Redevelopment of Shinyongsan Station North Side Zone 1, 337 Households Including 36 Rental Units

[Asia Economy Reporter Yuri Kim] The first redevelopment zone north of Sinyongsan Station in Yongsan-gu, Seoul, managed under urban maintenance-type redevelopment, will be transformed into a multi-family housing complex with 337 units, including 36 rental housing units.

On the 7th, Seoul City held the 13th Urban Planning Committee meeting and announced on the 8th that it had approved a revised plan for the urban maintenance-type redevelopment zone north of Sinyongsan Station, Zone 1, in Yongsan-gu.

The urban maintenance-type redevelopment zone north of Sinyongsan Station, Zone 1, located at 2-116 Hangangno 2-ga, Yongsan-gu, was designated as a maintenance zone in July 2015 after review by the 7th Urban Planning Committee that same year. The site contains deteriorated buildings over 20 years old with five floors or less, as well as some unauthorized structures. At this Urban Planning Committee meeting, a relaxed floor area ratio was applied due to the introduction of additional public rental housing in the quasi-residential area, and the plan to build 36 rental housing units (including 16 additional units due to the floor area ratio relaxation) in accordance with Seoul City's public rental housing policy was also included and approved with modifications.

Accordingly, a multi-family housing complex with 337 units, including 36 rental housing units (20 mandatory units and 16 additional units), will be constructed. The units consist of 140 units under 60㎡, 130 units between 60㎡ and 85㎡, and 67 units over 85㎡. The final project plan will be confirmed after further review by the Architecture Committee and approval of the project implementation. Seoul City stated, "We expect that this decision will give momentum to the redevelopment project in the first zone north of Sinyongsan Station."

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