Oh Se-hoon: "100-Story Yongsan International Business District Has No 'Curse of the Super-Tall'"

Attendance at Yongsan International Business District Joint Agreement Ceremony
Oh "Different from 2007 Development Plan, Depends on Sales"
Minister Park Sang-woo "Providing Space to Support International Business Functions"

Regarding the development of a 100-story supertall international business district on the site of Yongsan Maintenance Depot, Seoul Mayor Oh Se-hoon emphasized on the 28th that there will be no "curse of supertall buildings."

On the 28th, Seoul City, the Ministry of Land, Infrastructure and Transport, Korea Railroad Corporation (KORAIL), and Seoul Housing and Communities Corporation (SH Corporation) held a joint agreement ceremony at the Seoul Dragon City Hotel in Yongsan-gu, Seoul, for the creation of the "Future New Hub Yongsan International Business District." Photo by Kwon Hyunji

At the 'Joint Agreement Ceremony for the Creation of the Future New Hub Yongsan International Business District' held at Seoul Dragon City that day, Mayor Oh said, “It cannot be said that the development is starting during a boom period, but rather, in the latter phase, economic conditions conducive to the success of the project will be established.” He added, “It depends on how well the sales are done,” and said, “If an appropriate land sale price is set and it is judged that sufficient profits can be generated from real estate investment alone, global companies will compete to enter.”

Mayor Oh also emphasized the differences from the 2007 Yongsan International Business District development plan, which was previously scrapped. He said, “In 2007, because it was developed as a single project, it collapsed helplessly due to the economic downturn, but now it is divided into 20 blocks for development, greatly increasing the chances of success.” He added, “These blocks will be developed by different developers and investments will be made, so most of them will be available for sale, development, and occupancy in about 10 years.” Mayor Oh stated, “The previous trial and error was not a wasted process,” and emphasized, “Under the brand ‘Yongsan Seoul Core,’ the Yongsan International Business District will leap forward as the center of Seoul and the core of the Asia-Pacific region.”

The value as a physical space supporting international business functions was also mentioned. Park Sang-woo, Minister of Land, Infrastructure and Transport, said, “Currently, there are business districts such as Yeouido, Gwanghwamun, and Gangnam, but there is no space properly equipped to support international business,” and emphasized, “The Yongsan International Business District is organically connected with convention centers, hotels, and business functions, so it can spatially support international business.”

Minister Park stated, “This project is a national project of the Republic of Korea that utilizes national resources beyond simple urban development,” and said, “Through synergy with the Presidential Office relocated to Yongsan and Yongsan Park, we will generously support adding dynamism to our country’s economy and advancing as a new national center.”