The Democratic Party announced that it would push for a plan to raise the floor area ratio to 500% for reconstruction and redevelopment in Seoul in the future.



In the morning, Song Young-gil, chairman of the party, held the 'Seoul reconstruction and redevelopment 500% floor area ratio promotion committee inauguration ceremony' and announced the same promise.



The Democratic Party is planning to create a new 4-type general residential area that can raise the floor area ratio to 500% through amendments to related laws, and to review the increase in floor area ratio mainly in downtown areas with high demand and solid infrastructure.



As the floor area ratio rises, the supply of housing will also increase.



In response, CEO Song said, "Giving the tenants the right to sell first is a revolutionary event for the first time in the history of reconstruction."



In addition, he said, "The transportation demand raised when the floor area ratio is increased to 500% will be supplemented by three-dimensional means of transportation as urban air mobility becomes common from 2028."



Democratic Party lawmaker Park Seong-joon, who co-chaired the co-chair, said, "Seoul citizens are very sad about the reconstruction and redevelopment," he said.



However, the Democratic Party has not yet selected a specific redevelopment area.



Kim Cheol-heung, deputy head of the Democratic Party's Real Estate Supply TF, said, "We will prioritize areas with sufficient infrastructure and sufficient demand within the city center. will,” he explained.



In addition, regarding the point that existing members may object to the preferential payment of pre-sale rights to new tenants, "Reconstruction members receive one housing per member from one reconstruction association," he said. However, from the point of view of the union members, there is absolutely no reason to oppose it, because it is not all for general sale, but some of them are supplied to tenants first.”



The Seoul Reconstruction and Redevelopment Area Ratio 500% Promotion Committee is co-chaired by Rep. Kim Young-ho and Park Seong-joon, and vice-chairman of the Seoul City Council from the Democratic Party.



(Photo = Yonhap News)