Resolving Reconstruction Challenges Through Improved Project Profitability
Easing Public Contribution Burdens and Securing Additional Floor Area Ratio
Banghak Shindonga 1st Complex Apartment in Dobong-gu, Seoul will be transformed into a large-scale complex with 4,065 households.
On July 4, Seoul City announced that the Subcommittee on Authority, including the Urban Planning Committee's Fast-Track Integrated Planning for Redevelopment Projects, had approved with amendments the designation of the reconstruction maintenance zone and the maintenance plan for Banghak Shindonga 1st Complex Apartment in Dobong-gu.
Banghak Shindonga 1st Complex, an aging complex completed in 1986, currently consists of 3,169 households. In December 2023, residents requested fast-track integrated planning and began pursuing a maintenance plan, but the project was initially evaluated as having low profitability. However, in September 2024, with the application of the profitability adjustment coefficient from the '2030 Urban and Residential Environment Maintenance Basic Plan,' the project secured additional floor area ratio and eased public contribution burdens. As a result, the project's profitability improved, accelerating its progress.
This plan will redevelop Shindonga 1st Complex Apartment into a large-scale complex with a site area accommodating 4,065 households, including 280 public housing units and 140 Mirinae House units. With a floor area ratio of 299.97%, both sales potential and project profitability have increased, and the supply of long-term lease housing is expected to further strengthen residential stability.
In addition, the nearby Balbadak Park will be renovated, and new neighborhood and children's parks will be created. The restoration of a section of Banghakcheon adjacent to Balbadak Park is also planned.
Two new public pedestrian paths will be established?one running east-west (8 meters wide) and another north-south (10 meters wide)?to secure a school route to Sinhak Elementary School and create a pedestrian axis connecting Banghak-ro to Banghakcheon, thereby enhancing pedestrian accessibility and safety.
Choi Jinseok, Director of Housing at Seoul City, stated, "Banghak Shindonga 1st Complex is a representative case that has secured the supply of over 4,000 households by actively supporting measures to improve project profitability and has paved the way for the project's breakthrough. Going forward, we will continue to swiftly promote reconstruction projects through fast-track integrated planning, expand housing supply, and do our utmost to improve residents' quality of life."
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