Jungnang Mangwoo District 1 Association Members’ Burden Reduced by Up to 100 Million KRW per Person... District Mayor Ryu Gyeonggi’s Efforts Welcomed by Residents

Increase in Sale Units Reduces Individual Member Contributions by Up to 100 Million KRW
Project Gains Momentum with Integrated Review Benefits Amid Seoul's Regulatory Easing

Jungnang District (District Mayor Ryu Gyeonggi) announced that, following the public notice of the 'Mangwoo District 1 Public Reconstruction Maintenance Plan Amendment' on March 20, 2025, the financial burden on association members will be reduced and the long-stalled project will now move forward in earnest, raising expectations among members.

Initially, Mangwoo District 1 had completed the resident review stage. However, in order to secure project profitability, the district requested the inclusion of an adjustment coefficient after consultations with the Seoul Metropolitan Government. The plan was subsequently approved with modifications by the Urban Planning Committee (Delegated Subcommittee), and after another round of resident review, the maintenance plan was officially finalized and announced.

With this amendment, the area, previously classified as a Type 2 General Residential Zone, has been upgraded to a Type 3 General Residential Zone. The project will now allow for buildings up to 25 stories and a total of 581 units. Notably, the application of a project profitability adjustment coefficient of 2.0 has increased the number of units available for sale from 478 to 527, an increase of 49 units. It is also projected that the financial burden per association member will decrease by up to 100 million KRW, depending on unit size.

An official from the Mangwoo District 1 reconstruction association stated, "At one point, there was even talk of dissolving the district due to stagnation, but since the announcement of the amended maintenance plan, the project has made significant progress, which is very welcome. In particular, the substantial reduction in financial burden has greatly improved member satisfaction."

Additionally, association member Kim ○○, a resident of Mangwoo-dong, said, "At first, I was anxious about whether reconstruction would even be possible, but with Jungnang District taking proactive administrative steps, the changes are very tangible as a member." Kim also expressed high expectations for the new residential environment.

This amendment aligns with the direction of the '2030 Seoul Metropolitan City Urban · Residential Environment Maintenance Master Plan.' The plan has improved project profitability by addressing the issue of undervalued official land prices, upgrading infrastructure, raising zoning classifications, and improving the floor area ratio system.

The district plans to continue supporting the project administratively by actively utilizing simplified procedures such as integrated reviews in line with Seoul’s regulatory easing policy, ensuring smooth progress of the project.

Jungnang District Mayor Ryu Gyeonggi stated, "Mangwoo District 1 is an area in urgent need of residential environment improvement, and this amendment to the maintenance plan is an important step toward enhancing residents' quality of life. We will continue to reduce the burden on association members and ensure the project proceeds swiftly."

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