Seoul will ease floor area ratio limits for redevelopment projects in quasi-residential and commercial zones.
The city said on the 21st it will implement the third regulatory innovation plan for readjustment promotion projects to accelerate urban maintenance-type redevelopment projects that had stalled due to low profitability. This is an additional easing following the first and second rounds of regulatory innovation implemented last year.
First, the city will ease the legal maximum floor area ratio for urban maintenance-type redevelopment projects by up to 1.2 times. As a result, the maximum legal floor area ratios will rise to ▲ quasi-residential zones 600% ▲ neighborhood commercial zones 1,080% ▲ general commercial zones 1,560%.
Uniform height regulations will also be scrapped. By introducing a system that applies height standards based on the character of each center, height limits will be removed in the central business district; set at 150 meters in metropolitan centers; and set at 130 meters in regional centers and below.
In addition, the allowable floor area ratio will be uniformly applied at 1.1 times the local government ordinance floor area ratio. The allowable floor area ratio incentive items reflect the changing residential environment, including green ecological spaces, facilities addressing low birthrates and aging, and pedestrian street activation.
Business sites that did not apply for completion approval before the 14th of this month, the effective date of the improvements, may apply the third-round plan when establishing a new plan or a change plan.