'Seodaemun Station, Jangwi 12, Yaksu Station' and Others Selected as 6th Urban Complex Project Candidate Sites

Seoul 3 Locations, Ulsan 1 Selected... 4,500 Households to be Supplied
11 Existing Candidate Sites Meet Main District Designation Requirements
Ministry of Land, Infrastructure and Transport "Urban Housing Supply Projects Progressing Smoothly"

Perspective view of the former Jangwi 12 District in Jangwi-dong, Seongbuk-gu, Seoul (Photo by Ministry of Land, Infrastructure and Transport)

Four locations?Migeun-dong, Seodaemun-gu, south of Seodaemun Station; the former Jangwi 12 District in Jangwi-dong, Seongbuk-gu; near Yaksu Station in Sindang-dong, Jung-gu; and south of Ulsan Innovation City in Ujeong-dong, Jung-gu, Ulsan?have been selected as candidates for the 6th phase of the Urban Public Housing Complex Project pilot sites.

The Ministry of Land, Infrastructure and Transport announced on the 3rd that it had selected four sites as candidates for the 6th phase of the Urban Public Housing Complex Project pilot sites. As a result, the total number of candidate sites for the Urban Public Housing Complex Project has increased to 56 locations (75,700 households).

The newly selected candidate sites include three in Seoul and one in Ulsan. If projects proceed in these areas, approximately 4,500 housing units are expected to be supplied.

In the case of Migeun-dong, Seodaemun-gu, south of Seodaemun Station, which is a station area, despite its prime location in the city center, development performance has lagged compared to surrounding areas. This site will be developed into a self-sufficient hub through high-density development integrating residential and commercial functions.

The former Jangwi 12 District in Jangwi-dong, Seongbuk-gu, a low-rise residential area, has been aging since its redevelopment zone was canceled in November 2014 due to project stagnation. It will be transformed into a pleasant and scenic residential space through improvements to infrastructure such as roads and the arrangement of buildings linked with eco-friendly elements.

The area near Yaksu Station in Sindang-dong, Jung-gu, has been aging without separate development history due to low project feasibility, but public participation will enhance feasibility and create a residential space harmonized with nearby parks and other amenities.

Lastly, the south side of Ulsan Innovation City in Ujeong-dong, Jung-gu, Ulsan, will be developed as a new residential area in Ulsan in connection with nearby development projects.

Candidate sites not selected this time will continue to be reviewed for project feasibility and location conditions to determine whether to proceed with development.

(Data provided by the Ministry of Land, Infrastructure and Transport)

Analysis of the project effects for the four candidate sites showed that through urban planning incentives, the floor area ratio is expected to increase by an average of 61 percentage points compared to redevelopment or other self-driven development efforts.

The number of housing units supplied is also projected to increase by an average of about 256 units per district (29.7%) compared to self-driven development, due to urban regulation relaxation and easing of infrastructure donation requirements.

With improved project feasibility from increased supply volume, the priority sale price is predicted to be about 60% of the market price on average. Accordingly, landowners’ profit rates are also expected to increase by an average of 20 percentage points.

Aerial view near Yaksu Station, Sindang-dong, Jung-gu, Seoul (Photo by Ministry of Land, Infrastructure and Transport)

Among previously announced candidate sites, strong resident support has resulted in 31 locations (about 40,000 households, 56.3% of announced supply) securing resident consent exceeding 10% after the announcement.

In particular, the number of districts exceeding the two-thirds resident consent required for designation as a main district has increased to 11. For these districts, designation is planned for November, aiming for project plan approval in 2022 and construction commencement in 2023.

Kim Su-sang, Director of the Housing and Land Office at the Ministry of Land, Infrastructure and Transport, said, "Candidate sites for housing supply projects within urban areas are continuously being discovered, and follow-up measures are proceeding without delay," adding, "We will prepare measures to enable the public to experience the effects of early housing supply through expanded and restructured pre-sale programs."

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