Yeouido Dreaming as the 'Manhattan of Seoul'... Reconstruction Clock Ticking with Oh's Innovative Planning

Daegyo Apartment Sintong Planning Advisory Method Resident Proposal Approved
Already Joined Hanyang and Sibeom Sintong Planning to Accelerate Reconstruction
"To a Super High-Rise International Financial City... Continuing the Prestige of the Wealthy District"

The redevelopment clock in Yeouido, dreaming of becoming the "Manhattan of Seoul," is speeding up. Following Hanyang and Sibeom, Daegyo Apartment has also joined Seoul City's Rapid Integrated Planning. The race for redevelopment speed has met Mayor Oh Se-hoon's "Hangang Renaissance 2.0," preparing Yeouido's skyline for a spectacular transformation.

According to the maintenance industry on the 12th, Seoul City recently approved the resident proposal for the Rapid Integrated Planning advisory method submitted by the Daegyo Apartment Redevelopment Maintenance Project Association Establishment Promotion Committee. Among redevelopment sites in Seoul, Daegyo Apartment is the first to be selected as a project under the advisory method of Rapid Integrated Planning.

Rapid Integrated Planning is a system directly planned by Seoul City to suggest development directions. It can reduce the average time required for designation of maintenance zones from 5 years to 2 years. In particular, the newly introduced advisory method involves only consultation without Seoul City commissioning planning design services, effectively shortening the service commissioning period (2 months) and planning design period (6?10 months).

A representative of the Daegyo Apartment Redevelopment Promotion Committee said, "We expect to further shorten the required period through the advisory method of Rapid Integrated Planning," adding, "We will proceed with the goal of moving in by 2030 by promoting rapid and rational redevelopment, the original objective of Rapid Integrated Planning, through continuous cooperation with the competent authorities."

Daegyo Apartment, adjacent to the Hangang River, occupies a site area of 31,699㎡ with 576 households. The promotion committee plans to redevelop it into a total of 4 buildings, up to 59 floors (approximately 200m in height), and 1,000 households by applying the Yeouido Financial District Unit Plan. In particular, they plan to arrange ultra-high-rise tower-type main buildings with Hangang views so that each household can enjoy panoramic views of the river. Currently, the consent rate for establishing the association has surpassed 85%. The promotion committee aims to start the procedures for establishing the association and selecting a construction company within the year.

In Yeouido, Hanyang and Sibeom Apartments have already joined Rapid Integrated Planning. Additionally, Seoul City announced an apartment district unit plan in April allowing up to 200m height and a maximum floor area ratio of 800% for Yeouido apartment redevelopment, accelerating the project speed.

Hanyang Apartment, completed in 1975, will be redeveloped by demolishing the existing 599 households into a complex supporting the international financial center function with up to 56 floors, 4 buildings, and 956 households. KB Real Estate Trust was designated as the project implementer in August last year, and the Rapid Integrated Planning plan was finalized in January this year. KB Real Estate Trust has begun preparations for selecting a construction company and is expected to enter the selection process as early as the third quarter.

Sibeom Apartment, built in 1971 and the oldest in Yeouido, will transform from the existing 1,584 households to up to 65 floors and 2,500 households. Korea Asset Trust was selected as the project implementer, and the Rapid Integrated Planning plan was finalized in November last year.

A bird's-eye view of the 2nd Sejong Center for the Performing Arts as seen from Yeouido Hangang Park

In Yeouido, besides redevelopment, various "Great Hangang Projects" are underway, including restructuring Yeouido Park, constructing the second Sejong Cultural Center in Yeouido, and building piers for the West Sea waterway. A real estate industry official said, "If the projects proceed as planned by Seoul City and the redevelopment promotion complexes, Yeouido can be reborn as a super high-rise international financial city harmoniously blending residential, business, and commercial functions," adding, "It will be able to restore the prestige of the affluent area that was lost due to housing aging."