Reconstruction of 37-year-old ‘Geumgang Heights Villa’ in Pyeongchang-dong gets underway, targeting district designation next year

[Financial News] Seoul’s Jongno-gu is moving ahead with plans to redevelop Geumgang Heights Villa, an aging, 37-year-old housing complex in Pyeongchang-dong, aiming to have it designated as a redevelopment district in the first half of next year.
According to Jongno-gu on the 28th, it plans to apply to the Seoul Metropolitan Government this month for a decision on the redevelopment plan and designation of a redevelopment district for the Geumgang Heights Villa reconstruction project in Pyeongchang-dong.
The project site is around lot 64-3 in Pyeongchang-dong. The housing complex, completed in 1989, has 252 households.
Jongno-gu has adjusted building heights and floor-area ratios in the redevelopment plan to reflect the Seoul Metropolitan Government’s guidelines for managing height-restriction districts and the surrounding natural landscape. The plan is to secure project viability through upzoning while creating a complex that blends with the nearby mountain scenery.
Specifically, the plan is to change the site’s zoning from a Class 1 General Residential Area to a Class 2 General Residential Area and build multi-family housing with two basement levels and 5 to 12 above-ground floors, totaling 299 households. That is 47 households, or about 18.7%, more than at present.
The district plans to submit its application to the Seoul Metropolitan Government by the end of this month. If the city’s review proceeds as planned, a decision on the redevelopment plan and public notice of the redevelopment district designation are expected in the first half of 2027.
“Rebuilding Geumgang Heights Villa is meaningful because it will improve the aging residential environment and make life more convenient for residents,” Jongno District Mayor Yoo Chan-jong said. “We will work closely with the Seoul Metropolitan Government to ensure the relevant procedures proceed smoothly, and do our utmost to draw up a sound redevelopment plan that takes the area’s character and surrounding landscape into account.”

[email protected] Choi A-young Reporter