00:02You're listening to AI Prism from Seoul Economic Daily.
00:06Before you sign anything in Korea's property market.
00:11Seoul's zoning power is turning out to be the real master key behind any new housing supply.
00:17An 81-story tower is rising on the old Samsoorimicon site in Songsoo,
00:22backed by 608 billion won, about $418 million in public contribution.
00:30Bulgwang-dong's redevelopment is now locked in at 3,100 units after a two-level zoning upgrade.
00:37Knowledge industrial centers near 60% vacancy could soon open their doors to almost any tenant.
00:43And 4 in 10 Koreans now own land, with those 60 and older holding two-thirds of it.
00:49It's Thursday, July 30th. Let's look at what's happening in Korea's property market.
00:55The government wants Seoul's quasi-industrial districts, think Yonggeungpo and Gudo, to help ease the capital's housing crunch.
01:03But those zones sit under Seoul City's own planning authority, not the central government's.
01:08That control includes the city's zoning ordinance and its district unit plans,
01:13both of which shape how much of any site actually gets built as housing.
01:17Here's what the numbers show.
01:19Seoul's 2024 ordinance let quasi-industrial floor area ratios climb from 250% to as high as 400%,
01:28but only if a site sets aside up to 50% of its land for industry once factory ratios pass
01:3410%.
01:36The Samsu-Rimicon site cleared architectural review this week, unlocking an 81-story residential tower,
01:43a 53-story office complex, and about 403 apartment units.
01:49Bulguangdong's plan is now confirmed at 3,100 units, up to 29 stories,
01:54after Seoul upgraded the site's zoning by two full classes.
01:58Ruling party lawmakers are pushing to convert Knowledge Industrial Center tenant rules
02:03from a positive list to a negative list, targeting vacancy rates near 60% across the capital region.
02:1139.4% of Koreans, 20.12 million people, now own land,
02:17and those 60 and older hold 67.1% of it, up from 63.1% just three years ago.
02:25So what does this mean for buyers weighing a purchase this year?
02:28Earlier, we said Seoul City holds the real keys to any quasi-industrial housing push.
02:35Here's what that means for you.
02:37Every project from Yongdeungpo to Gudo still has to clear the city's own industrial land quotas first.
02:43If you're eyeing future inventory from Songsu or Bulguangdong, plan for years, not months.
02:50And with land ownership concentrating further among Koreans 60 and older,
02:55well-located parcels near new transit lines will likely stay competitive.
03:00Three things to watch.
03:01Whether Seoul City and the central government reach agreement on quasi-industrial zoning rules
03:07before the end of this year.
03:09The construction start date for the Samsung Remicon site,
03:12targeted for next year ahead of a 2032 completion.
03:15And whether the Industrial Cluster Act Amendment opening up knowledge industrial centers
03:21clears the National Assembly this session.
03:24That's today's AI Prism, real estate.
03:27This episode was produced with AI assistance based on Seoul Economic Daily reporting
03:32and reviewed by a human editor.
03:35AI Prism is a Juan Ifra award-winning series.
03:38We'll be back tomorrow.
03:40You've been listening to AI Prism from Seoul Economic Daily.
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