The Seoul Metropolitan Government will introduce the 'Seoul-type Floor Area Transfer System' for the first time in the country. The Floor Area Transfer System is a system that allows the transfer of unused floor area ratio to another area in a transaction format, and it will be implemented starting this second half of the year.
The Seoul Metropolitan Government noted on the 23rd that it will establish a local government ordinance containing the concept, procedures, and management plans for the Floor Area Transfer System during the first half of this year, and will officially begin implementation in the second half.
The Seoul Metropolitan Government plans to newly define the concept of the 'Seoul-type Floor Area Transfer System' through expert consultations and research in urban planning and law, and to prepare a feasible implementation model. Currently, the floor area transfer process is being tested in the ongoing project for the revitalization of the Gubun-dari Station area in Gangdong District, and the plan is to complete the execution model based on this.
Since the system is in its early stages of implementation, the Seoul Metropolitan Government plans to select transfer areas primarily around cultural heritage sites and areas with surface restrictions where regulatory relaxation will be difficult in the long term.
Overseas, the Floor Area Transfer System has already taken root. New York's 'One Vanderbilt' was developed into a super tall building (93 floors, floor area ratio 3000%) by acquiring the floor area ratio from the nearby Grand Central Terminal and Bowery Savings Bank. The Shin Marunouchi Building (38 floors, 1760%) and Grand Tokyo (43 floors, 1300%) in Tokyo Marunouchi, among others, also bought the floor area ratio of 'Tokyo Station,' which is designated as a cultural property, and increased their height.
Jang Nam-jun, head of the Urban Space Headquarters of the Seoul Metropolitan Government, said, 'The Seoul-type Floor Area Transfer System will promote growth in areas needing development while preserving historical and natural assets and will lead to a sustainable future for Seoul.' He added, 'We will continue discussions and research to ensure that this system alleviates the existing regulatory restrictions in overlapping regulation areas and fosters urban balanced development.'
Meanwhile, the city will host an urban policy conference on the theme of 'Innovation of Space, Evolution of Cities: Seoul-type Floor Area Transfer System' at Seoul City Hall on the 25th of this month.