Yeouido Gongjak to be Rebuilt up to 49 Floors... First Approval of Redevelopment Plan for Yeouido Area

Seoul City Holds Urban Planning Committee Meeting, Approves Redevelopment Plan and Designation of Redevelopment Zone
Passed Reexamination After 4 Years... Expanded from 373 to 582 Households

[Asia Economy Reporter Kim Hyemin] The 46-year-old Gongjak Apartment in Yeouido will be reconstructed into a high-rise residential-commercial complex with up to 49 floors. It is the first redevelopment project in the Yeouido area to have its maintenance plan approved. This decision is expected to accelerate the construction of super high-rise buildings in Yeouido.

On the 17th, Seoul City held the 9th Urban Planning Committee meeting and announced on the 18th that it had approved the amended 'Gongjak Apartment Reconstruction Maintenance Plan and Maintenance Zone Designation' for the area around 21-2 Yeouido-dong, Yeongdeungpo-gu.

This maintenance plan was resubmitted after four years, having been deferred in 2018 due to the establishment of the Yeouido master plan. The association supplemented the plan through prior consultations to ensure consistency with Yeouido's development direction and the currently established 'Yeouido Financial Center District Unit Plan' in response to previous feedback.

Furthermore, considering the purpose of designating the commercial area and the Yeouido skyline, the maximum height was set at 200 meters and no more than 50 floors. While focusing on supplying financial business facilities, additional urban public housing will also be secured.

Accordingly, the Gongjak Apartment, which currently has 12 floors and 373 households, will be transformed through reconstruction into a residential-commercial complex consisting of three buildings ranging from 5 to 49 floors, with 582 households and office and retail facilities. Among these, 85 units will be supplied as public housing (long-term lease). The site coverage ratio is set at 38.35%, and the floor area ratio at 489.89%.

However, in line with city policy, conditions were attached to ensure the public nature of public pedestrian pathways and to adjust the size of public housing units to reflect local demand, such as for one- to two-person households, before project plan approval.

This is the first case of redevelopment proceeding in the Yeouido area after the maintenance plan and maintenance zone designation were approved. Currently, out of 22 apartment complexes in Yeouido, 16 complexes over 40 years old are pursuing redevelopment.

In particular, with the maintenance plan designed for up to 49 floors being the first to pass in Yeouido, it is expected to influence other redevelopment projects in the area. For example, the pilot apartment undergoing redevelopment through the rapid integrated planning method is discussing a maintenance plan with a maximum of 60 floors, and Hanyang Apartment is discussing a plan with up to 50 floors.

A Seoul city official said, "Gongjak Apartment is located outside the apartment district currently preparing the district unit plan because it belongs to the financial center district, which allowed the maintenance plan to be approved," adding, "The 12 complexes within the apartment district will have their maintenance plans approved sequentially in conjunction with the establishment of the district unit plan."