1.1 The Challenge: An Area in Need of Change
The project’s starting point is the district just south of Yeongdeungpo Station, a major transit hub. This area has long been characterized by a dense collection of low-rise, aging buildings. According to official data, a staggering 86.3% of the housing in the district is considered old, highlighting the urgent need for a systematic overhaul. The government’s solution to this challenge is the “Public Housing Complex” project.
1.2 The Vision: A High-Density, Modern Community
The project aims for a complete transformation, converting the low-rise neighborhood into a modern, high-density residential hub. The scale of this change is best understood by comparing the “before” and “after” scenarios.
| Feature | Before Project | After Project |
|---|---|---|
| Total Households | 1,564 | 3,366 |
| Building Height | Mostly 3-story or lower | Up to 48 stories |
| Development Density | Low-density | High-density (480% FAR) |
A key metric in this transformation is the high Floor Area Ratio (FAR) of 480%. In simple terms, an FAR of 480% means for every square meter of land, developers can build 4.8 square meters of total floor space across all stories. This is how a relatively small footprint can support a 48-story tower, making it a powerful tool for creating high-density housing next to a major transit hub.
1.3 The “Public” Advantage: The Role of LH
This redevelopment is not being led by private developers but by the Korea Land and Housing Corporation (LH), a public entity. LH acts as the main operator, acquiring the land and managing the construction process. This public leadership is a crucial aspect of the project, as it is expected to lead to a significantly faster development timeline compared to typical private redevelopment efforts, which can often be delayed for years.
1.4 A Unique Opportunity: Rules for New Buyers
The project includes specific conditions for purchasing property and gaining residency rights, designed to manage speculation and prioritize housing needs. For a potential buyer, there are three critical rules to understand:
• Buyer Must Be Houseless: Only individuals who do not currently own another home are eligible to purchase a property within the project area to secure future residency rights.
• Single Transaction Limit: The rights to a new apartment can only be transferred once from an original property owner to a new buyer.
• Hold Until Move-In: Once a qualifying buyer acquires a property, they must retain ownership until the new apartment building is complete and they can move in.
