[Yeouido Renaissance] 'The King's Return'... Becoming the Center of Global Financial Innovation Beyond Korea

Yeouido, which transformed from an unknown sandy island into the prime location for politics and finance, is now facing a new moment of growth and change. It has gained the opportunity to leap forward and stand shoulder to shoulder with globally renowned affluent cities such as Manhattan in New York, Tsim Sha Tsui in Hong Kong, and Singapore, all recognized as 'global financial centers.'

View of Yeouido apartments from the 63 Building observatory. Photo by Hyunmin Kim kimhyun81@

In May, Seoul announced the ‘Yeouido Financial Center District Unit Plan (draft).’ The plan aims to create a ‘Korean Manhattan’ centered around the Korea Exchange, featuring ultra-high-rise landmark buildings with a floor area ratio exceeding 1000% and heights over 350 meters concentrated in eastern Yeouido. Seoul plans to develop the area by dividing it into the ‘International Financial Center District’ covering 1,120,586㎡ in eastern Yeouido, a ‘Financial Business Support District’ to back it up, a ‘Mixed-use Urban Residential District’ consisting of major reconstruction complexes such as Jinju, Sujeong, Gongjak, and Seoul Apartments, and other zones designated as the ‘Urban Function Support District.’

Additionally, Seoul announced the ‘Great Hangang Project’ (Hangang Renaissance 2.0), which includes a massive expansion of cultural and tourism infrastructure in Yeouido. In terms of cultural infrastructure, the plan includes building a ‘Second Sejong Center for the Performing Arts’ in Yeouido Park and constructing the ‘Seoul Cultural Plaza’ in front of the Shibeom Apartments, which are currently undergoing reconstruction. Through this, Yeouido Park will be developed into a world-class urban park comparable to Chicago’s Millennium Park or New York’s Bryant Park. Large-scale cultural and tourism infrastructure will also be established within Yeouido, including ‘Seoul Port,’ designed to enable international tourism via 5,000-ton-class cruises departing from Yeouido.

The GTX-B Line and the Shinansan Line stopping at Yeouido are also enhancing the area's value. These will create synergy with the existing Subway Lines 5 and 9, further solidifying Yeouido’s position as a central hub.

The spectacular return of Yeouido toward a new era has already begun. The market is seeing a series of mammoth development projects such as the reinforcement of cultural and tourism infrastructure, and the long-awaited redevelopment of aging apartment complexes is expected to transform the area into a representative ultra-high-rise skyline along the Han River in Seoul. Starting with the Federation of Korean Industries, one of Yeouido’s long-standing powerhouses, the central road in Yeouido will emerge as the core line of the ‘Korean Manhattan,’ connecting the only 5-star luxury residence hotel in Korea, Marriott Executive Apartments Seoul, The Hyundai Seoul, IFC, Park One Tower, and LG Twin Towers.

Seoul Mayor Oh Se-hoon stated, "We will expand administrative and financial support, including tax reductions for foreign investment companies, to develop Seoul’s Yeouido into Asia’s digital financial hub."