Foundation Established for Supplying an Additional 59,000 Households in Bundang New Town with a Standard Floor Area Ratio of 315%

Basic Plan for Aging Urban Renewal in Seongnam City Released on the 10th

The standard floor area ratio (FAR) for Bundang New Town in Seongnam City, Gyeonggi Province, has been set at 315%, through which an additional 59,000 housing units are planned to be supplied. Currently, the average FAR in the special maintenance planned areas is 174%, indicating a significant increase in the FAR.

On the 10th, the Ministry of Land, Infrastructure and Transport announced that Seongnam City has disclosed the basic plan for the renovation of the aging planned city and has started public inspection by residents. With the substantial increase in the standard FAR of Bundang New Town, the capacity is expected to expand from the current 96,000 housing units to 155,000 units in the future.

According to the basic plan, Seongnam City will begin renovating 8,000 housing units in the leading district this year out of the 96,000 units in the special maintenance planned area, and will select and renovate 8,000 to 9,000 units annually, which is about 10% of 96,000 units, until 2035.

Seongnam City plans to designate the area around Ori Station as a special maintenance planned area and develop it as a growth hub combining advanced industries and technologies.

Jung Woo-jin, head of the Urban Maintenance Planning Division at the Ministry of Land, Infrastructure and Transport, stated, “The Ministry will actively support government-level assistance such as metropolitan transportation and financial support,” and added, “Following Seongnam Bundang, including Goyang Ilsan, whose basic plan is scheduled to be disclosed, we plan to proceed with the establishment of basic plans for the first-generation new towns and the leading district contest schedule as planned without any setbacks.”