Imun·Hwikyung Redevelopment Promotion District, Floor Area Ratio Up to 600% with Additional Secured Rental Housing

Location Map of Imun·Hwikyung Redevelopment Promotion District

[Asia Economy Reporter Donghyun Choi] Floor area ratio (FAR) incentives will be granted for securing rental housing in the Imun and Hwikyung Redevelopment Promotion Districts in Dongdaemun-gu, Seoul.

Seoul City announced on the 22nd that it held the 1st Urban Redevelopment Committee meeting on the 21st and approved the amendment to the Imun-Hoegi district unit plan within the Imun and Hwikyung Redevelopment Promotion Districts.

This amendment to the promotion plan reflects the revised Seoul City Urban Planning Ordinance as of March 28 last year, which temporarily (for 3 years) relaxes the floor area ratio when additional rental housing is secured in commercial and quasi-residential areas. According to the ordinance, the residential floor area ratio in commercial areas is increased from the existing cap of 400% to 600%, and the cap in quasi-residential areas is raised from 400% to 500%.

A Seoul City official expressed expectations that "the relaxation of residential floor area ratio through the amendment of the redevelopment promotion plan, decided as a measure to expand housing supply in the metropolitan area, will contribute to securing additional rental housing within the Imun and Hwikyung Redevelopment Promotion Districts."

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