An antiquated southern Seoul apartment complex long at the center of the nation's real estate policy debate due to its massive size and location in the wealthy Gangnam district has obtained a long-awaited reconstruction approval, the city government said Thursday, signaling its intent to speed up its plan to increase the housing supply.

The Seoul city government's Urban Planning Committee convened Wednesday to approve a reconstruction plan by Eunma Apartments, a complex of 4,424 apartment units in 28 buildings built in 1979 in the Daechi-dong district of Gangnam Ward.

The approved plan calls for demolishing the 43-year-old apartment complex and building 5,778 new apartment units in 33 buildings with a maximum of 35 floors on a lot covering about 240,000 square meters. Construction of a 13,253-square-meter neighborhood park and a 4,081-square-meter culture park were also included in the plan.

The approval came 19 years after Eunma set up a reconstruction promotion association and five years after the Urban Planning Committee began deliberation on its reconstruction plan.

Eunma has been a symbol of Seoul's apartment reconstruction market, as its rebuilding has been subject to various regulations and delays due to authorities' fear of its potential repercussion on real estate speculation particularly amid a spike in housing prices over the past several years.

Following his reelection as Seoul mayor in June, Oh Se-hoon has pushed to increase the housing supply to cool down the property market by accelerating the reconstruction of old apartment complexes and redevelopment of old neighborhoods.

In line with the changed policy, several dilapidated large apartment complexes in southern Seoul and the Yeouido district have already been given reconstruction approvals this year. (Yonhap)