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Pre-negotiations for floor-area ratio increase to begin in April

Hanhwa and Seoul Metropolitan Government, which have signed in December a contract to develop this project, are expected to enter negotiations in April about the floor-area ratio. Basically, the land is currently a mix of a type 3 residential area (with a floor-area ratio limit of 300%) and of mixed-use area (with a floor-area ratio limit of 500%). The goal of the negotiation is for the zoning to be changed to a commercial use area, which can have a floor-area ratio of up to 1500%. The issue is not so much the change to commercial use, but the exact max floor-area ratio which will be granted by the city. In exchange for the increase of the floor-area ratio, the city will ask for a public donation from Hanhwa which can then be used by the city to finance other projects (this is for example what happened for Hyundai GBC in which the public donation from Hyundai was a record KRW 1,700bn, for a land purchase price of KRW 10,000bn. This time, the land price purchased by Hanhwa is around KRW 700bn, so the public donation will probably need to be higher than KRW 100bn.

 

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More renders shared by Victoria123 in the Seoul Projects & Constrution thread.

These renders are in line with the ones I shared a couple of months ago, but they give us a better understanding of the scale of the project, its connectivity and the inclusion of natural and green elements.



Hwanhwa's winning proposal for the convention center + hotel near Seoul Stn.
Images from Google Images








 
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