Seoul to ease building rules to create digital finance center in Yeouido

2023.05.25 09:46:02 | 2023.05.25 13:53:23

Yeouido area viewed from Noryangjin in Seoul [Photo by Han Joo-hyung]이미지 확대

Yeouido area viewed from Noryangjin in Seoul [Photo by Han Joo-hyung]

The Seoul Metropolitan Government unveiled a plan on Wednesday, which include measures to boost the floor area ratio to up to 1,200 percent and scrap a height limit for new buildings, paving the way for a more dynamic skyline in the financial district of Yeouido to transform the area into an international digital financial center.

The plan includes development guidelines for 1.12 million square meters of land in the eastern part of Yeouido, where 28 large securities companies, financial investment companies and the Financial Supervisory Service are located. The city government plans to upgrade the area from a general commercial area to a central commercial area, boosting the maximum floor area ratio to 1,000 percent from the previous 800 percent.

This is the third time that a central commercial area has been established in Seoul, following Myeong-dong in central shopping district and Sangam-dong in the northern part of the city. If builders use eco-friendly materials or introduce innovative designs, the city government will ease the floor area ratio further to up to 1,200 percent.

“We will induce high-rise buildings over 350 meters here,” said an unnamed official from the city government. “Considering that Parc 1 Tower is 333 meters, height regulations will practically be abolished in Yeouido.” The city government vows to introduce a three-dimensional landscape that gradually goes down along the Han River, creating a skyline representing Seoul in Yeouido.

By Lee Hee-soo and Yoon Yeon-hae

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