Yeongdeungpo District to Rebuild Mullaedong Gukhwa Apartment as 42-Story Complex with 400% FAR Increase

A Large-Scale Complex with 6 Buildings and 662 Units to Be Developed

Yeongdeungpo District in Seoul (District Mayor Choi Hokwon) announced on July 18 that, following the application of a 400% floor area ratio (FAR) for quasi-industrial zones, the Mullaedong Gukhwa Apartment complex will be reborn as a high-rise residential complex for the first time in 42 years, featuring up to 42 floors, six buildings, and a total of 662 units.

Location map of the Mullaedong Gukhwa Apartment redevelopment project site. Provided by Yeongdeungpo District Office.

This project gained momentum from the revision of the Seoul Metropolitan Government's "Urban and Residential Environment Improvement Master Plan." With the FAR for quasi-industrial zones expanded from the previous 250% or less to the legal maximum of 400%, Yeongdeungpo District has been swiftly reviewing the "Mullaedong Gukhwa Apartment Redevelopment Plan Amendment" and accelerating development through consultations with relevant departments.

With the amendment to the redevelopment plan, Gukhwa Apartment will be significantly expanded from the existing 29 floors and 354 units to up to 42 floors and 662 units. As a result, the number of units and sales will increase substantially, greatly improving the project's profitability and easing the financial burden on association members.

Gukhwa Apartment, completed in 1983, is an aging complex located near Mullae Station on Subway Line 2. Despite its prime location, development had been delayed for a long time due to low profitability. However, following the designation as a redevelopment zone in 2020, the establishment of a promotion committee in 2022, and the designation and official announcement of the project implementer in 2024, high-rise development is now becoming a reality based on the amended redevelopment plan.

The chairperson of the Redevelopment Project Operations Committee stated, "Gukhwa Apartment, being over 42 years old and lacking profitability, faced difficulties in redevelopment. However, the increased FAR has provided new momentum for the project, and conflicts between apartment and commercial unit owners have been resolved through coordination." The chairperson also added, "Thanks to the proactive administrative support from Yeongdeungpo District and Seoul City, the high level of resident consent, and especially the assistance from the redevelopment and reconstruction consultation center, the project is progressing smoothly."

In addition, the increase of the FAR to 400% has also enabled the redevelopment of Yangpyeong-dong Sindonga Apartment into a 49-story high-rise complex, leading to the rapid transformation of quasi-industrial zones throughout Yeongdeungpo into "premium residential complexes."

Choi Hokwon, Mayor of Yeongdeungpo District, stated, "The increased FAR for quasi-industrial zones has provided a turning point for the previously stagnant redevelopment projects," and added, "We will continue to provide proactive administrative support to ensure the swift progress of these projects and make Yeongdeungpo a place where residents' imaginations become reality."