New high-rise construction expected around subways
Construction of new high-rise apartments around major subway stations in Seoul is likely to begin as early as April as the government has eased regulations to increase the supply of housing.
Until now, residential buildings near subway stations were limited to a floor area ratio of 500 percent. That will soon be 700 percent.
According to the Ministry of Land, Infrastructure and Transport, a revision of the enforcement decree of the National Land Planning and Utilization Act passed the cabinet Tuesday.
The revision was proposed to offer high-density apartments near subway stations to ease housing supply shortage in Seoul.
Targeted in Seoul are some 100 areas around subway stations.
Also, while there is a limit on the height of apartments to protect the right to sunshine, the Land Ministry said regulations have been eased to enable apartments to be built higher. The ratio of the height of a building to distance to the next building will be increased.
As the value of the land rises due to denser construction, the landlord needs to gift part of the property to be used as public rental housing.
The dense construction near subway stations is likely to begin from April as the revised enforcement decree takes effect three months after it is announced later this month.
The Seoul city government said in a release Monday that it is expecting 8,000 more housing units by 2022 and roughly 22,000 additional housing units by 2025 by developing areas near subway stations.
BY KIM JEE-HEE [firstname.lastname@example.org]