Daechi Eunma to Offer 30% Public Sale Units with FAR Exception... Oh Se-hoon: "We Are Putting Everything on the Line for Speed" (Comprehensive) [Real Estate AtoZ]

Mayor Oh Se-hoon Visits Eunma Apartment in Daechi-dong, Stresses "Speed Is Key"
Station Area FAR Exception Secures 655 Additional Units, 195 for Public Sale
First Project under Shintong Planning 2.0, Seoul Sets "2030 Construction Start" Goal
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The Eunma Apartment complex in Daechi, one of Gangnam's most prominent reconstruction sites, will supply 195 units as public housing for the first time in the history of the maintenance project. With the application of the floor area ratio (FAR) incentive for station area sites, an additional 655 units can be supplied, 30% of which have been secured as public housing. The Seoul Metropolitan Government has set a goal to begin construction by 2030 through the 'Fast-Track Integrated Planning 2.0,' which aims to shorten the approval process for maintenance projects. Meanwhile, the association is pushing to start construction two years earlier, in 2028.

Seoul Mayor Oh Se-hoon is conducting an on-site inspection at the Eunma Apartment reconstruction site in Daechi-dong, Seoul, on October 13, 2025. Photo by Kang Jin-hyung

On the morning of October 13, Seoul Mayor Oh Se-hoon visited Eunma Apartment in Daechi-dong, Gangnam-gu, to inspect the aging condition of the complex and meet with residents. As Mayor Oh arrived, residents applauded and chanted his name. Mayor Oh stated, "Conflicts with commercial tenants have been a major obstacle, but I was relieved to hear that this has been resolved at Eunma. Minimizing resident conflicts is key to speeding up the process," adding, "The city is fully committed to accelerating the pace. What matters is that the reconstruction complex and the city work in sync."

Mayor Oh emphasized, "We are putting everything on the line for speed. The government is expected to announce new measures later this week. Regardless of the details, the most important thing is to supply new housing quickly."

The city aims to shorten the approval period for Eunma Apartment through measures such as a reconstruction processing deadline, targeting groundbreaking in 2030 and completion in 2034. Eunma Apartment is a 14-story, 4,424-unit complex completed in 1979. Last month, following a review by the Seoul Urban Planning Committee, the redevelopment plan was finalized to allow up to 49 stories and 5,893 units.

The Eunma Apartment reconstruction association plans to accelerate the project and begin construction in 2028. Choi Jeonghee, head of the Eunma reconstruction association, said, "From the establishment of the association to the amendment of the maintenance plan and the integrated review, the process has moved at an unprecedented speed. We are preparing for the integrated review, and if we submit by the end of the year, we expect approval next year, followed by the project implementation approval. We aim to complete the management disposition approval, relocation, demolition, and groundbreaking by 2028. Fast-Track Integrated Planning 2.0 outlines the procedures we must follow. I hope the policy direction remains consistent."

Seoul Mayor Oh Se-hoon is holding a residents' meeting at Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul, where the reconstruction maintenance plan amendment was approved on the morning of the 13th. 2025.10.13 Photo by Kang Jin-hyung

Eunma Apartment is the first complex to apply 'Fast-Track Integrated Planning 2.0,' which shortens the maintenance project period to 12 years. Fast-Track Integrated Planning 2.0 is a public support plan that aims to reduce the duration of maintenance projects to two years for district designation, six years to groundbreaking, and four years to completion, using phased processing deadlines. The city plans to start construction on 25,000 units in Gangnam-gu and 310,000 units across Seoul by 2031. The pace of redevelopment projects will also increase in major areas such as Yeouido, Mok-dong, and Seongsu, including Gangnam.

For the first time, 'publicly offered housing' will be introduced in the Eunma Apartment maintenance project, combining public housing with a private reconstruction project. By applying the FAR incentive, the ratio will be raised from 300% to 331.9%, allowing for 655 additional units. Of these, 195 units will be supplied as public housing for real demand groups, such as households with multiple children. The remaining 227 units will be sold privately, and 233 units will be public rental housing. Additionally, a public parking lot will be built to address chronic parking shortages in the Daechi-dong academy district, along with an open public library, national and public daycare centers, a police substation, parks, and retention facilities. Association head Choi explained, "More than 80% of association members agreed to the installation of retention tanks, underground parking lots, and public walkways."

The station area FAR incentive is a system that increases business feasibility by easing the legal FAR limit by up to 1.2 times in station areas with convenient public transportation and excellent infrastructure. Of the increased FAR, 30-40% is allocated to private sales, and 60-70% to public housing. The city is also considering applying the station area FAR incentive to five other complexes, including Sinbanpo 7th, Gwangjang Geukdong, Pungnap Geukdong, and Myeongil Hanyang.

Seoul Mayor Oh Se-hoon is visiting Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul, where the reconstruction maintenance plan amendment was approved, and inspecting the site on the morning of the 13th. 2025.10.13 Photo by Kang Jin-hyung

Mayor Oh emphasized that easing the FAR incentive is a starting point for expanding supply. He stated, "Supplying quality housing in station areas is key to residential stability. The 20% increase in FAR for station area incentives will bring significant benefits to northern Seoul as well. While providing FAR incentives to Eunma or lifting height restrictions in redevelopment complexes in northern Seoul may appear to benefit specific complexes or areas, ultimately, it is about opening the way to secure overall supply for the entire city of Seoul."

Since 2015, Eunma Apartment has pursued reconstruction based on resident proposals, but the project was stalled for over a decade. During the previous mayor's term, the plan for a 50-story reconstruction was scrapped due to a 35-story height restriction. After the height limit was lifted in 2023, the project was further delayed by issues such as the underground passage of the GTX-C line, but passed the Urban Planning Committee review eight months after receiving Fast-Track Integrated Planning consultation in January of this year.

Mayor Oh explained, "To stabilize real estate prices, it is especially important to stabilize housing prices in Gangnam. Eunma is particularly meaningful since many people have wondered whether it would ever be reconstructed. From now on, we will work with the district office to reduce overlapping procedures in the approval process and minimize sources of resident conflict. By 2031, we aim to supply 25,000 units in Gangnam, and by 2035, increase that to 50,000 units."