11 autonomous districts in Seoul with official land prices below 60% of the city average, public contribution rate eased to 30%

The Seoul Metropolitan Government has decided to lower the public contribution rate applied to redevelopment and reconstruction projects in 11 districts where officially announced land prices are less than 60% of the city average, from the existing 60% to 30%. The areas affected are Gangseogu, Gangbukgu, Gurogu, Geumcheongu, Dobonggu, Seodaemungu, Seongbukgu, Eunpyeonggu, Jungnanggu, Nowongu, and Dongdaemungu. Seoul has newly introduced the 'WinWin DevelopmentType PreNegotiation+' system to promote redevelopment projects in areas where development has been delayed due to low project feasibility. This system aims to increase private investment and housing supply by allowing the residential ratio to be adjusted more flexibly according to local conditions. Seoul plans to first identify candidate sites with project potential within the 11 districts and support the early establishment of the system through briefing sessions and preconsulting. A city official explained that the city will accelerate balanced development across Seoul by improving project feasibility in areas with relatively poor development conditions.