[Yongsan International Business District Development] Building a 100-Story Landmark and Supplying 6,000 Housing Units (Comprehensive)

Estimated total project cost 51 trillion won... Implemented by Korail and SH Corporation
Skytrail pedestrian bridge on 45th floor, free access for citizens
Attractions including observatory at 100-floor landmark
745 rental units supplied out of 3,500 apartments

The Yongsan International Business District development project is being relaunched after 10 years. A landmark building with up to 100 floors, featuring an observatory and an aerial garden, will be constructed at the center of the business district. To avoid repeating the failure of the 2010 attempt led by the private sector, Korail and SH Corporation will take charge of the project implementation.

The large-scale project will develop an area of 500,000㎡ behind Yongsan Station all at once to create a "city within a city," with a total estimated project cost of 51 trillion won. The ‘Sky Trail (pedestrian observatory bridge),’ installed at a height of 45 floors overlooking the Han River, will be open to the public free of charge.

On the 5th, Seoul City announced the 'Yongsan International Business District Development Plan (Draft)' to construct a 100-story landmark international business district in Yongsan. Seoul Mayor Oh Se-hoon is inspecting the Yongsan maintenance depot site, the planned location for the international business district. Photo by Heo Young-han younghan@

On the 5th, the Seoul Metropolitan Government announced the ‘Yongsan International Business District Development Plan’ at Yongsan Station. Seoul Mayor Oh Se-hoon stated, "It is rare for about 500,000㎡ in the middle of the city to be vacant and developed all at once," adding, "We have put a lot of effort into making it a space for rest as well as functionality and efficiency. We will utilize the Yongsan International Business District as a foundation to enter the global top 5 cities."

100-Floor Landmark with Observatory, Sky Trail Operated Free of Charge

The core area of this project, the International Business Zone (88,557㎡), will feature a landmark building of about 100 floors. The city has set a height limit of approximately 450m to allow the construction of a landmark building of around 100 floors in this zone. If the private sector, which acquires the land parcels, proposes ‘creative and innovative designs,’ the area can be designated as an urban innovation zone or special architectural zone, allowing development up to the maximum floor area ratio of 1700%. The top floors will include a complex recreational space such as an observatory and an aerial garden. The International Business Zone will also provide prime-grade offices, MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities, hotels, and a metropolitan transfer center to meet the demand of finance and ICT companies.

For the Business Complex and Business Support Zones, the city plans to upgrade the zoning to ‘General Commercial Area’ or similar, aiming for an average floor area ratio of 900% across the entire project district. Through this, the Business Complex Zone (104,905㎡) will establish business and corporate support facilities related to artificial intelligence, big data, etc., linked with Yongsan Electronics Market and Hyundai R&D Center. The Business Support Zone will build support facilities such as residential, educational, and cultural amenities. The overall skyline of the International Business District will feature buildings that gradually decrease in height from the International Business Zone to the Business Support Zone. Additionally, a 1.1 km-long Sky Trail and a podium bridge connecting the 3rd and 4th floors will be introduced on the 45th floor of the Business Complex Zone.

On the 5th, the Seoul Metropolitan Government announced the "Yongsan International Business District Development Plan (Draft)" to construct a 100-story landmark international business district in Yongsan. Raindrops have formed on the development model prepared for the briefing session at the Yongsan maintenance depot site, the planned location for the international business district. Photo by Heo Younghan younghan@

Seoul’s policy is to grant the maximum floor area ratio when constructing the Sky Trail and attractions, but to operate them so that many citizens can use them. This is also a measure to secure public interest so that the development profits do not go solely to the developers.

Mayor Oh emphasized, "We paid attention to placing workplaces, residences, and leisure and cultural facilities in one space, and among them, the highlight will be the Sky Trail and the attractions located on the upper floors," adding, "I ordered that the Sky Trail must be planned to be free of charge. If people have to pay for expensive food to go up, it cannot be considered a space for the general public."

In the lower floors of the International Business Zone, a ‘Seoul Art Band (tentative name)’ will be created, consisting of an indoor performance hall, art museum, and complex cultural library, to be used as a space for performances, exhibitions, and experiences. A symbolic sculpture similar to New York’s Hudson Yards ‘Vessel’ will be installed in the center to create a landmark. An international design competition will be held for this purpose. A ‘Riverside Overpass Park’ will also be created, allowing walking access from the International Business District to the Han River Park and Nodeul Island. The approximately 80,000㎡ (about 11 soccer fields) ‘Aerial Green Space (Green Square)’ located in the center of the International Business Zone will include an outdoor performance hall.

The Green Square, created above the tracks on the south side of Yongsan Station, will be designed as a three-dimensional park directly connecting Han River Park and Yongsan Station. The U-shaped ‘Circulating Green Space (Green Curve),’ 40m wide and 1 km long, will be developed as an open green space accessible from anywhere within the International Business District. The ‘Linear Green Space (Green Corridor)’ will serve as a pedestrian and visual axis connecting the surrounding urban area and the Yongsan International Business District. The city plans to secure vertical and horizontal green spaces extensively to complete a green pedestrian axis connecting Yongsan Park, Han River Park, and Nodeul Island.

Land Sale in 2025, Move-in Targeted for 2030

The city plans to designate the International Business District as an urban development zone in the first half of this year and seek approval for the implementation plan by June next year. Infrastructure construction is scheduled to begin around October next year, followed by land sales. Korail and SH Corporation will develop infrastructure such as roads, parks, cultural facilities, and parking lots, while private companies will develop individual plots. The goal is to complete infrastructure by 2029. Move-in is expected to begin in early 2030.

The total project cost is estimated at 51 trillion won, of which Korail and SH Corporation will invest about 16 trillion won. Once the implementation plan is approved in June next year, the approximate land acquisition cost will be estimated. Kang Seong-pil, head of Korail’s Smart Station Area Project Team, explained, "Land costs are estimated at 8 to 10 trillion won, and the remaining infrastructure construction costs at 4 to 5 trillion won, of which SH Corporation will bear 3 trillion won. The remaining 2 to 3 trillion won will be invested in construction costs from part of the proceeds generated by land sales."

Yongsan International Business District Green Square Bird's-eye View (Source: Seoul City)

Although the blueprint has been drawn, there is a possibility that the land sales starting in October next year may not proceed smoothly. The DMC Landmark Tower site is struggling with land sales, and Hyundai Motor is currently revising its design after planning a 105-floor building at Samsung-dong GBC. Recently, there have been cases of hesitation in constructing super-tall buildings, so success or failure may depend on the land sale price.

Kang Seong-pil, Seoul’s Public Development Project Officer, said, "About 20 plots will be sold in the Yongsan International Business District, and since simultaneous supply may cause difficulties, we plan to proceed in stages," adding, "Since public institutions will conduct the sales, we will negotiate with the project implementers to set appropriate land prices rather than prioritizing profitability alone."

On the 5th, the Seoul Metropolitan Government announced the "Yongsan International Business District Development Plan (Draft)" to construct a 100-story landmark international business district in Yongsan. A view of the Yongsan maintenance depot site, the planned location for the international business district. Photo by Heo Younghan younghan@

The Yongsan International Business District will include 6,000 housing units and officetels. Among them, 3,500 are apartments and 2,500 are officetels. Of the 3,500 apartments, 875 units will be rental housing. The Seoul Public Development Project Officer stated, "3,500 units will be sold to the general public," adding, "In addition to the Yongsan International Business District, at least 4,000 additional housing units are planned in the surrounding development projects, such as the Yongsan Electronics Market site."

The district will introduce shared parking lots and autonomous buses, as well as new transportation modes such as Urban Air Mobility (UAM) connecting Gimpo Airport, Yeouido, Yongsan Station, and Jamsil. The city aims to increase the public transportation modal share from the current 57% to 70%. The design plan also includes a UAM station above Yongsan Station. Mayor Oh said, "We will maximize the use of public transportation, and this will be the first case to include facilities suitable for the upcoming era of autonomous transportation and UAM."