Revitalizing Private Development in Aging Commercial and Residential Areas
Adjustments Made to Enable Development Tailored to Local Needs
The Seoul Metropolitan Government has undertaken regulatory revisions to promote the redevelopment of aging areas in the Cheonho and Seongnae neighborhoods of Gangdong-gu.
On July 1, the city announced that at the 6th Urban Redevelopment Committee meeting held the previous day, it had conditionally approved a proposal to amend the Cheonho Redevelopment Promotion District and its redevelopment plan, which includes removing the Preservation Management Area from the Promotion District.
In addition, the city conditionally approved a proposal to amend the Cheonho Seongnae Redevelopment Promotion District plan, which relaxes regulations such as floor area ratio and building height in the Preservation Management Area, and reorganizes development conditions such as the Special Planning Zone.
With these plan changes, private development is expected to be revitalized in the aging commercial and residential areas of Cheonho and Seongnae. In particular, the Cheonho Seongnae Redevelopment Promotion District has relaxed key regulatory items, including floor area ratio, building height, and maximum development scale, to enhance incentives for private development. The adjustments were made to enable feasible development tailored to the specific circumstances of the area.
Choi Jinseok, Director of Housing at the Seoul Metropolitan Government, stated, "We expect that the changes to the Cheonho Redevelopment Promotion District and the Cheonho Seongnae Redevelopment Promotion Plan will help restore the status of the Cheonho and Seongnae neighborhoods in Gangdong-gu as a regional hub." He added, "We will continue to encourage flexible development that reflects local conditions and realities going forward."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
