ABSTRACT
Rapid, radical and massive development of the housing sector was one of the key achievements of the post-war period in South Korea. The government systematically introduced the modern apartment typology. Currently, it accounts for more than 60 per cent of the housing stock. The 1990s witnessed the emergence of joint venture redevelopment projects of the then aging apartment complexes with both owners and developers as stakeholders with the aim of increasing housing supply. In the process, low-rise apartment blocks have been replaced by high-rise complexes with improved living conditions and more open spaces. The redevelopment enhances property value and gives financial gains to both parties. This housing development model is seen as the most efficient way to increase the housing stock in the inner cities of South Korea. However, this type of redevelopment process deserves a closer examination. In this chapter, which examines one such redevelopment project, the Jamsil Apartment Complex, a critical viewpoint is developed. This current redevelopment model tends indeed to overrule the voice of minority owners who do not wish to have their old apartments demolished as well as those of tenants. It also leads to a spiral of gentrification: at the end of the day, only a third of the original owners relocate to the newly built high-rise complexes. Neo-liberal principles seem to go in overdrive with this lucrative collaboration between owners and developers. Housing is no longer reduced to just a commodity. It is reduced even further to nothing more than a financial asset, a speculation. This unilateral concentration on financial profit through self-demolition and consecutive redevelopment of housing only intensifies social and urban polarisation in Seoul.
