Yangpyeong-dong Sindonga Apartment in Yeongdeungpo to Transform into 49-Story High-Rise

Yangpyeong-dong Sindonga Apartment Reconstruction:
A Landmark Project Applying 400% FAR Increase in Quasi-Industrial Zones
Reborn as a Premium 49-Story Apartment Complex Like Yeouido
Higher FAR Boosts Number of Units and General Sales,
Reducing Association Members' Financial Burden and Increasing Profitability

Yeongdeungpo District (District Mayor Choi Hokwon) announced that, following the increase in floor area ratio (FAR) for quasi-industrial zones, the Yangpyeong-dong Sindonga Apartment complex will be transformed into a premium high-rise apartment with 49 floors and 786 units, similar to those in Yeouido.

The reconstruction of the Yangpyeong-dong Sindonga Apartment is set to become a representative project that will change the landscape of redevelopment, following the Seoul Metropolitan Government’s “Urban and Residential Environment Improvement Master Plan,” which raises the FAR for quasi-industrial zones to 400%. If the plan passes in the second half of this year, the FAR will increase from 299.94% to 399.2%, allowing for the development of a high-rise residential complex with 49 floors.

The total number of units will increase significantly from 563 to 786. In particular, the number of units available for general sale will expand from 12 to about 80, reducing the financial burden on association members and increasing profitability. Notably, last April, the project became the first among Seoul’s apartment reconstruction projects to be exempted from the environmental impact assessment consultation process, shortening the project implementation approval period by more than two months.

The head of the association stated, “Although the promotion committee was established in 2009, it took a long time to begin full-scale reconstruction, which caused significant anxiety among members and led to low participation. As the business feasibility improved with the increase in FAR, more than 80% of the members supported the project.” He added, “The objective and accurate information provided by the Yeongdeungpo District Redevelopment and Reconstruction Consultation Center was extremely helpful. I hope other associations will actively utilize the consultation center to support their projects.”

Meanwhile, in Singil District 2 (205-136 Singil-dong), a 45-story apartment complex will be built through the Urban Public Housing Complex Project, and Yuwon Jeil 2nd Complex in Dangsan-dong is also set to be transformed into a 49-story apartment. In addition, both Yeouido Gwangjang Apartment and Hanyang Apartment are planned to be reconstructed into 56-story buildings, illustrating the active redevelopment and reconstruction projects taking place throughout Yeongdeungpo.

Choi Hokwon, Mayor of Yeongdeungpo District, stated, “Yangpyeong-dong Sindonga Apartment is a representative case where the increase in FAR for quasi-industrial zones has expanded the number of units for sale and reduced the financial burden on association members. This will serve as a positive signal for other future redevelopment and reconstruction projects.” He continued, “We will mobilize all administrative resources to minimize the burden on residents and expedite the reconstruction process by easing unnecessary regulations.”