Olympic Park Foreon

A large-scale redevelopment apartment complex of about 12,000 households in Dunchon-dong, Gangdong-gu, Seoul, one of the largest single complexes in Korea.

Olympic Park Foreon (올림픽파크 포레온)

Overview

Olympic Park Foreon (올림픽파크 포레온) is a mega apartment complex built through the redevelopment of the former Dunchon Jugong Apartment (둔촌주공아파트) area in Dunchon-dong (둔촌동), Gangdong-gu (강동구), Seoul. With a total of 12,032 households, it is among the largest single complexes in Seoul. As move-ins began in late November 2024, it has established itself as a key complex influencing not only the Gangdong-gu area but the broader real estate market in southeastern Seoul.

Main Details

Project Background and Process

Dunchon Jugong Apartment was a large residential complex built in the early 1980s ahead of the Seoul Olympics, and as it aged, discussions of redevelopment continued for a long time. The project went through procedures such as project implementation authorization, management disposal plan approval, relocation and demolition, and construction commencement; construction was undertaken by a consortium of major builders including Hyundai E&C. Conflicts between the association and the builder over increased construction costs, calculation of sale prices, and adjustments to the general sale schedule emerged as major issues throughout the project period.

Scale and Complex Characteristics

The complex consists of about 80 high-rise apartment buildings up to around 35 floors above ground, and includes various housing types from exclusive use areas of 59㎡ to 84㎡ and larger units. Both association member units and general sale units were supplied, and the complex was planned with commercial facilities, resident community facilities, landscaping and green spaces, and pedestrian-centered circulation. The brand name "Foreon" is known to combine the meanings of Forest and On (connection/continuity), and the complex name reflects its geographical connection with nearby Olympic Park.

Location and Transportation

The complex is located between Dunchon-dong Station and Gil-dong Station on Seoul Subway Line 5, providing good access to the city center. Nearby are Olympic Park, Hangang Park, the Dunchon-dong school district, and living infrastructure, while Gangdong-gu Office, the Cheonho and Gil-dong commercial districts, and medical facilities such as Boram Hospital are also close. However, due to the characteristics of a large complex, subway congestion during commuting hours and increased traffic volume on roads around the complex are pointed out as challenges.

Sales and Market Impact

The general sale took place in late 2022, and with high sale prices combined with a sharp rise in interest rates, the initial subscription competition rate and contract rate drew market attention. Afterwards, as the real estate market downturn and construction cost disputes overlapped, issues such as uncontracted units, no-priority subscriptions, and sale price adjustments continued. As move-ins began in earnest in 2024, it acted as a direct variable in jeonse market prices and sale price trends in nearby Gangdong, Songpa, and Hanam areas, and both the prospect that large-scale move-in volume could pressure jeonse prices in the short term and the prospect that a preference for new construction could raise surrounding market prices were raised together.

Major Controversies

Representative issues include the conflict between the association and the builder over increased construction costs, controversy over option costs such as sale price and balcony extension fees, some defects and design changes, and concerns about move-in delays. In particular, the possibility that increased project costs could lead to additional contributions from association members was a major concern.

Latest Trends

Move-ins began in late November 2024 and are proceeding sequentially through the first half of 2025, entering a phase in which balance payments and jeonse and sale transactions are becoming active. Since the second half of 2024, in line with the upward trend in Seoul apartment prices, 84㎡ units have traded at around the 2 billion won range, highlighting its status as a leading new-build complex in Gangdong-gu. At the same time, strengthened loan regulations, interest rate fluctuations, and the possibility of jeonse price adjustment due to the supply of large-scale jeonse volume are cited as major variables. Demands for commercial district formation, school and transportation infrastructure improvement, and the operation method of community facilities within the complex are also emerging as issues of interest to residents.