Resolving Residents' Long-Standing Requests in Urban Renewal Projects... Yeongdeungpo-gu Accelerates Yeouido Jinju Reconstruction

Increase in Recognized Ratio of Building Donation Leads to Higher Floor Area Ratio and More Sale Units
Profitability Improved with "Basic Construction Cost" Applied to Public Rental Housing
Yeongdeungpo-gu Expands Supply of High-Quality Housing, Advancing as a Premium Residential City in the Southwestern New Economic Zone

Yeongdeungpo-gu (District Mayor Choi Ho-kwon) announced that with the resolution of residents' long-standing issues such as the increase in the recognized ratio of building donation for public use, the previously sluggish pace of reconstruction maintenance projects is accelerating.

They plan to accelerate the development of Yeongdeungpo as a premium city through the expansion of high-quality housing supply.

The district is conducting various maintenance projects, so much so that it is called the "department store of urban maintenance projects." To ensure smooth project progress, they held a "Reconstruction Residents' Meeting" and have continuously submitted proposals gathered from the meeting, including the "increase in the recognized ratio of building donation for public use," to the Seoul Metropolitan Government.

As a result, on October 18 last year, Seoul revised the operational standards for floor area ratio incentives for public facilities and other donations, raising the recognized ratio of building donation from 0.7 to 1.0 exclusively for uses such as rental housing. Applying the increased recognized ratio leads to an increase in floor area ratio and the number of sale units.

Additionally, the construction cost for public rental housing was applied as the "basic construction cost," reflecting realistic construction costs and improving the profitability of maintenance projects. Consequently, the construction cost per 3.3㎡ is about 7.17 million KRW, which is 1.9 times higher than before.

Baek ○○, a representative of the Yeouido Jinju Apartment reconstruction maintenance project, expressed, "Thanks to Yeongdeungpo-gu consistently listening to our voices, the recognized ratio of building donation has increased and the construction cost for rental housing has been made more realistic," adding, "It seems that the previously stalled maintenance project will now proceed rapidly."

Choi Ho-kwon, Mayor of Yeongdeungpo-gu, stated, "With the resolution of obstacles and inconveniences in the reconstruction project, we expect the maintenance projects to truly get underway," and added, "Please look forward to the successful completion of maintenance projects, an increase in the supply of high-quality housing, and Yeongdeungpo's leap forward as a premium residential complex in the southwestern new economic zone."