High-density development opens up around Sinjeongnegeori Station... FAR of up to 440% in semi-residential areas

[Financial News] Yangcheon District in Seoul is raising the floor-area ratio around Sinjeongnegeori Station to facilitate the maintenance of aging buildings and promote private development.
According to Yangcheon District on the 17th, it announced a decision to change the district-unit plan, including an overhaul of the FAR system and expanded incentives for the retained-management area within the Sinjeong Redevelopment Promotion District.
A retained-management area is a zone within a redevelopment promotion district that either does not meet the requirements for designation as a redevelopment promotion project or needs to be maintained and managed as an existing urban area. Individual construction and maintenance are managed through a district-unit plan.
Through the changes, the district plans to raise the FAR and expand incentives to promote the maintenance of aging buildings and private development around Sinjeongnegeori Station.
Accordingly, the base FAR for Class 3 general residential areas will rise from 230% to 250%, while the permitted FAR will increase from 250% to 275%. In semi-residential areas, the base FAR will be raised from 300% to 400%, with the permitted FAR set at up to 440%.
Incentives to encourage development with public benefits will also be expanded. Projects that reflect urban policy priorities—including smart cities, carbon neutrality, design innovation, and green ecological city centers—in their architectural plans will be eligible for permitted-FAR incentives.
The criteria for relaxing the maximum FAR limits under individual laws will also be expanded, including cases in which publicly accessible open space is installed or green building certification is obtained. The changes are intended to encourage diverse private-sector building plans while securing public benefits from development.
For small-scale buildings in Class 2 and Class 3 general residential areas, the FAR will be temporarily relaxed by up to an additional 50 percentage points for three years. Rental housing in residential areas will also receive additional FAR incentives based on the mandatory rental period, encouraging the supply of long-term rental housing.
Starting with the plan changes around Sinjeongnegeori, the district plans to continue revising urban management plans to reflect conditions in different parts of the Sinwol–Sinjeong area. It will pursue the maintenance of aging buildings, improvements to the residential environment, and revitalization of commercial districts by expanding the FAR and incentives.
Lee Gi-jae, Yangcheon District Mayor, said, "We are rationally improving district-unit plan regulations and expanding the foundation for development so that major hubs in the Sinwol–Sinjeong area can grow in line with local conditions. With the plan changes around Sinjeongnegeori as an opportunity, we will actively support the maintenance of aging buildings and regional development, helping the area evolve into a convenient living zone where commercial and residential functions are harmoniously integrated."

[email protected] Choi A-young Reporter