Olympic Family Town Designated as District Unit Planning Zone... Increased Floor Area Ratio in Semi-Residential Area

[Asia Economy Reporter Onyu Lim] The floor area ratio of the quasi-residential area within Olympic Family Town in Munjeong-dong, Songpa-gu, Seoul, will increase up to 400%.

On the 9th, Seoul City announced that the Urban and Architectural Joint Committee held on the 8th approved a revised designation and planning decision for the Munjeong Residential District Unit Plan in the area around 150 Munjeong-dong, Songpa-gu.

The target site is the apartment site of Olympic Family Town adjacent to Garak Market Station, where subway lines 3 and 8 intersect. It consists of 56 buildings with 4,494 households, completed in 1988, and benefits from several advantages such as the modernization project of the Garak Market facilities to the north and the development of the Munjeong Legal Complex to the south.

This planning decision was promoted due to the need for systematic urban management measures for the Munjeong Residential Development Project District, which has passed more than 30 years since its completion in 1988.

However, the decision confirmed a standard floor area ratio of up to 300% and a permissible floor area ratio of up to 400%, with a maximum planned height of 80 meters, only for the quasi-residential areas where commercial facilities are located, not residential areas. It is reported that Seoul City made this decision out of concern that housing prices might rise due to expectations of reconstruction. Recently, small groups have been formed mainly by some owners to promote reconstruction.

A Seoul City official said, "With the establishment of urban management measures according to this decision, planned and systematic management of commercial sites and others has become possible."