Holding Resident Briefing Session to Explain Compensation Timing, Methods, and Procedures
Proposal Submission in February, Concurrent Infrastructure Design
Initial Project Investment Funded by Issuing Construction Bonds
Seoul Housing and Communities Corporation (SH Corporation), a joint implementer of the Yongsan International Business District development project, announced on the 6th that it will designate the district and establish compensation plans and relocation and living measures within the first half of this year.
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@
SH Corporation stated, "Based on 25 years of development project experience, we will work closely with Seoul City and Korea Railroad Corporation (KORAIL) to smoothly advance the Yongsan International Business District development project."
The Yongsan International Business District project aims to transform the Yongsan Maintenance Depot area into a new central hub leading global urban competitiveness and technological innovation.
SH Corporation will collaborate with Seoul City, the permitting authority, and KORAIL, the joint project implementer, to carry out compensation, design, and construction for the Yongsan International Business District and establish operation and management plans.
Along with designating the district in the first half of this year, SH Corporation will conduct property surveys to comprehensively establish compensation plans and relocation and living measures, and proceed with compensation procedures. Through resident briefings and other means, they plan to provide thorough guidance and communication regarding the timing, methods, and procedures of compensation.
SH Corporation explained, "We plan to focus our project capabilities, accumulated through rich experience gained from development projects such as the Southeast Distribution Complex and Seed Cube Changdong over the past five years, as well as know-how acquired through trial and error, to ensure smooth preparation for infrastructure construction in the second half of 2025."
According to SH Corporation, most of the project site for the Yongsan International Business District is land owned by KORAIL or public land, providing a favorable environment for construction.
SH Corporation will submit a proposal this month and simultaneously proceed with infrastructure design until the approval of the implementation plan in 2025 to secure sufficient design time. They intend to concentrate project capabilities and resources to commence infrastructure construction in the second half of 2025.
Based on sufficient liquidity, they plan to stably procure project funds to smoothly advance the project despite changes in market conditions such as real estate market downturns.
The project funds will be procured with KORAIL contributing land in kind, SH Corporation contributing cash, and revenues from the sale of developed land.
Initial investment costs will be raised by SH Corporation issuing corporate bonds, and from after the sale of developed land, part of the sales proceeds will be used to cover project costs.
To ensure stable project progress, they plan to strictly manage the schedule for infrastructure construction and the supply of developed land according to the planned timeline.
Kim Heon-dong, President of SH Corporation, said, "The Yongsan International Business District will become a new central hub of Seoul," adding, "Together with Seoul City and KORAIL, we will devote our utmost efforts to successfully develop the Yongsan International Business District and make it the 'signal flare of the second miracle on the Han River.'"
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