Yeouido Park East Side Area Designated as District Unit Planning Zone
Financial Special Development Promotion Zone, Floor Area Ratio Can Be Increased Up to 1000%
Additional Relaxation Allowed Beyond 350m When Introducing Open Green Spaces and Public Facilities
Aboveground and Underground Pedestrian Network Established from Yeouido Station to Park One to Yeouido Park
In Yeouido's financial hub, it will become possible to construct supertall buildings with heights exceeding 350 meters (approximately 70 floors). The Financial Special Development Promotion District around the Korea Exchange has been designated as a 'zone with adjustable land use,' allowing the floor area ratio (FAR) to be increased up to 1000% in the central commercial area if public contributions are made.
On the 26th, the Seoul Metropolitan Government announced that it had approved the amendment of the 'Yeouido Financial Center District Unit Plan Designation and Planning Decision (Draft)' at the 13th Urban and Architectural Joint Committee meeting. This means the district unit plan, which was publicly announced for review in May last year, has passed the deliberation process. Earlier, in March, Seoul Mayor Oh Se-hoon announced at the 2023 London Conference plans to upgrade land use in Yeouido’s central area, provide floor area ratio incentives, and relax height restrictions.
The newly designated district unit plan covers approximately 1.12 million square meters in the area densely populated with financial institutions in Yeouido, including the entire eastern side of Yeouido Park except for the apartment district. The area around the KBS Annex is classified as a commercial and business complex district, the Saetgang waterfront area as a downtown function support district, and the multi-family residential areas within the commercial district (Gongjak, Seoul, Sujeong, Jinju Apartments) as a downtown residential complex district. The core objective is to apply height relaxation incentives to create a three-dimensional skyline with landmarks in Seoul’s representative financial center.
The Financial Special Development Promotion District near the Korea Exchange is designated as a 'zone with adjustable land use' to allow upgrading from a general commercial area to a central commercial area (with a floor area ratio of 1000%). For projects larger than 3,000 square meters, if they contribute more than 10% to public purposes such as fintech and startup support or fostering an international financial center, they can be upgraded to a higher zoning category. The height limit in this area is set at a maximum of 350 meters, within which a floor area ratio of 1000% can be applied. The tallest building in Yeouido, Park One (69 floors), stands at 333 meters.
If the land use is not upgraded, floor area ratio incentives can still be granted when introducing recommended business types. Linked with the 'Financial Special Development Promotion District Promotion Plan' announced by Yeongdeungpo-gu in March last year, floor area ratio incentives of up to 120% are allowed when recommended business types are introduced.
The financial center area can further relax the standard height of 350 meters to allow supertall buildings. Height relaxation can be applied when introducing open green spaces or public facilities or when designating special architectural zones.
Large sites such as the Korea Exchange and KBS Annex have been designated as special planning zones to enable landmark development plans. The KBS Annex site, which lies outside the Financial Special Development Promotion District, is included in the commercial and business complex district and is subject to a maximum height limit of 300 meters. The height limit around the KBS Annex is 200 meters.
Additionally, to support the financial ecosystem and urban diversity, financial and business facilities as well as financial business support facilities will be introduced as designated and recommended uses. This aims to actively expand small- and medium-sized financial industry workspaces and financial industry support spaces. Major street fronts will incorporate street activation uses and life support functions. Various types of housing will be supplied, and life support functions such as medical, public, and convenience facilities will be expanded.
To create a three-dimensional aboveground and underground pedestrian network, the area densely populated with financial functions from Yeouido Station to Park One (planned Western Line station) and Yeouido Park will connect underground spaces of surrounding buildings centered on railway stations and underground walkways.
Furthermore, Yeouinaru-ro, connecting Yeouido Station and Yeouinaru Station (Han River), will be specialized as Yeouido’s representative international financial street. When open green spaces or publicly accessible spaces are created, guidelines have been established to provide maximum floor area ratio and height incentives to foster green ecological spaces for citizens.
Jo Nam-jun, Director of the Urban Space Headquarters of Seoul Metropolitan Government, said, "We hope that this district unit plan, which has been prepared over a long period, will enable Yeouido to leap forward as a true international financial center. We will do our best to provide administrative support so that individual development plans can be promptly implemented."
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