46-year-old Sinbanpo 4th complex set for reconstruction into 49-story, 1,833-unit development

The Sinbanpo 4th apartment complex in Jamwon-dong, Seocho-gu, Seoul, is set to be reconstructed into an 11-building development of up to 49 stories and 1,833 units. A 900-unit long-term jeonse housing complex will be built in the transit-oriented area near Sukdae Ipgu Station in Yongsan-gu, and Yeongjin Market in Yeongdeungpo-gu will be transformed into a mixed-use complex of up to 23 stories.

The Seoul Metropolitan Government announced Friday that its 17th Integrated Deliberation Committee for Improvement Projects conditionally approved plans Thursday for the reconstruction of the Sinbanpo 4th apartment complex, the long-term jeonse housing urban redevelopment project in the Sukdae Ipgu Station transit-oriented area, and the Yeongjin Market urban redevelopment project.

The Sinbanpo 4th complex, now 46 years old, will be rebuilt as 11 buildings rising up to 49 stories and housing 1,833 units, of which 312 will be public housing. The floor area ratio is set at 299.98 percent, with a maximum height of 165.07 meters.

A cross-shaped public pedestrian corridor open to neighborhood residents will be created within the complex. Entry plazas, information facilities and rest areas will be placed at key access points where main entrances meet walkways, while a daycare center, a shared childcare center and an indoor children's playground are planned near Jamwon-ro 3-gil.

Open space will be secured to maintain a green and visual corridor from Seoripul Park toward the Han River, and building heights will be lowered along the northern section adjacent to the school. A varied skyline is also planned, with building heights adjusted to complement the mixed-use redevelopment of Seoul Express Bus Terminal and the surrounding urban landscape.

The Seoul Metropolitan Government instructed developers to further refine the facade design in light of the complex's large scale. The project will proceed through project implementation plan approval and management and disposal plan approval, with a target groundbreaking in 2029.

Meanwhile, Sinbanpo 4th selected Samsung C&T's construction division as its contractor last year, and the proposed name for the complex is "Raemian Heribun Banpo."

The long-term jeonse housing urban redevelopment project in the Sukdae Ipgu Station transit-oriented area, covering the vicinity of 52-6 Garwol-dong in Yongsan-gu, also cleared the integrated deliberation process. A residential complex of five buildings — ranging from six basement floors to 40 above-ground floors — with a total of 900 units will be built near Sukdae Ipgu Station on subway Line 4. Of those, 231 units will be long-term jeonse housing and 72 will be mandatory rental units under redevelopment rules.

The project site had its improvement zone designation and improvement plan finalized in December last year. Profitability improved after incentives to raise the base floor area ratio under a transit-oriented long-term jeonse housing activation scheme took effect in March this year. The addition of more small-unit housing raised the base floor area ratio by 20 percentage points, increasing the number of units available for pre-sale from 570 to 597 — a gain of 27 units.

The complex is designed with a low-rise podium and tower-type residential buildings to secure a visual corridor toward Namsan. Along a 30-meter stretch facing Duteopbawi-ro, building heights will be capped at 40 meters, with a 5-to-10-meter pedestrian frontage and street-level retail to create a walkable commercial streetscape.

Existing social welfare facilities will be relocated and rebuilt at sites more accessible from Duteopbawi-ro and Hangang-daero, and public open spaces for residents to rest and gather will be created around the residential buildings. The planned floor area ratio is 417.30 percent, with a maximum height of 117.10 meters.

Yeongjin Market in Singil-dong, Yeongdeungpo-gu, will also be redeveloped through an urban improvement project into a mixed-use complex of up to 23 stories.

Built in 1970 as a three-story structure, Yeongjin Market was designated a Class E disaster-risk facility in 2017 due to severe deterioration and worsening living conditions. Korea Land and Housing Corporation has been leading the improvement project as the public project operator since 2020.

After redevelopment, a single building of up to 23 stories will house a total of 140 units — 104 apartments and 36 officetels. Retail space will occupy the lower floors to preserve the market's commercial function, with apartments and officetels above.

About 12.5 billion won ($9.1 million) in national and city government funds will be invested through an urban regeneration program to provide social infrastructure facilities and public rental commercial units for residents. The site's floor area ratio is 499.85 percent, with a maximum height of 73.73 meters.

The Seoul Metropolitan Government plans to obtain project implementation plan approval in December, proceed with management and disposal plan approval and demolition next year, begin main construction in the first half of 2028, and complete the project by 2031.