Daechi Eunma to Be Rebuilt as 49-Story, 5,893-Unit Complex... First Public Sale Housing in Redevelopment Project [Real Estate AtoZ]

Maximum Height Raised from 35 to 49 Floors
Special FAR Incentive for Station Areas Applied
Public Sale Housing to Be Supplied Through Redevelopment
Parks and Parking Lots Planned Near Education District and Stations
North-South Public

The redevelopment plan to reconstruct Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul into a complex of up to 49 stories and 5,893 units has passed the Seoul Metropolitan Government's review. The previous height restriction of 35 stories has been lifted, allowing the maximum height to be increased to 49 stories. Half of the additional floor area ratio (FAR) granted as a special benefit for proximity to subway stations will be allocated to public housing. This is the first case since the relevant legislation was revised.

Exterior view of Daechi Eunma Apartment. Asia Economy DB

The Seoul Metropolitan Government announced on September 2 that the 9th Urban Planning Committee held a meeting of the subcommittee for expedited integrated planning and other redevelopment projects, where it approved-with modifications-the proposed changes to the Eunma Apartment redevelopment plan in Gangnam-gu.

With this decision, Eunma Apartment will be transformed into a complex with a maximum of 49 stories and 5,893 units, including 1,090 public housing units. Located between Daechi Station and Hakseoul Station, Eunma Apartment benefits from a special FAR provision for proximity to subway stations, allowing it to apply a 331% FAR, which is higher than the previous legal cap of 300%. The number of units by exclusive area will be: 1,116 units of 59㎡, 1,277 units of 76㎡, 1,592 units of 84㎡, 978 units of 96㎡, 276 units of 109㎡, 368 units of 118㎡, 230 units of 128㎡, and 56 units of 143㎡. The decision to amend the Eunma Apartment redevelopment plan comes eight months after the application for expedited integrated planning consultation was submitted in January.

Eunma Apartment will be the first redevelopment project in Seoul to supply public sale housing. According to the relevant law, when the FAR in a redevelopment zone such as a station area is relaxed to up to 1.2 times the legal cap, more than 50% of the additional FAR must be allocated to public sale housing. The relevant Seoul Metropolitan Government ordinance was revised in March last year, and Eunma Apartment is the first to be subject to this rule.

The city and the association are considering a plan to allocate a portion of the relaxed FAR to public rental housing (231 units) and public sale housing (182 units). In addition to Eunma Apartment, four other complexes-Shinbanpo 7th, Gwangjang Geukdong, Pungnap Geukdong, and Myeongil Hanyang-are also reviewing the application of the special FAR provision for proximity to subway stations. A Seoul Metropolitan Government official explained, "This is the first time the plan for public sale housing has become concrete, as the implementing bodies such as the association have reviewed the business feasibility and decided on the supply," adding, "The timing of sales and detailed supply plans will be determined later."

Perspective view of the reconstruction project for Daechi Eunma Apartment. Provided by Seoul City.

After reconstruction, Eunma Apartment will include parks for local residents in two locations: the Daechi-dong private education district and near Hakseoul Station. An underground public parking lot with a capacity for 400 vehicles and an open library for students will be built beneath the park near the education district. A 40,000㎡ underground reservoir will also be installed near Daechi Station to prevent flooding. A 20-meter-wide public pedestrian passage running north-south will be created at the center of the complex. This passage will connect with the public pedestrian passage of Mido Apartment, whose redevelopment plan has been decided, and the three-dimensional pedestrian bridge crossing Yangjaecheon, bringing Daechi-dong and the Gaepo residential area closer together.

Eunma Apartment is a large complex built in 1979, consisting of 28 buildings, each 14 stories high, with a total of 4,424 units. It was constructed by Hanbo Housing, which purchased the frequently flooded land in Daechi-dong at a low price. Since 1996, a preparatory committee for reconstruction has been working on the project, and official approval was obtained in 2003. With the growth of the Daechi-dong private education district, Eunma Apartment became known as the source of rising housing prices in Gangnam and was targeted by various regulations. The project was stalled for a long time due to the real estate market and conflicts among residents.

In 2015, the owners attempted to redevelop the complex with buildings up to 50 stories, but the plan was blocked by a 35-story height limit, and when the redevelopment zone was designated in 2023, the maximum height was set at 35 stories. After Mayor Oh Se-hoon took office, the height restriction was lifted, and the project, including the increase in building height, gained momentum. Eunma Apartment only received approval for the establishment of the association in 2023 and is currently preparing for project implementation approval. The construction consortium of Samsung C&T and GS Engineering & Construction was selected as the contractor in 2002.

Choi Jinseok, Director of Housing at the Seoul Metropolitan Government, stated, "Seoul will accelerate the supply of new housing by focusing on three key words: speed, public responsibility, and quality of life. The decision to amend the Eunma Apartment redevelopment plan is a representative example of these three principles in action. We will further specify the target recipients and methods for supplying the additional public sale housing made possible by the relaxed FAR."