private urban complex project will start in february next year...up to 700% floor area ratio granted

The "Private Urban Complex Project," which will give various special cases such as shortening the deliberation period and raising the floor area ratio, will be implemented from February next year even for urban public housing complex projects led by the private sector, not the public.

In this regard, the Ministry of Land, Infrastructure and Transport announced that it would announce the legislation of a sub-law of the Urban Complex Development Support Act, which will take effect in February next year.

The revised law allows the private sector, including trust companies and real estate investment company REITs, to implement public urban complex projects implemented by the Korea Land and Housing Corporation and LH.

Private urban complex projects are the same as public urban complex projects in that they can shorten the project period without the establishment of a union, but private businesses do not accept land because they are implemented with the consent of landowners.

You must obtain consent from at least two-thirds of the residents and at least one-half of the land.

The building-to-land ratio and floor area ratio can rise up to the legal upper limit, especially in semi-residential areas, which relax the floor area ratio to 140% of the legal upper limit.

In the case of Seoul, the legal upper limit floor area ratio of semi-residential areas is 500%, which increases to up to 700%.

However, due to the increase in the floor area ratio, some of the development profits must be supplied to public housing, and more than 60% of the supplied housing can be provided to public sale housing.