Yeongdeungpo District Raises FAR for Semi-Industrial Areas to 400%... Redevelopment and Reconstruction Projects Progress Smoothly

Redevelopment Projects Expected for Over 30 Multi-Family Housing Complexes

Yeongdeungpo District in Seoul (Mayor Choi Hogwon) announced on the 25th that, following the increase of the floor area ratio (FAR) for semi-industrial areas from the previous 250% to 400%, redevelopment projects are progressing at a faster pace. This measure is expected to accelerate the full-scale promotion of redevelopment for aging multi-family housing, which had previously been difficult to pursue due to low profitability, by easing the financial burden on association members.

Choi Hogwon, Mayor of Yeongdeungpo District, speaking at the Seoul Metropolitan City Semi-Industrial Area Innovation Order Policy Forum. Provided by Yeongdeungpo District Office.

Yeongdeungpo District has continuously requested the Seoul Metropolitan Government to raise the FAR for semi-industrial areas. Last year, with the revision of the 'Seoul City Urban Planning Ordinance' and the reorganization of the 'Seoul 2030 Urban and Residential Environment Improvement Master Plan,' it became possible to apply an FAR of up to 400%. As a result, changes to existing redevelopment plans and new redevelopment projects are actively underway in semi-industrial area complexes within the district.

Major examples of redevelopment plan changes include Sindonga Apartments in Yangpyeong-dong and Gukhwa Apartments in Mullae-dong. For Sindonga Apartments, the FAR increased from 300% to 400%, resulting in an increase from 563 units in a 30-story building to 777 units in a 49-story building, adding 214 units. For Gukhwa Apartments, the FAR rose from 250% to 400%, and the complex is preparing to expand from 354 units in a 29-story building to 659 units in a 42-story building, an increase of 305 units. Other complexes, such as Dangsan Hanyang, Mullae Doosan We've, and Dangsan Hyundai 3rd Apartments, are also accelerating their projects by requesting expedited integrated planning consultations based on the application of a 400% FAR.

Yeongdeungpo District stated, "The relaxation of the FAR in semi-industrial areas has improved the profitability of redevelopment projects and reduced the burden on association members. As a result, the rate of consent for projects has increased, leading to a shorter project implementation period." There are already more than 30 multi-family housing complexes in semi-industrial areas that have exceeded the redevelopment age, and there are nine zones where redevelopment is being pursued. Therefore, the increase in the FAR is expected to serve as a catalyst for the full-scale initiation of various redevelopment projects.

Choi Hogwon, Mayor of Yeongdeungpo District, said, "With reasonable regulatory improvements, the conditions for redevelopment and reconstruction in semi-industrial areas have greatly improved. We will spare no administrative support to ensure that redevelopment projects can proceed quickly while reducing the burden on residents."