Yangcheon-gu Promotes Sale of 5,800-Pyeong Prime Land in Mokdong

19,172㎡ of Homeplus and Parking Lot Sites to Be Sold
Integrated Sale Aimed at Attracting Businesses and Creating Jobs
Public Auction Planned for the Second Half of the Year

Yangcheon-gu, Seoul (Mayor Lee Gi-jae) is publicly selling 19,172㎡ (approximately 5,800 pyeong) of commercial land in the Mokdong central area that the district owned. The official land price alone amounts to about 230.6 billion KRW.

This land is a key site within the Mokdong central district (Mokdong 919-7, 8) located at a transportation hub adjacent to Subway Line 5, National Assembly Boulevard, and Seobu Expressway. It is also a major commercial area in Yangcheon-gu, densely populated with major broadcasting stations such as SBS and CBS, as well as large retail facilities like Hyundai Department Store and Haengbokhan Department Store.

Aerial view and surrounding location map of Mokdong 919-7, 8 after land return procedure completion. Provided by Yangcheon-gu.

The land is owned by Yangcheon-gu and was created through the Mokdong district housing development project. The Mokdong 919-7 site was used as Homeplus Mokdong branch under a long-term lease contract for 25 years, but was demolished and returned last November. The Mokdong 919-8 site has been used as a parking lot and model house.

Following the approval of the shared property management plan for the sale of Mokdong 919-7 and 8 by the district council on the 21st of last month, Yangcheon-gu will begin full-scale development aimed at attracting businesses and creating jobs.

The Mokdong 919-7 and 8 sites were designated as a special planning zone by the Seoul Metropolitan Government in April 2022. Accordingly, at least one of the following uses must be introduced, excluding officetels: office facilities, broadcasting and telecommunications facilities, educational research facilities excluding private academies, and tourism accommodation facilities. The combined area of these uses must account for more than 50% of the total floor area.

Considering the rapidly progressing redevelopment of Mokdong apartments due to recent designation of maintenance zones, the parkification of National Assembly Boulevard, integrated development of the Mokdong sports field and detention basin area jointly commissioned with Seoul City, reconstruction of the Seoul Yangcheon Post Office building, and development of the Mokdong KT site, Yangcheon-gu plans to develop this site as a representative landmark that can revitalize the local economy through business attraction and job creation, taking into account its location in the Mokdong central district.

The district plans to conduct an appraisal in the first half of this year and proceed with a public auction for sale in the second half.

Mayor Lee Gi-jae stated, “The Mokdong 919-7 and 8 sites have long been places with hopes for business attraction and job creation,” and added, “We will strive to attract companies with a future vision so that quality jobs can be created.”