| Title |
Application of TDR(Transferable Development Right) to Provide Affordable Rental Housing in the Downtown of Seoul |
| Keywords |
개발권 양도제 ; 임대주택 ; 수용지역 ; 송출지역 ; 추가 용적율 TDR ; Rental Housing ; Receiving Area ; Sending Area ; Allowable Additional FAR |
| Abstract |
This study examined whether land cost of rental housing site could be compensated by the development rights in underdeveloped commercial area of the downtown in Seoul. Gwansu-Dong and Gwanchul-Dong are selected as receiving areas and allowable FAR in each parce in the areas was estimated and converted into monetary value. As a result, about 340% of additional FAR(about two trillion won in monetary value) is allowable. Gyonam New Town is selected as a sending area and development rights are estimated on the assumption that all the surplus housing is completely converted to rental housings. As a consequence, total development rights are variously estimated at about 91.1, 5.2, 4.3 billion won and additional FAR of the receiving areas necessary to compensate the land cost of the sending area is estimated at 5%~1%. In addition, total opportunity cost for converting the surplus housing to rental housing is estimated at 245 billion won, which can be fully compensated within two trillion won of potential development value in the receiving area. |