The Seoul Metropolitan Government has selected Gangnam Deachi-dong’s Eunma Apartment as the first site to apply the ‘Rapid Integrated Planning (Shintong Planning) Phase 2’. This project’s approval system for urban renewal projects has been comprehensively revamped, marking the first application of the new model on an actual site. The city plans to accelerate its urban refurbishment initiatives starting with this project.
Seoul Mayor Oh Se-hoon stated during his visit to Eunma Apartment on the 13th, “The principle of housing supply in Seoul is led by the private sector with active public support,” and noted, “We will accelerate the pace of reconstruction projects starting with Eunma Apartment.”
While Phase 1 of Shintong Planning integrates preliminary planning and consultation before designating a redevelopment area to shorten the period, Phase 2 involves simultaneous processing of approvals such as business plan sanction, traffic, and environmental reviews after designating the redevelopment area. Through this process, the Seoul Metropolitan Government aims to compress the approval timeline with a target groundbreaking in 2030.
Constructed in 1979 and comprising 4,424 units, Eunma Apartment is considered a prominent example of aged residential areas in Gangnam. Although there has been a recurring call for improvements in living conditions and safety, issues such as height restrictions and the underground passage of the GTX-C line delayed the reconstruction for over a decade.
A proposal for a 50-story reconstruction in 2015 was halted due to a then-maximum height limit of 35 stories. The reconstruction was approved under a 35-story maximum in late 2022, but when height limits were lifted in 2023, plans for up to 49 stories became possible. Following the submission for Shintong Planning consultation in January this year, the proposal passed the subcommittee review in September, with redevelopment plans expected to be finalized and announced following re-publication.
With the application of Shintong Planning Phase 2, the Seoul government intends to complete the project implementation approval within two years. The plan is to complete management disposal approval in another two years and allow for relocation and demolition in one year, aiming for groundbreaking in 2030 and completion in 2034.
This project is noteworthy as it marks the first combination of public subscription and privately-led reconstruction. The Seoul Metropolitan Government will apply a special floor area ratio for transit areas, easing the previous 300% ratio to 331.9%, thus supplying an additional 655 housing units. Among these, 195 units will be publicly sold to large families and middle-income groups, 233 for public rental, and 227 for private sales.
The city is also considering applying this special floor area ratio to five other complexes besides Eunma Apartment. It plans to determine the relaxation range by comprehensively considering the area, roads, infrastructure, and surrounding environment, and finalizing it through committee review.
Professor Kwon Dae-jung of Hanyang University’s Department of Economics and Real Estate remarked that “Eunma Apartment is a highly symbolic site, and its example will be crucial for other large complexes. The combined effect of shortened approval and increased floor area ratio could revive the reconstruction market,” while also cautioning, “as public support intensifies, public contribution liabilities may also increase.”