▲ CEO Kang Kil-nam

Rebuilding is in full force in the construction industry in Korea at the moment. Rebuilding aka redevelopment is a project to make extensive repairs to old and worn-out buildings. Many buildings were erected during the 70s and 80s, the period Korea pushed forward economic development in full swing. In this respect, most buildings built during those times are subject to rebuilding.

Setting examples of rebuilding
Rebuilding involves many issues to solve. For example, an agreement should be drawn from the people of interest. One rebuilding project normally takes around 10 years to complete and it requires a leader who can push it forward by settling down any possible conflicts and problems. 

Kang Kil-nam, CEO of Gil Real Estate, is one who has left numerous role model cases in the rebuilding sector especially the rebuilding of Samsung Raemian Lacent. Kang successfully drew an approval of management and disposal in December 2007 following an approval of project implementation in May the same year. As the secretary of the related association, he met the public officers in charge and carried out the whole process on behalf of the members of the association.

“Many real estate agents don’t seem to directly involve in rebuilding apart from actively holding briefing and investment sessions. So I decided to take action proactively. I saw the potential of rebuilding of Samsung Raemian Lacent and pushed forward the process in speed” said Kang. 

Kang suggested parceling out price more than the price suggested by the constructor and things eventually turned out in favor of Kang. After the rebuilding, he distributed the profits evenly to the members of the association. This case is quite remarkable considering the fact that most cases have rather been turned to the constructor’s side which often caused extra financial burdens to the members of the association. 

XI Gyeonghuigung
Encouraged by the success of Samsung Raemian Lacent, Kang took in charge of rebuilding of XI Gyeonghuigung, Raemian Center Piece, Raemian Guui Park Suite, XI Prestige Mapo, and quite recently, a rebuilding project in Busan. 

Speed is very important in rebuilding projects and the speed requires a skilled and experienced intermediary agent in order to make it a success. Samsung Raemian Lacent in Jongam-dong, for example, has become one of the most expensive apartments around the area after rebuilding thanks to speedy process and good amenities. 

“The reason most rebuilding projects are in halt is because the people of interest are greedy enough to make things in their favor. Of course they can speak out their rights and opinions but nothing ever happens if that goes over the line. At this point, the role of an association is a crucial.”

Deregulation is needed
Apart from the role of an association, Kang points out deregulation of the government as vital as drawing an agreement among the people of interest. 

“The current government policies on real estate seem to rather discourage redevelopment since stricter regulations have been put on. Constant changes of the government policies can cause confusion and stagnation in the affected fields and it can also be a cause to arise conflicts between residents in the area. 

Kang’s Gil Real Estate is located in Jongam-dong, Seoul. He is received as one of the best in the area for his down-to-earth knowledge and experience in real estate business as well as expertise in rebuilding.