Increase of Residential Floor Area Ratio to '600% or Less' in Commercial Areas within Sangbong·Junghwa Redevelopment Promotion District

[Asia Economy Reporter Yuri Kim] The residential floor area ratio in commercial areas of the Sangbong-Junghwa Redevelopment Promotion District's preservation management zone will be increased to '600% or less.'

On the 23rd, Seoul City held the 12th Urban Redevelopment Committee meeting and announced on the 24th that it had approved the original plan to amend the redevelopment promotion plan (district unit plan) for the preservation management zone within the Sangbong-Junghwa Redevelopment Promotion District.

The main changes to the redevelopment promotion plan reflect the amendments to the Seoul City Urban Planning Ordinance made in March last year. It temporarily (for 3 years) relaxes the residential floor area ratio when additional rental housing is secured in commercial and quasi-residential areas. Accordingly, the residential floor area ratio in commercial areas will be raised from 400% or less to 600% or less, and in quasi-residential areas from 400% or less to 500% or less.

A Seoul City official stated, "With this decision, it will be possible to secure additional rental housing through the relaxation of the residential floor area ratio implemented as a measure to revitalize housing supply in the metropolitan area within the Sangbong-Junghwa Redevelopment Promotion District, which is expected to contribute to the stability of housing for low-income residents."

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