Housing Supply in Guryong Village Increased to 3,739 Units... 45% Allocated to Mirinae House [Real Estate AtoZ]

A Nature-Friendly Residential Complex with 3,739 Units
Multi-Level Walkways and a Neighborhood Park to Address Sloped Terrain
Construction to Begin in Early 2027, Completion Targeted for 2029

The Seoul Metropolitan Government has decided to increase the number of housing units supplied to Guryong Village, an unauthorized shantytown in Gangnam, to 3,739 units. Of these, 45% will be provided as Long-term Jeonse Housing Type 2 for newlywed couples.

Perspective view of the Guryong Village Urban Development Project. Provided by Seoul City

On December 11, the Seoul Metropolitan Government announced that the 18th Urban Planning Committee had conditionally approved the proposed changes to the development plan and landscape review for the Gaepo District (Guryong Village) Urban Development Project.

Guryong Village, located at 478 Yangjae-daero, Gangnam-gu, was formed as a shantytown by displaced residents during the development of the Gangnam area in the 1970s and 1980s, including the period leading up to the Seoul Olympics. It was designated as an urban development zone in 2012, but the project was stalled for a long time due to changes in the development approach. In 2016, it was re-designated as an urban development zone, and Seoul Housing & Communities Corporation (SH) was appointed as the project implementer.

The city has expanded the area for multi-family housing and increased the development density. As a result, the number of housing units will be increased to 3,739, up from the previous plan of 3,520 units. The area for multi-family housing will be expanded from 90,705 square meters to 101,680 square meters, and the floor area ratio will be adjusted from the previous 230-240% to 180-250%. The maximum building height will be raised from 20-25 stories to 25-30 stories.

As part of policies to stabilize housing for newlyweds and encourage childbirth, 1,691 units will be supplied as Long-term Jeonse Housing Type 2 (Mirinae Jib). For the resettlement of existing residents, 1,107 units of integrated public rental housing will be provided. The number of units for sale will be 941, of which 219 will be public sales and 722 will be private sales. This is an additional increase following last May's adjustment of the supply plan from 2,838 to 3,520 units.

Aerial view of the Guryong Village urban development project. Provided by Seoul City

The Seoul Metropolitan Government explained, "The expansion of housing supply in the Gaepo Urban Development Project will contribute to stabilizing the housing market in the Gangnam area, where housing demand is high."

To address the inconvenience caused by the sloped terrain adjacent to the mountains, a multi-level pedestrian walkway will be constructed. A neighborhood park of about 90,000 square meters will be created, establishing a green network connected to Guryongsan and Daemosan Mountains, with the goal of developing an eco-friendly residential complex.

The city is currently working on basic and detailed designs, aiming to break ground on the apartments in the first half of 2027. The project will be expedited with the goal of completion in 2029.

Kim Changgyu, Director General of Balanced Development at the Seoul Metropolitan Government, stated, "With the passage of this revised development plan, the Gaepo Urban Development Project will gain further momentum. We will swiftly transform Guryong Village, which is exposed to disaster risks such as fire and flooding, into a pleasant, eco-friendly residential space where newlyweds, senior households, and all residents can live together."