Sangbong 7 Redevelopment Promotion Zone Greatly Expanded to 913 Households

[Asia Economy Reporter Lim On-yu] The Seoul Metropolitan Government has decided to significantly increase the number of housing units to be built in the Sangbong 7 Redevelopment Promotion Zone in order to expand housing supply and revitalize commercial areas.

On the afternoon of the 17th, the Seoul Metropolitan Government announced that the 4th Urban Redevelopment Committee approved a revised promotion plan for the Sangbong 7 Redevelopment Promotion Zone around 88 Sangbong-dong.

The site is an urban maintenance-type redevelopment zone located within the Sangbong Redevelopment Promotion District, centered in the Mangu area. With this decision, the zone will be subject to the relaxed residential ratio standard (from 50% to 90%) under the urban maintenance-type redevelopment project, which has been temporarily implemented for three years since March last year to expand urban housing supply and revitalize commercial areas. Accordingly, the residential/officetel ratio will be increased to 90%, resulting in the construction of 931 apartment units. Among these, 172 units, accounting for 10% of the total floor area, will be supplied as public rental housing.

A Seoul city official stated, “Through this revision, we expect to contribute to the additional supply of 80,000 housing units within Seoul and to stabilize the real estate market.”

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