Seoul City and Dongjak District have begun work to raise the floor area ratio (FAR) for the Noryangjin 1 redevelopment promotion zone (Noryangjin 1). They plan to increase the FAR by more than 30% from the existing level so that more than 100 additional homes can be built. If so, a large complex with more than 3,100 homes will go up. The maximum height will also rise from the current 33 stories to 49. Among the eight zones of the Noryangjin New Town (redevelopment promotion zone), Noryangjin 1 is the largest and has strong transportation and location advantages.
According to the redevelopment industry on the 18th, Dongjak District will hold a public hearing on the 29th to amend the land-use plan, zoning, and building plan for Noryangjin 1. At the hearing, opinions will be coordinated on raising the FAR in the building plan from 265.6% to 299.33%, increasing the maximum height from 33 stories to 49, and raising the total number of households (homes) from 2,992 to 3,103. A Dongjak District official said, "We are pursuing an FAR increase and plan to submit it for Seoul City review next month."
The FAR increase for Noryangjin 1 follows the "improvements to standards for establishing redevelopment promotion plans (draft)," a deregulation measure prepared by Seoul City in Jul. last year. In the improvements, Seoul City expanded the additional FAR available over the base ratio from up to 20 percentage points (p) to up to 30 p. However, there is a condition to include facilities addressing aging and low birthrates within the zone, such as nursing homes for older adults, public postnatal care centers, care facilities, and homes for single (newlywed) households. A Seoul City official said, "Once Dongjak District completes the initiation procedures for a plan change including an FAR increase, Seoul City will finalize the change to the redevelopment promotion plan through integrated deliberation."
Lee Kyung-ju, head of Hodunerikun Certified Real Estate Agency, said, "The redevelopment plan for Noryangjin 1 has few large-size apartment layouts. Because of this, many land and other property owners holding large buildings within the redevelopment area had no choice but to apply for 1+1 (two units)," adding, "If the FAR increase leads to more large-size apartments, these applicants will have a way to receive just one large-size unit."
Noryangjin 1 is considered the biggest catch in Noryangjin New Town in terms of location, transportation, and scale. The New Town site is closest to Seoul Subway Lines 1 and 9. Construction is by POSCO E&C. The plan is to develop it under the high-end brand HAUTERRE.
Go Jun-seok, chief professor at Yonsei University Sangnam Institute of Management, said, "Right in front of the complex is Noryangjin Station, where the Line 9 express stops, so accessibility to business districts such as Yeouido and Gangnam is quite good," adding, "The nearby cram school district, currently filled with civil service exam academies, could shift to academies for college admissions after the apartment complex is completed, so improvements to the education environment are also expected."