[Seoul's Future] Stalled Yeouido Reconstruction 'Breakthrough'... Apartments to Be Built Up to 70 Floors

"Wishing for a successful reconstruction." Large construction companies' banners vying for maintenance project contracts fill the Yeouido apartment complexes near the Han River by Yeouinaru Station on Subway Line 5. Yeouido was designated as an apartment district in 1976, but with little major change over more than 40 years, the aging apartment reconstruction projects had been sluggish. However, recently, as Seoul City unveiled the district unit plan, which serves as the blueprint for Yeouido's maintenance projects, Yeouido reconstruction complexes can now actively proceed with redevelopment projects.

Up to 70 Floors and 800% Floor Area Ratio... Yeouido Reconstruction Gains Momentum

Since Mayor Oh Se-hoon took office last year, the long-stalled Yeouido reconstruction projects have begun to move forward. On the 28th of last month, Seoul City released the "Designation of Yeouido Apartment District Unit Planning Zone and District Unit Plan Decision (Draft)." The plan includes provisions allowing ultra-high-density development with a maximum height of 200 meters (up to 70 floors) and a floor area ratio (FAR) of up to 800%. By raising the zoning designation to allow high-density development and easing building regulations such as height restrictions, reconstruction projects in the area are expected to gain momentum. The zoning upgrade and permission to build up to 200 meters are considered favorable benefits for reconstruction complexes. As the zoning change increases the FAR, the project's profitability improves significantly, and higher floors reduce building coverage ratio, making the residential environment more pleasant. The height restriction for the apartment closest to the Han River (the first block along the river) has been relaxed from 15 floors to up to 20 floors.

Moreover, the previous requirement to integrate reconstruction of Han River-facing complexes has effectively been removed, so most individual complexes are expected to accelerate their reconstruction projects. Since 2018, when then-Mayor Park Won-soon announced the "Yeouido Integrated Development" plan, there had been little progress. Due to overheating in the Yeouido housing market and the real estate market, the district unit plan for Yeouido was abruptly put on hold. Some complexes attempted integrated reconstruction, but differing circumstances for each complex caused delays. However, the new plan officially encourages joint development of Han River complexes without mandating it, which is expected to speed up reconstruction plans for individual complexes.

However, Seoul City recommended joint development for Mokhwa and Sambu Apartments, as well as Jangmi, Hwarang, and Daegyo Apartments. These complexes are the closest to the Han River among Yeouido apartment districts, so efficient development is necessary. The city explained that joint development is encouraged to enhance waterfront leisure and cultural functions and to reorganize the Han River-centered spatial structure for efficient public space creation. Currently, these complexes are reportedly pursuing reconstruction individually. A Seoul City official stated, "If joint development occurs, an incentive of 70% FAR (based on commercial district standards) is granted, and there is no disadvantage if development is done individually."

A view of the apartment complex undergoing reconstruction in Yeouido.
[Photo by Kwak Minjae]

Nine Apartment Districts Designated as Special Planning Zones... Development Tailored to Location Characteristics

Seoul City plans to designate the Yeouido apartment district into nine special planning zones to develop according to their location characteristics. Specifically, the district unit plan divides the area as follows: Mokhwa and Sambu Apartments as Zone 1; Jangmi, Hwarang, and Daegyo Apartments as Zone 2; Hanyang Apartment as Zone 3; Shibeom Apartment as Zone 4; Samik Apartment as Zone 5; Eunha Apartment as Zone 6; Gwangjang Apartments Buildings 3?11 as Zone 7; Gwangjang Apartments Buildings 1?2 as Zone 8; and Miseong Apartment as Zone 9. Zones 1, 2, and 4, adjacent to the Han River, will see the creation of public facilities and improvements to the residential environment. Zones 3, 5, 6, 7, and 8, near the financial center's specific development promotion district, are planned to induce commercial, business, and support functions. Zone 9, adjacent to Yeouido Station's transit area, will undergo development to strengthen urban functions.

Most of these zones fall under the "Type 3 General Residential Area," but Seoul City explains that by establishing detailed development plans for special planning zones, zoning upgrades are possible. Upgrading to "General Commercial Area" relaxes the maximum FAR to up to 800% (600% recommended), enabling high-density development.

First, Zone 1, Mokhwa and Sambu Apartments, will be upgraded from Type 3 General Residential Area to General Commercial Area, applying a maximum FAR of 800% (600% recommended). Zone 3, Hanyang Apartment, will also be upgraded to General Commercial Area. A park is planned at the intersection of Yeouibang-daero and International Finance Road. Zones 5 (Samik) and 6 (Eunha Apartments) will also become General Commercial Areas, with a park planned along International Finance Road where the complexes adjoin. Zone 7, Gwangjang Apartments Buildings 3?11, will be upgraded to General Commercial Area, with a linear park planned toward International Finance Road and Yeouinaru. Zone 8, Gwangjang Apartments Buildings 1?2, will also be upgraded to General Commercial Area. Zone 9, Miseong Apartment, will become a General Commercial Area with a linear park planned toward Yeouidong-ro.

Zone 2, Jangmi, Hwarang, and Daegyo Apartments, adjacent to schools, will be upgraded from Type 3 General Residential Area to Semi-Residential Area, applying a maximum FAR of 400%. Zone 4, Shibeom Apartment, will also be changed from Type 3 General Residential Area to Semi-Residential Area. Parks previously distributed within the complex will be relocated west of the Catholic Yeouido Cathedral, and low-rise open sections will be introduced inside the complex. The Yeouido apartment district unit plan will be finalized by the Urban Planning Committee after a public inspection period.

Outline of Yeouido Reconstruction 'Blueprint'... Accelerating the Rapid Integrated Planning

With the establishment of the Yeouido district unit plan, ultra-high-rise reconstruction projects in the area are also expected to accelerate. In particular, Seoul City is anticipated to speed up the preparation of rapid integrated planning guidelines that significantly shorten the time required for maintenance projects through cooperation with the private sector. With the district unit plan in place, reconstruction complexes can now develop detailed maintenance plans more quickly and smoothly.

Yeouido is currently one of the most active areas participating in Mayor Oh Se-hoon's core housing policy, the Rapid Integrated Planning (Sin-tong Planning). The oldest complex in Yeouido, Shibeom Apartment, is a representative example. The Sin-tong Planning for Shibeom Apartment, which allows up to 65 floors and reconstructs the current 1,584 units into about 2,500 units, was finalized in November last year. The 48-year-old Hanyang Apartment's Sin-tong Planning, which envisions a mixed-use residential complex with commercial and cultural functions up to 54 floors, was also finalized in January. Sambu Apartment submitted a maintenance plan application in January to build up to 56 floors with a 500% FAR, aiming to prepare a Sin-tong Planning. Daegyo Apartment, preparing for reconstruction with a height of 59 floors, submitted a Sin-tong Planning advisory project plan to Yeongdeungpo District Office on the 30th of last month.

Since many complexes are participating in Sin-tong Planning, the district unit plan reflects provisions to maximize the speed of Sin-tong Planning projects. For Shibeom and Hanyang Apartments, whose Sin-tong Plans have already been finalized, the contents of the Sin-tong Plans are directly incorporated into the district unit plan. When designated as special planning zones, separate detailed development plans apply FAR and building coverage ratios, but guidelines specify that if future Sin-tong Plans conflict with the district unit plan, the Sin-tong Plan takes precedence.

‘International Financial Hub’ Embracing 350m Financial Skyscrapers

Seoul City presented the "Yeouido Apartment District Unit Plan," containing a reconstruction blueprint, to develop Yeouido into an "International Financial Hub." In exchange for zoning upgrades, the city specified various donation facilities. Notably, new educational and financial spaces such as foreign schools and fintech labs will be secured. To become an international financial hub like Singapore, quality global education spaces are necessary for foreigners to bring their children and work. Based on this, Seoul City aims to develop Yeouido into one of the world's top five international financial centers.

On the 24th, Seoul City also unveiled the "Yeouido Financial Center District Unit Plan (Draft)" to foster Yeouido as an "International Digital Financial Hub." The plan includes urban planning support measures such as height relaxation, FAR incentives, and zoning upgrades for the eastern Yeouido area (1,120,586㎡). The vision is to create a financial center with ultra-high-rise buildings clustered around Yeouido Station. Considering location characteristics, the district unit planning zone is divided into four districts: International Financial Center District, Financial Business Support District, Urban Function Support District, and Urban Residential Complex District.

High-rise office buildings in the Yeouido area.
Photo by Kwak Minjae

The core is designating the area around Yeouido-dong 22 as a "Financial Specific Development Promotion District" and upgrading the zoning from the existing "General Commercial Area" to "Central Commercial Area." Becoming a Central Commercial Area allows a maximum FAR of up to 1000%. Applying Seoul City's creative and innovative design guidelines can grant additional bonus FAR, relaxing it up to 1200%. Until now, Seoul's Central Commercial Areas were limited to just two locations: Myeong-dong and Sangam-dong, with Yeouido newly joining this elite group.

Within the International Financial Center District, the core area is designated as the Financial Specific Development Promotion District, encouraging ultra-high-rise buildings over 350 meters. This district corresponds to the area around Yeouido Station, including the Kyobo Securities Building, Yeouido General Shopping Center, and Korea Exchange. The plan is to induce ultra-high-rise buildings taller than Yeouido Park One (333m, 69 floors) to create a three-dimensional skyline and a world-class waterfront cityscape.

With the release of both the apartment district unit plan and the financial center district unit plan, the blueprint for Yeouido's rebirth as an ultra-high-rise skyscraper district is considered virtually complete. The Yeouido Financial Center District Unit Plan draft will be open for public inspection until the 8th of next month, followed by strategic environmental impact and traffic impact assessments. After these reviews, it will proceed to the Seoul City Urban Architecture Joint Committee for approval and is expected to be officially announced by the end of the year.

Jo Nam-jun, Director of Seoul City's Urban Planning Bureau, said, "Yeouido is one of Seoul's downtown areas where various projects such as the Financial Center District Unit Plan, Apartment District Unit Plan, and the Second Sejong Cultural Center are simultaneously underway, requiring flexible planning. Through the Yeouido Financial Center District Unit Plan, we hope to break away from regulation-centered paradigms and see Yeouido leap forward as an international digital financial hub."