Store at Mia Intersection, are all within walking distance. Gaewoon Elementary School is about an 8-minute walk away. Another advantage is its proximity to the Gil-eum-dong tutoring district, making it a so-called “shuttle zone” served by tutoring center shuttle buses.

Prices are around 835 million won for a unit with a usable area of 59 square meters. While the complex offers excellent access to the subway station and daily amenities, factors such as a high floor area ratio and insufficient parking space make it difficult to expect a redevelopment project.

Goodbye to “Miari Texas”… Donam Beomyang Apartments with Development Potential

Located within a 10-minute walk of Gil-eum Station, the Donam Beomyang Apartments consist of 499 units. Built in the 1990s, this older apartment complex features a mix of corridor-style and staircase-style layouts. The floor area ratio is 284%, and the parking ratio is 1.03 spaces per household—roughly one space per household. The fact that the underground parking garage is connected to some of the buildings is another convenience compared to older complexes.

The educational environment is a major strength. Gaewoon Elementary School is a 5-minute walk from the complex, giving it a location that is practically right next to the school. A large supermarket is also accessible within about a 5-minute walk.

The recent upward trend in prices is also notable. Units with an exclusive area of 59 m² are priced at approximately 863 million won, while those with 84 m² are in the 900 million won range; asking prices for some units have even reached 1 billion won. Prices, which had been trending steadily upward, have jumped by about 100 million to 200 million won since the start of this year.

There is also anticipation surrounding nearby development. Right in front of the complex, the Sinwol-gok District 1 redevelopment project is underway. Following the recent approval of the management and disposal plan, demolition work is in full swing; this project will transform the area formerly known as “Miari Texas” into a large-scale residential district. The prospect that the complex will form a station-centered commercial area alongside Gil-eum Station once the Dongbuk Line opens is another factor fueling development expectations.

However, since the floor area ratio is already relatively high, the feasibility of a redevelopment project for the complex itself is limited. While improvements to the residential environment resulting from surrounding development can be expected, there are limits to anticipating a rise in value through a renovation project for the complex itself.

A Complex

with

a Neat Exterior and “Great Value” Even After 36 Years… Donam Hyundai

Right next to the Donam Beomyang Apartments stands the Donam Hyundai Apartments. With 619 units, it is closer to the road than Beomyang and is characterized by its flag-shaped layout.

Completed in 1991, this is an older apartment complex now entering its 36th year. The exterior was relatively neat, having recently undergone exterior painting. The complex consists mainly of small-sized units and features a mix of staircase-style and corridor-style layouts.

Parking conditions are particularly poor. With only 0.27 parking spaces per household, it has the most severe parking shortage among the three complexes. The floor area ratio is also relatively high at 261%.

Although more than 30 years have passed since its completion, there are still no clear signs of a push for reconstruction. This is because the high floor area ratio makes it difficult to ensure the project’s financial viability. However, there is some indirect optimism stemming from the redevelopment of the Sinwol-gok District 1 and surrounding developments such as the Dongbuk Line.

Prices are lower than in the other two complexes. A unit with an exclusive area of 84 square meters is priced at around 740 million won. Prices have risen by only about 40 million won compared to a year ago.

On the other hand, its location on flat ground and the surrounding living environment are advantages. Moving toward Wolgok Station provides access to various daily amenities, and the proximity to Jeongneung Stream makes it a great place for walks. Improvements to the surrounding environment are also anticipated as a result of the Sinwol-gok District 1 redevelopment.

Gil-eum-dong, where the three complexes are located, is noted for its advantages, including easy commuting to downtown Seoul and the prospect of improved living conditions due to surrounding development. Subway Line 4 provides convenient access to downtown business districts such as Gwanghwamun, and accessibility to the Gangnam area is expected to improve once the Dongbuk Line opens in the future. Another strength is the proximity to Gil-eum New Town, allowing residents to enjoy an already revitalized residential environment. In particular, the “Miari Texas” area—long considered the region’s most dilapidated residential neighborhood—is undergoing revitalization through the Sinwol-gok District 1 redevelopment project, transforming the surrounding environment.

However, a common limitation shared by all three complexes we surveyed is that it will not be easy to proceed with reconstruction given their current state of disrepair. This is because their floor area ratios (FAR) are relatively high, ranging from 260% to 350%.