SEOUL, Jan. 29 (Korea Bizwire) — Residents at the Lake Place apartment complex close to Seokchon Lake in Jamsil, Seoul changed the street name in their address from ‘Seokchon Lake Street’ into ‘Jamsil Street’, out of fear that the name ‘Seokchon’ might have a bad impact on housing prices. Seokchon Lake has been at the center of recent safety concerns over the Lotte World Tower, which is currently under construction, and set to be the tallest building in South Korea.
The safety concerns have been looming since cracks and sinkholes were detected in areas around Jamsil Station near the tower’s construction site. Public concern about safety was also stirred up by a decrease in Seokchon Lake’s water levels. There have been no definitive correlations found between the detected issues and the Lotte World Tower construction.
The Lake Place apartment complex is surrounded by four streets, Seokchon Lake Street, Jamsil Street, Samhaksa Street and Samjeon Street, and the apartment’s official address used to include ‘Seokchon Street.’ Representatives of Lake Place apartment residents, backed by the consent of 76.5 percent of the occupants, submitted a request to Songpa-gu Office on December 11, 2014 to change their address to Jamsil Street.
Songpa-gu Office accepted the demand, and changed the apartment complex’s address from 169 Seokchon Lake Street to 88 Jamsil Street. The office said that the incident marks the first case of an address being changed due to residents concern about street names.
Realtors around the area said that there have been no decreases in real estate prices due to Seokchon Lake’s newly earned infamy, but nearby residents are still uneasy over the long-term effects of safety concerns regarding the lake on real estate values.
By M.H. Lee (email@example.com)