[Seoul's Future] Yeouido, the 'Han River Miracle' after Bamseom Demolition... Dreaming of Becoming a Cultural Hub Beyond Finance

Yeouido was formerly known by names such as Ingwado (仍火島), Naoido (羅衣島), and Yeouido (汝矣島). Its origin was the term ‘Neobeol Island,’ meaning a wide island. However, according to the regional survey report published by the Seoul Museum of History titled ‘Yeouido, the Center of Broadcasting and Finance,’ the public also referred to the character ‘Ye’ in Yeouido as ‘Neo Ye (汝),’ meaning ‘your island.’ This implied ‘an island for you,’ suggesting that it was land of little use, as in ‘an island for you to have.’

In reality, Yeouido was often submerged underwater when the Han River flooded, leading to a long-standing assessment of its low utility. Yeouido was also a region prone to frequent flooding during heavy rains. In the summer flood of 1964, transportation to Yeouido was completely cut off, and the following year, nine people died due to flood-related casualties. Since the Japanese colonial period, it had been used only as an airfield and was never a place where many people lived.

Yeouido Yunjungje Construction Site.
[Photo by Seoul Museum of History]

Yeouido Transforms from Useless Sandy Land to ‘Golden Land’

Yeouido’s full-scale development began in 1967 when then Seoul Mayor Kim Hyun-ok announced the ‘Three-Year Han River Development Plan’ aimed at flood control and securing reclaimed land. The plan required stones and soil to build embankments to block the overflowing Han River around Yeouido. The idea was to blast Bamseom Island to extract aggregate for construction materials. At that time, Yeouido was sometimes connected to Bamseom Island as one island depending on the Han River’s water level, and sometimes separated. To secure the necessary aggregate for construction and to avoid disrupting the flow of the river caused by the embankment being built around Yeouido, Bamseom Island was blasted. The embankment, called Yunjungje, which was 7 km in circumference and 15 m high, was completed in five months using the blasted Bamseom aggregate, creating a vast 2.9 million square meter land area in Yeouido.

It did not take long for the once useless sandy land to become a symbol of the ‘Miracle on the Han River.’ Yeouido was the optimal location to showcase the city’s modernization and industrialization and the country’s technological advancements. Starting with the ideal development plan for Yeouido, state-of-the-art apartment complexes, high-rise office buildings, and the National Assembly building?constructed using domestic technology and materials?were completed one by one. Following the confirmation of Seoul hosting the 1988 Summer Olympics, the Han River development plan was initiated, leading to the refurbishment of the Han River Citizen’s Park and the start of cruise boat operations. At the eastern end of Yeouido, the then golden 63 Building was completed, aiming to showcase Seoul’s development to the world through the Olympics.

The lighting of the torch at the 63 Building during the Seoul Olympics.
[Photo provided by Seoul Museum of History]

Financial Center Shifts from Myeongdong to Yeouido... Becoming ‘Korea’s Manhattan’

The reason Yeouido became one of ‘Seoul’s most expensive lands’ cannot be explained without mentioning finance. The financial center of South Korea shifted from Myeongdong to Yeouido, marking the beginning of Yeouido’s financial era since 1979. In 1978, the Securities Supervisory Board (now the Financial Supervisory Service) moved to the Fire Insurance Building in Yeouido, and in the following year, 1979, the Korea Stock Exchange (now Korea Exchange), which had been located in Myeongdong since the 1920s, also relocated to Yeouido. As accessibility to the Korea Exchange became important, many financial institutions moved to Yeouido.

Securities firms did not initially prefer moving to Yeouido. At that time, business owners were reluctant to relocate to Yeouido due to feng shui beliefs. Yeouido was a sandy island on water with strong winds, which was considered unsuitable for financial firms that needed to accumulate money steadily. This was an open secret in the securities industry. Astrological interpretations warning of ‘strong influences of alcohol and lust leading to disgrace’ circulated in the late 1970s, causing considerable anxiety among securities firms about the move.

This is a view of the Korea Exchange in Yeouido. Until July 1979, the stock exchange was concentrated around Myeongdong. It was later relocated to Yeouido.
[Photo by Seoul Museum of History]

Yeouido took on the appearance of ‘Korea’s Manhattan’ in the mid-1990s, 30 years after the completion of Yunjungje. Starting with Korea Investment Trust (now Korea Investment & Securities) in 1993, companies such as Daehan Investment Trust (Hana Financial Investment), Yuhwa, Dongyang (Yuanta), Seoul (Eugene Investment), Boram (Hana Financial Investment), Jeil (Hanwha Investment), Seonkyung (SK), and Ssangyong Securities (Shinhan Financial Investment) gathered near Yeouido Square in the Second Securities Town. Since the mid-1980s, securities firms that grew during the economic boom decided to expand and relocate to Yeouido to improve operational efficiency.

Having established itself as Korea’s financial hub, Yeouido aimed to leap forward as a ‘Northeast Asia financial hub’ in the mid-2000s. However, the global financial crisis that struck in 2008 prevented significant achievements. Now, Yeouido is once again aspiring to become a global financial center. Currently, Seoul Mayor Oh Se-hoon envisions developing Yeouido into one of the world’s top five international financial centers. In March, Seoul City approved the Yeouido Financial Special Development Promotion District plan. According to the plan, initiatives include ▲establishing a Digital Finance Support Center ▲fostering fintech companies ▲strengthening branding and promotion of the financial center ▲activating financial education ▲creating an English-friendly environment. The total project budget is 59.357 billion KRW, to be invested over five years from this year through 2027.

Massive Cultural Infrastructure Including Second Sejong Center... Becoming a Cultural Hub

Mayor Oh plans to enhance Yeouido’s expansion by adding cultural infrastructure to the financial industry hub. On the 15th, Seoul City announced the launch of a design competition for the construction of the Second Sejong Center in Yeouido. The basic plan for this design competition includes building the Second Sejong Center along the Han River in Yeouido, integrating Yeouido Park and Han River Park, and developing the area into a complex cultural space centered on popular culture content. The plan aims to significantly supplement tourism and cultural industry infrastructure befitting Yeouido’s role as the financial industry’s core. A Seoul city official said, “The Second Sejong Center will include a large performance hall (2,000 seats), a small performance hall (400 seats), convenience facilities (F&B) and cultural education facilities for Seoul Harbor visitors and citizens, which will be constructed in Yeouido in the future.”

The Second Sejong Center will benchmark the Elbphilharmonie located on the Elbe River in Hamburg. Mayor Oh visited the Elbphilharmonie in March and said, “We will definitely create spaces like the Elbphilharmonie at the Gwanghwamun Sejong Center and the Second Sejong Center. We will lower the threshold so that any citizen can enjoy cultural and leisure activities.” The Elbphilharmonie is a 26-story regenerated complex facility built by adding a steel structure atop a red brick cocoa warehouse built in 1966. Although the project faced strong criticism due to suspension caused by the global financial crisis and soaring costs up to 1.2 trillion KRW, it became a symbolic waterfront landmark of Hamburg, attracting over 5 million visitors within three years of opening.

Originally, the Second Sejong Center was planned to be built on a former reservoir site in Mullae-dong, but the plan was changed to build it in Yeouido Park. Seoul City explained that the Mullae-dong reservoir site is surrounded by large apartment complexes and is inadequate as a location for a large-scale performance hall representing the southwestern area of Seoul, and the site is too small, posing planning limitations. Changing the site to Yeouido is expected to increase the total floor area of the Second Sejong Center by 1.8 times. Instead, a district-run complex cultural facility for local residents and cultural artists will be built on the Mullae-dong reservoir site.

A bird's-eye view of the 2nd Sejong Center for the Performing Arts as seen from Yeouido Hangang Park. [Image provided by Seoul City]

Seoul City also announced plans to remodel Yeouido Park into an urban cultural park blending cultural facilities and green spaces. The remodeling project will begin in 2026. The plan includes constructing the Second Sejong Center on the Han River side of Yeouido Park and reorganizing the securities district side into a multipurpose lawn plaza suitable for outdoor events. The area adjacent to Saetgang Park will be developed into an ecological park for families and children. The goal is to increase foot traffic by transforming the park into an outdoor performance, exhibition, and relaxation space linked with nearby cultural facilities, similar to Millennium Park in Chicago or Bryant Park in New York. Although Yeouido Park occupies about 8% (229,539 square meters) of Yeouido’s area and is a large-scale park in central Seoul, it has been criticized for being isolated from surrounding areas and serving mainly as a simple neighborhood park visited primarily by local residents for rest and walks.

In the first half of 2026, an international passenger terminal called ‘Seoul Harbor’ will be established in Yeouido as part of plans to significantly enhance tourism and cultural infrastructure. This is part of Mayor Oh’s ‘Great Han River Project,’ which aims to revitalize tourism and logistics by utilizing the Han River’s water resources. Seoul City explained that with Seoul Harbor, 5,000-ton cruise ships could depart from the Han River and cruise to Gunsan Port, Mokpo Port, and Jeju Port, promoting cruise tourism. Customs inspection, immigration control, and quarantine functions will be added to expand its role as an international port connecting with other Northeast Asian countries such as China. Seoul City plans to develop an international conference center, a water hotel, and a sunset observatory using private capital.

Aerial view of Yeouido Ferry Terminal. [Image provided by Seoul Metropolitan Government]

Environmental Issues Remain a Challenge: "We Will Create Added Value While Preserving Naturalness"

However, environmental issues remain a challenge to overcome. Previously, the ‘Seoul Harbor Construction Project,’ which Mayor Oh prioritized after his re-election in 2010, was completely scrapped in 2012 due to concerns about environmental destruction, safety issues, and budget shortages. Environmental groups and opposition members of the Seoul City Council have expressed concerns that continuous dredging of the Han River would be necessary for large cruise ships to operate, and that the waterway being blocked by locks would lead to water pollution and destruction of the Han River ecosystem.

Seoul City plans to conduct an environmental impact assessment of the Han River related to the Seoul Harbor project as early as the end of this month. A survey on the impact on fisheries near the main waterway of the Han River will also be conducted. Lee Hojin, head of the Water Business Division at the Han River Project Headquarters, said, “Unlike in the past, many basic facilities related to Seoul Harbor, such as the expansion of the Yanghwa Bridge span and partial demolition of the old Hangjoo Bridge, have already been established, so the economic and financial feasibility of restarting the project will be high.” He added, “Since the environment is a value that cannot be compromised, we will conduct an objective environmental impact assessment to carefully examine the effects on the Han River and find ways to create added value while preserving its naturalness.”