Upgrade from Category 3 General Residential Area to General Commercial Area,
Residential Ratio Increased Up to 90%
Site Area of 44,667.9㎡, Up to 56 Floors, 5 Buildings, and 1,391 Units Planned
Public Disclosure of Maintenance Plan Amendment and Collection of Resident Opinions Until June 8
Yeongdeungpo District (District Mayor Ho Kwon Choi) announced that it will publicly disclose the proposed amendment to the reconstruction and maintenance plan, which aims to transform the nearly 50-year-old Gwangjang Apartment complex into a premium residential complex with up to 56 floors, five buildings, and 1,391 units.
Gwangjang Apartment in Yeouido (28 Yeouidong) is an aging apartment complex completed in 1978, consisting of 12 above-ground floors and 576 units. This reconstruction project will be carried out under the “fast-track integrated planning” method, which streamlines procedures and aims for swift project implementation through collaboration between the public and private sectors.
Since applying for the fast-track integrated planning advisory project to the Seoul Metropolitan Government in September 2023, the district has prepared the amendment to the maintenance plan through ongoing discussions with both the city and local residents.
According to the proposed amendment, a large-scale residential complex with up to 56 floors, five buildings, and 1,391 units will be developed on a site of 44,667.9 square meters. The zoning will be upgraded from a Category 3 General Residential Area to a General Commercial Area, which increases the floor area ratio. In addition, due to revisions to the Seoul City Urban Planning Ordinance, the non-residential ratio within commercial areas has been relaxed from 20% to 10%, allowing the residential ratio to be expanded up to 90%. This has significantly improved the project's profitability.
The head of Association A stated, "The greatest achievement of the Gwangjang Apartment reconstruction is the upgrade to a General Commercial Area and the increase of the residential ratio to 90%. This made it possible to revise the plan to 1,391 units, greatly enhancing the project's profitability and reducing the burden on association members, which led to an 88% approval rate among members. We expect that by smoothly completing the remaining procedures, this will become a premium residential complex."
On May 20, the district held a resident briefing session regarding the Gwangjang Apartment 28 reconstruction, sharing progress and future plans. The proposed amendment to the maintenance plan can be reviewed at the district's Housing Business Division or the Yeouidong Community Center until June 8. Residents can submit their opinions in writing at the designated locations or electronically via the Seoul Urban Planning Portal.
Going forward, the district plans to promptly complete the official announcement of the amendment decision within this year and support the smooth progress of the integrated review and project implementation approval procedures.
Ho Kwon Choi, Yeongdeungpo District Mayor, stated, "Redevelopment and reconstruction projects enhance the value of residents' private property and improve the residential environment. We will focus our administrative resources on reducing the burden on residents and work to relax unnecessary regulations so that the project can proceed vigorously."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
