Approval Granted in Just 1 Year and 7 Months
Up to 57 Stories and 992 Units Planned
Yeongdeungpo District in Seoul (District Mayor Choi Hokwon) announced on November 4 that it has approved the implementation plan for the reconstruction of Hanyang Apartment in Yeouido.
With this approval, the aging Hanyang Apartment complex, which was completed in 1975, will be transformed into a high-rise residential complex with a land area of 31,202 square meters, three towers up to 57 stories high, and a total of 992 units. The zoning will be upgraded from Type 3 General Residential Area to General Commercial Area, with a planned floor area ratio of 599.72%.
The Hanyang Apartment reconstruction project is considered a representative success story of the private-public partnership fast-track integrated planning initiative. The approval process, which typically took more than 10 years, was significantly shortened, and approval was granted on October 31, just 1 year and 7 months after the maintenance plan was finalized in 2023.
Within the reconstructed complex, facilities such as the Seoul Fintech Lab, Digital Financial Support Center, and International Financial Office will be established on a total area of 28,501.57 square meters, creating a global hub to support the digital transformation of the financial industry. A family center for residents, covering 1,497.64 square meters, will also be newly established to provide care services and other amenities.
KB Real Estate Trust will oversee project implementation, while Hyundai Engineering & Construction will be responsible for construction. The complex is tentatively named 'The H Yeouido First,' and the official announcement of the approval will be made on November 6.
Park Wonsil, the head of the Hanyang Apartment Management Committee, stated, "Despite the complicated administrative procedures, the active cooperation and prompt administrative support from Yeongdeungpo District have enabled the project to proceed smoothly. I believe it is most important for the management committee to take the lead and promote the project based on trust with the land and property owners."
Choi Hokwon, Mayor of Yeongdeungpo District, said, "Hanyang Apartment will become the first high-rise residential complex in Yeouido and serve as an important milestone in reconstruction projects. We will spare no effort in providing active administrative support to ensure the successful progress of reconstruction and redevelopment projects throughout Yeongdeungpo."
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