Seoul City Listened to Voices from Jamsil 5, Apgujeong, and Eunma Where 'Reconstruction' Has Halted

[Asia Economy Reporter Onyu Lim] The Seoul Metropolitan Government announced on the 1st that it held meetings with resident representatives from 18 major large-scale reconstruction districts to gather diverse voices from the field in preparation for the future normalization of the reconstruction market.

The 18 reconstruction districts, including Jamsil 5 Complex, Apgujeong, Yeouido, and Eunma, have been stagnant for several years in line with the government's real estate market stabilization policy, and they are areas with significant ripple effects on the real estate market.

Seoul requested meetings with these districts and completed the first round of resident meetings in seven sessions from April 27 to June 25. After reviewing the issues specific to each district, follow-up resident meetings will be continuously promoted starting this month.

At the same time, administrative preliminary reviews will be actively supported to ensure that opinions from the Urban Planning Committee's deliberations raised during the years of stagnation, changes in the residential environment, and plans for increasing the number of households from the housing supply perspective are reflected through revisions and supplements to the maintenance plans.

During the resident meetings, Seoul explained the policy directions and overall administration related to reconstruction, including real estate stabilization measures and the progress of district unit plans (draft), and collected difficulties, current issues, and suggestions from resident representatives such as union heads from each reconstruction site.

The main requests from the reconstruction districts included ▲ prompt normalization of reconstruction ▲ abolition of the 35-floor height limit ▲ relaxation of the 15-floor standard for the first residential block along the Han River ▲ abolition and modification of infrastructure (roads, parks, etc.) ▲ easing of public facility burden rates ▲ resident decision on joint development of small-scale complexes ▲ relaxation of the non-residential ratio in mixed-use land.

Seoul plans to thoroughly review the major requests raised at the meetings through consultations among related departments.

Seoul explained that the basic policy direction is to send signals for expanding housing supply to stabilize the real estate market while thoroughly blocking speculative demand, in line with Mayor Oh Se-hoon's housing supply policy stance of "speedy but cautious."

Kim Seong-bo, head of Seoul's Housing and Architecture Headquarters, said, "Investor interest in major reconstruction districts has continued until recently, raising concerns about potential stimulation of the real estate market," adding, "Since major reconstruction complexes have a significant ripple effect on the market, we are seeking understanding and cooperation from reconstruction district residents regarding the cautious project procedures being pursued." He continued, "We will thoroughly review the residents' opinions gathered through this resident meeting, which marks the starting point for housing supply through large-scale reconstruction complexes that have been stagnant," and said, "Seoul will do its best to stabilize the real estate market and expand housing supply for actual demand."

This content was produced with the assistance of AI translation services.