The Seoul Metropolitan Government announced that it conditionally approved the review for infrastructure adequacy concerning ‘Yeouido-dong 36-8 area and 36-1 lot’ during the 11th Urban and Architecture Joint Committee meeting held on June 25, 2025. This represents the first case of a building plan exceeding a floor area ratio of 1,000% following the Yeouido Financial Center district unit plan established in November last year.
The review targeted the plots of the Fire Insurance Association Building and Kiwoom Finance Square. Both plots are located near Yeouido Station (Subway Line 5 and 9) and are surrounded by financial institutions such as the Korea Exchange, the Financial Supervisory Service, and large securities companies.
This conditional approval is the result of reflecting changes in the Seoul Sewerage Basic Maintenance Plan revised in 2024. As rainfall design frequency levels increase to 50 years for the main line and 30 years for the branch line, the project owner must enlarge the surrounding public sewer pipes and dedicate them to the city.
On the Fire Insurance Association Building plot (35-8 Yeouido-dong), a structure comprising 31 floors above ground and 8 underground will include office facilities, local convenience facilities, and cultural and assembly facilities. As a community contribution, a convention space will be set up on the basement level 1 and will be utilized as a meeting, education, and event space for financial institutions, startups, and local residents.
The Kiwoom Finance Square plot (36-1 Yeouido-dong), which received a building permit in March 2023 and is under construction, will feature office and local convenience facilities of 28 floors above ground and 7 underground according to the change plan. As a community contribution, a smart financial literature rest area will be set up on the 2nd and 3rd floors, and support facilities for fintech startups will also be included.
The Seoul Metropolitan Government expects this project to serve as an opportunity for Yeouido to emerge as an international financial center. Nam-jun Cho, head of the Urban Space Headquarters, stated, “We will actively support Yeouido to establish itself as a core hub of Seoul’s urban competitiveness.”