The Banpo Hyundai redevelopment complex in Seoul’s Seocho District is expected to receive the first billion-won-plus reconstruction charge notice in the Gangnam area. SBS reported that the initial assessment averages about 220 million won per household, while additional documents and objections could reduce the final amount to the low 100 million-won range. The charge recovers part of the redevelopment gain after construction costs and ordinary home-price growth are excluded, although residents dispute applying the levy to unrealized property gains.
Another nearby complex, Banpo Triwinium, could later face notices exceeding 700 million won for some households, while total charges across 46 Seoul complexes may reach 2 trillion won.