A bill to increase the floor area ratio for public reconstruction and redevelopment projects to 1.3 times the legal limit passed the National Assembly's Land, Infrastructure, and Transport Committee with support from the ruling party.
On October 10, a bill was passed by the National Assembly's Land, Infrastructure, and Transport Committee that increases the floor area ratio incentive for public reconstruction and redevelopment projects to 1.3 times the legal upper limit. The amendment to the Urban and Residential Environment Improvement Act allows public institutions, including the Korea Land and Housing Corporation (LH), to raise the floor area ratio from the current 360% for public redevelopment and 300% for public reconstruction to a maximum of 390%, thereby providing substantial support for public projects while excluding private ones from these benefits. This legislative action follows the government's supply measures announced last year, indicating a significant policy direction towards strengthening public sector initiatives in urban development.
