Yongsan Electronics Market New Industry Innovation Hub Development Officially Launched

Yongsan-gu Announces Public Inspection for Yongsan Electronics Market District Unit Plan Draft from 17th to 31st for Resident Feedback
Seoul's June Last Year 'Yongsan International Business District-Electronics Market Linkage Strategy' Detailed ▲Fostering New Industry Innovation Spaces ▲Securing Open Pedestrian Areas ▲Supplying Urban Complex Housing
Eleven Special Planning Zones Designated... For New Industry Innovation and Residential Use... Floor Area Ratio Over 1000% Possible, Flexible Height Standards of 120m and 100m

Yongsan-gu, Seoul (District Mayor Park Hee-young) has prepared a draft amendment to the district unit plan for the area around Yongsan Electronics Market (15 Hangang-ro 2-ga) and will conduct a 14-day public inspection notice to collect residents' opinions from the 17th to the 31st.

This draft district unit plan is a revision decision for the 148,844.3㎡ electronics market district within the Yongsan district unit planning area, concretizing the 'Yongsan International Business District - Electronics Market Area Linkage Strategy' announced by Seoul City last June.

The district office plans to establish a startup platform for fostering new industries based on artificial intelligence (AI) and information and communication technology (ICT) in the Yongsan Electronics Market area through this draft district unit plan.

Additionally, by opening low-rise spaces and creating three-dimensional green spaces on buildings to secure open pedestrian areas, the plan aims to realize a mixed live-work environment by supplying urban-type mixed housing that permits residential buildings (up to 50% floor area ratio).

Yongsan Electronics Market was established as an urban planning facility (distribution business facility) following the relocation of the Yongsan Grain Wholesale Market in 1985, in line with the government's policy to promote the electrical and electronics industry. Later, in the 1990s, it prospered as a mecca for electronic products, fueled by the spread of personal computers.

However, in the 2000s, with the popularization of mobile devices and internet shopping and the aging of facilities, the commercial district significantly declined. The average vacancy rate, which indicates the level of commercial district activation, has been steadily increasing.

The development of the Yongsan Electronics Market area is closely linked with the international business district being developed at the Yongsan Maintenance Depot and serves as a catalyst for Yongsan's development, making it a region of great interest to residents regarding the specific progress of various development plans.

Accordingly, the district office has prepared the draft district unit plan for Yongsan Electronics Market through sufficient consultation with Seoul City to transform the area into a new industry hub responsible for future growth, in connection with surrounding area developments.

In this draft district unit plan, the Yongsan Electronics Market area is designated into 11 special planning zones to allow complex development by site, setting facility usage for new industry innovation purposes (over 30%) and residential facilities (up to 50%). Once detailed development plans are finalized, the urban planning facility designation (distribution business facility) will be lifted.

In particular, based on the history of zoning changes, a maximum floor area ratio exceeding 1000% will be allowed, and building heights centered around Cheongpa-ro will be flexibly relaxed by design specialization or securing open green spaces, with height limits set at 120m (south side) and 100m (north side).

Park Hee-young, Mayor of Yongsan-gu, stated, “The Yongsan Electronics Market area will be dramatically transformed into an innovative hub for new industries that will drive future growth,” adding, “We will actively support this to lead Yongsan’s new changes together with the Yongsan International Business District.”