The Apgujeong District 2 redevelopment project (Image courtesy of Seoul City)
SEOUL, Nov. 28 (Korea Bizwire) – Seoul’s urban skyline is set for a dramatic transformation as the city approved plans for ultra-high-rise apartment complexes reaching up to 250 meters in two prime locations: the affluent Apgujeong-dong neighborhood in Gangnam district and the emerging luxury district of Seongsu-dong.
The Seoul Metropolitan Government announced on November 26 that its Urban Planning Committee has approved reconstruction plans for both the Apgujeong District 2 redevelopment project and the Seongsu Strategic Renewal District.
The new developments will rival the height of the iconic 63 Building and surpass the 69-story Tower Palace in Dogok-dong.
The approval for Apgujeong District 2 marks the first time reconstruction plans in the Apgujeong area have passed the city’s urban planning committee review.
The project will transform the 42-year-old Hyundai Apartment complex, built in 1982, into twelve towers housing 2,606 units. This breakthrough is expected to accelerate reconstruction projects in other Apgujeong districts, which are divided into six zones.
In Seongsu, the approved plan encompasses four districts and will create 9,428 residential units, including 1,792 rental apartments.
The city has permitted developments up to 250 meters without floor restrictions, potentially allowing for buildings over 70 stories high, assuming a floor height of 3.3 meters.
“These high-rise complexes in Apgujeong and Seongsu have the potential to become Korea’s premier residential belt, setting new standards for apartment prices,” said Ko Jong-wan, head of the Korea Asset Management Institute.
“The proximity of these districts across the Han River could create maximum synergy if connectivity between them is improved.”
The developments are expected to dramatically alter the Han River skyline, with the two districts facing each other across the water creating a new architectural gateway to the city.
M. H. Lee (mhlee@koreabizwire.com)
