Daechi Eunma Apartment to Offer 195 Public Housing Units for Sale in First Urban Renewal Project

Daechi Eunma Apartment, a representative reconstruction complex in Gangnam, will supply 195 units as public housing for the first time in the history of urban renewal projects. With the special floor area ratio (FAR) incentive for transit-oriented areas, an additional 655 units can be supplied, of which 30% have been secured as public housing. As the first project to apply the 'New Urban Planning 2.0' initiative, which aims to shorten the approval period for urban renewal projects, the goal is to begin construction in five years.

Perspective rendering of Eunma Apartment reconstruction. Provided by Seoul City

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On the morning of October 13, Seoul Mayor Oh Sehoon visited Eunma Apartment in Daechi-dong, Gangnam-gu to inspect the aging condition and meet with residents. He stated, "We will ensure thorough process management and administrative support to push forward the urban renewal project without delays."

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

Daechi Eunma Apartment Reconstruction Plan, New Urban Planning 2.0 Project Explanation. Provided by Seoul City

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For the first time in an urban renewal project, 'public housing for sale' will be introduced, combining public housing with a private reconstruction project. The FAR incentive will increase the floor area ratio from 300% to 331.9%, allowing for 655 additional units. Of these additional units, 195 will be supplied as public housing for genuine demand, such as multi-child families. The remaining 227 units will be sold privately, and 233 units will be public rental housing.

A city official said, "The number of public housing units has increased by 13 compared to the original plan," adding, "The target for public housing supply is only roughly outlined at this stage and will be carefully reviewed and designed before the sales announcement."

The special FAR incentive for transit-oriented areas is a system that increases the business feasibility by relaxing the legal FAR limit to up to 1.2 times in areas with convenient public transportation and excellent infrastructure. Of the relaxed FAR, 30-40% is supplied as private housing for sale, and 60-70% as public housing. The city is also considering applying the special FAR incentive to five other complexes, including Sinbanpo 7th, Gwangjang Geukdong, Pungnap Geukdong, and Myeongil Hanyang.

Eunma Apartment is the first complex to apply 'Accelerated Integrated Planning 2,' which shortens the urban renewal project period to 12 years. New Urban Planning 2.0 aims to reduce the time required for urban renewal projects to two years for district designation, six years to groundbreaking, and four years to completion, accelerating the process through phased deadline systems and public support. The city plans to break ground on 25,000 units in Gangnam-gu and 310,000 units across Seoul by 2031. The pace of urban renewal projects will also be increased in key areas such as Yeouido, Mokdong, and Seongsu, including the Gangnam area.

Supply volume through Shintong Planning 2.0 and future reconstruction projects in the Gangnam area. Provided by Seoul City

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Eunma Apartment has been pursuing reconstruction based on resident proposals since 2015, but the project was stalled for over a decade. During the previous mayor's term, a 50-story reconstruction plan was scrapped due to a 35-story height restriction. After the height restriction was lifted in 2023, the project was delayed again due to issues such as the underground passage of the GTX-C line, but passed the Urban Planning Committee review in January, just eight months after receiving New Urban Planning advisory support.

Mayor Oh stated, "Seoul's clear principle for housing supply is that the private sector leads, while the public sector provides active support to quickly supply high-quality housing where citizens want it." He added, "Starting with Eunma Apartment, we will swiftly promote private urban renewal projects in aging residential areas and rapidly expand housing in key regions that have driven up housing prices."

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