Seoul City-Korean Air 'Songhyeon-dong Site' Agreement Ceremony Suddenly Postponed a Day Before (Comprehensive)

Songhyeon-dong Korean Air Site

[Asia Economy Reporter Chunhee Lee] The final agreement ceremony between Seoul City and Korean Air for the sale of the 'Songhyeon-dong site' was abruptly postponed one day before the event.

According to the Anti-Corruption and Civil Rights Commission on the 25th, the on-site mediation meeting and final agreement ceremony scheduled to be held on the morning of the 26th at the Songhyeon-dong site in Jongno-gu, Seoul, involving Seoul City, Korean Air, and Korea Land and Housing Corporation (LH), have been tentatively postponed.

The agreement ceremony was expected to include the final conclusions on major issues such as the timing and method of sale of the Songhyeon-dong site and the price determination method. However, due to disagreements among the related organizations, the ceremony was tentatively postponed citing the need for further consultations.

Industry insiders speculate that the disagreement came from the Seoul City side. The Anti-Corruption and Civil Rights Commission is known to have proposed a tentative agreement plan in which Seoul City would secure the Songhyeon-dong site through LH by a 'third-party purchase' method and then exchange it with city-owned land.

The candidate for the city-owned land to be exchanged is reportedly the Western Driver's License Test Center in Mapo-gu, but Mapo District Office and local residents are strongly protesting.

The Songhyeon-dong site is a land area of 36,642㎡ around 48-9 Songhyeon-dong, which Korean Air has been pushing to sell to raise funds. However, the sale plan was disrupted after Seoul City announced plans to develop the site into a cultural park.

In response, Korean Air filed a grievance complaint with the Anti-Corruption and Civil Rights Commission in June, claiming damages to the sale process of the Songhyeon-dong site due to Seoul City's cultural park promotion plan.