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| Urban apartment complex as viewed from Namsan, Jung-gu, Seoul. 2021.1.19/News1 © News1 Reporter Min Kyung-seok |
Some of the station area complexes promoting public reconstruction and redevelopment are expected to be capable of’high-density development in the station area’, which allows floor area ratio up to 700%. Compared to public reconstruction or public redevelopment, there is an expectation that the effect of improving business feasibility will increase as the floor area ratio increases more.
On the 4th, Chun Jun-ho, a member of the Democratic Party, said, “By designating a zone within the station area, you can choose a business method in the form of public redevelopment or public reconstruction and propose high-density development.” “You can choose an advantageous method according to the location or age of the complex. “He said.
“As long as it is in the station area, public reconstruction complexes will be able to link high-density development in the station area,” he explained. “It will depend on how the business plan is set up in the specific deliberation process.”
In the case of lack of business feasibility or meeting certain conditions among public reconstruction/redevelopment promotion complexes located in the station area, high-density development in the station area is performed in parallel. This can be interpreted as the purpose of opening a pathway to complement the low business feasibility of public reconstruction and redevelopment.
Rep. Chun said, “Public reconstruction and redevelopment are expanding housing supply by providing various benefits to old complexes that are difficult to secure business feasibility, and by securing transparency to make business possible.” I have a plan to do it.”
Assemblyman Chun, a member of the National Assembly’s Land and Transportation Committee, has proposed various bills related to the housing supply countermeasures promoted by the government. Representative examples are the’Amendment to the Urban and Residential Environment Improvement Act (Provincial Law)’, a bill based on public reconstruction and redevelopment, and the’Special Act on the Maintenance of Vacant Homes and Small Houses (Small Housing Improvement Act), which introduced small-scale public reconstruction projects. The bill is currently pending with the National Assembly.
The government is promoting high-density development in the station area to expand housing supply. The key is to raise the floor area ratio of residential areas in the station area from 400 to 500% to a maximum of 700%. The radius of the station area is also expanded from 350m to 500m. The revised bill of’Enforcement Decree of the National Land Planning and Utilization Act’ passed the State Council meeting last month.
The floor area ratio benefit (up to 700%) from high-density development in the station area is higher than that of public reconstruction or public redevelopment. The government has said it will allow floor area ratios of up to 500% for public reconstruction. This is 200% lower than that of high-density development in the station area. Public redevelopment will ease up to 120% of the legal upper floor area ratio.
Residents are in a position that the business feasibility should be supplemented by raising the floor area ratio up to 500% through high-density development in the station area. Junggok Apartment is located within 500m radius of Junggok Station of Subway Line 7.
As a result of the preliminary consulting for public reconstruction, this complex showed that a floor area ratio of 300% was applied and 94 households increased from 276 households to 370 households. In public reconstruction, the number of floors is currently increased from the 5th floor to the 18th floor. On the other hand, the apartment area was smaller than that of the existing complex, and residents’ contributions reached 200 million won.
The same goes for public redevelopment. All eight of the government’s recently selected first candidates for public redevelopment are located in the station area. Among them, the floor area ratio of Heukseok District 2 in Dongjak-gu is 450%, which is lower than the expected floor area ratio (600%), which is increasing residents’ complaints.
City and Economy Representative Song Seung-hyun said, “If the floor area ratio benefits are further increased for public reconstruction and redevelopment promotion complexes in the station area, participation can be expected to expand mainly to small complexes that lacked business feasibility with the existing method.” It is necessary to consider whether the 700% floor area ratio is sustainable in terms of landscape and transportation,” he said.