[Asia Economy Reporter Onyu Lim] A 39-story mixed-use residential and commercial building will be constructed near Yeongdeungpo Market Station in Seoul.
On the 8th, Seoul City announced that the Urban Redevelopment Committee conditionally approved the "Yeongdeungpo 1-11 District Redevelopment Promotion Plan within Yeongdeungpo Redevelopment Promotion Zone" at the meeting held on the 7th.
The Yeongdeungpo 1-11 District (area around 30, Yeongdeungpo-dong 5-ga, Yeongdeungpo-gu), adjacent to Yeongdeungpo Market Station on Subway Line 5, is part of the Yeouido and Yeongdeungpo downtown area.
At the meeting the day before, the committee decided to expand the residential ratio in the district from the current 50% of the total floor area to 90% to support the development of new industries and job centers, promote proximity between residence and workplace, and prevent downtown hollowing out.
Accordingly, a mixed-use residential and commercial building with a total floor area of 160,306 square meters and 39 floors above ground will be constructed in this district. The supply of apartment units will be 818 households (including 171 public housing units), which is 103 more than the originally planned 715 households.
Yoon Jang-hyuk, Director of the Redevelopment Promotion Division at Seoul City, said, "This decision is expected to not only increase new housing supply within the station area of Yeongdeungpo Market Station but also improve the urban environment."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
