Asia Apartment Embracing the Han River Near Yongsan Station on Track... Passes Building Review

Seoul City Architecture Committee Conditionally Approves Asia Apartment Construction Review
Located Next to Yongsan Land Transaction Permission Zone, Formerly Used as US Military Base
Designated Special Planning Zone in 2001, Purchased by Booyoung from Ministry of National Defense in 2014
Up to 32 Floors, Total 969 Units... Expected to Become New Landmark of Yongsan District

[Asia Economy Reporter Onyu Lim] The housing project in the special planning zone of Asea Apartments near the Yongsan Station railroad maintenance depot site, which is being developed on a mini new town scale, has passed the Seoul City architectural review.

According to the real estate industry on the 23rd, the Seoul City Architectural Committee recently reviewed the Asea Apartments special planning zone project in the area of 65-584 Hangangno 3-ga, Yongsan-gu, and made a conditional approval decision. A Seoul city official said, "It was approved on the condition of installing elevators in neighborhood living facilities, relocating playgrounds, and designing and constructing with universal design, so it can be regarded as a de facto approval." Universal design means creating an environment that is convenient regardless of age, physical condition, cognitive ability, or language limitations.

This area is a prime site within a 10-minute walk from Yongsan Station and Sinyongsan Station. It also offers views of the Han River as it embraces Ichon Hangang Park. It was formerly used as military land for the Yongsan US military base and the Korean military welfare unit, and was designated as a special planning zone in 2001. It was designated as the Asea Apartments special planning zone in 2001, and in 2014, Booyoung Group purchased it from the Ministry of National Defense and has been promoting the project.

Asea Apartments will be built with a maximum of 32 floors and a total of 969 households. Previously, it was planned to have a maximum of 20 floors, but the number of floors was changed after the Seoul City Urban and Architectural Joint Committee review in December last year. It is known that the floor area ratio was increased on the condition of providing accommodation for 150 households of U.S. Embassy staff within Asea Apartments.

Asea Apartments will need to obtain building permits from Yongsan-gu and undergo structural and excavation reviews by Seoul City. If the remaining procedures pass without any obstacles, construction is expected to begin next year. A real estate industry official said, "Along with the Booyoung Hotel in Seongsu-dong, this is the project Booyoung is putting the most effort into," adding, "Once completed, it will become a new Han River landmark in conjunction with the development of the Yongsan Station railroad site."

Asea Apartments is expected to benefit from the ripple effect of the railroad maintenance depot site development. The government announced last month that it would supply 8,000 households, equivalent to a mini new town, at the Yongsan Station railroad maintenance depot. Since the plan was disclosed, the value of Yongsan has risen significantly. For example, the exclusive 146㎡ unit in Hangangno 3-ga Yongsan City Park 1 Complex, located between Yongsan Station and Asea Apartments, saw its actual transaction price fall to 1.85 billion KRW in May due to the impact of COVID-19 but recovered to 2.1 billion KRW in June.

Meanwhile, Asea Apartments is not in a land transaction permission zone. The government designated 13 reconstruction and redevelopment project areas in Ichon 2-dong and Hangangno-dong as land transaction permission zones due to concerns about speculative overheating around the Yongsan Station railroad maintenance depot.