Construction of 133-Unit Youth Housing Near Station in Geoyeo-dong, Songpa-gu

District Unit Plan Decision Around 26-1 Geoyeo-dong... 133 Youth Housing Units Expected in January 2024 Under Geoyeo-Macheon Comprehensive Development Plan

Location Map of the Target Site

[Asia Economy Reporter Jong-il Park] Songpa-gu (Mayor Park Seong-su) announced that the district unit plan change decision (draft) for 26-1 Geoyeodong was officially announced on February 15, enabling the 'Transit Station Area Youth Housing Project' (a total of 133 units) in the project site.

Through this district unit plan change, the previously planned standard and allowable floor area ratios of 300% and 360% were significantly increased to a basic and maximum floor area ratio of 500% and 575%. However, the land use zone (quasi-residential area), building coverage ratio (60%), and maximum height (60m) were maintained as per the existing plan.

The project site is located within a 350m radius of Geoyeo Station on Subway Line 5, making access to public transportation such as subway and bus convenient.

Once the 'Transit Station Area Youth Housing' is established, it is expected to supply rental housing at prices lower than the surrounding market rates for youth aged 19 to 39, along with communal facilities for youth, contributing to youth independence and revitalization of the local economy.

Additionally, the district plans to promptly carry out related procedures such as building permits for the completion of the transit station area youth housing. Tenant recruitment is expected to begin in July 2023, with move-in scheduled for January 2024.

Songpa-gu Mayor Park Seong-su stated, “This year, we aim for balanced regional development as a district administration goal and plan to develop Geoyeodong and Macheondong to the level of new towns,” adding, “We will focus all administrative capabilities on creating a vibrant and livable community by listening to the voices of residents.”

Meanwhile, the district is conducting a basic plan and feasibility study for the comprehensive development plan of the Geoyeomacheon area to achieve balanced development in Songpa. This includes ▲ improving residential welfare through appropriate public facility placement by living zones ▲ increasing original resident resettlement rates through sufficient housing supply ▲ restoring Seongnaecheon by removing the Seongnaecheon covered road, thereby laying the foundation for Songpa to grow as a new residential hub.