First Parcel Supplied Among 20 for Complex Development
Two High-Voltage Substations to Be Installed Underground
Location map of the substation near Yongsan International Business District and the site planned for future supply. Provided by Seoul City
The Yongsan International Business District complex development project is taking its first step. Among the 20 parcels planned for complex development, the 'Parcel No. 1' will be supplied to Korea Electric Power Corporation (KEPCO).
On the 27th, Seoul City announced that it will supply Parcel No. 1 to KEPCO to ensure smooth power supply for the development of the Yongsan International Business District and promote complex development.
The Yongsan International Business District is scheduled to introduce large-scale office facilities, including a landmark building up to 100 floors. Therefore, after 2031, in addition to the currently operating 154kV high-voltage substation, an additional substation of the same scale will need to be newly established.
The city decided to supply KEPCO with a parcel that is close to major road networks, separated from residential areas, and easy to install power grids as the power supply site. Two high-voltage substations will be installed underground, and office facilities and others will be introduced and developed above ground. KEPCO aims to establish a basic plan for complex development within this year to visualize the urban development project.
The site of the currently operating Yongsan Substation (154kV, one site) has been incorporated into the urban development zone and designated as such. Once the installation of two substations at the new power supply site is completed, the site will be developed into roads, parks, and other facilities.
To cooperate, the city, KEPCO, Korea Railroad Corporation (KORAIL), and Seoul Housing and Communities Corporation (SH Corporation) will sign a Memorandum of Understanding (MOU) at 2 p.m. today for the complex development of the power supply site in the Yongsan International Business District. They will collaborate on power supply plans for the district, compensation for the current Yongsan Substation site, provision of future power supply sites, and directions for complex site development.
The urban development project of the Yongsan International Business District, which includes the first complex development parcel, is scheduled for the project implementer to apply for implementation plan approval to Yongsan-gu in the first half of this year. After various administrative procedures, approval is expected to be completed by October. Subsequently, infrastructure construction and parcel sales will proceed, and power supply from the new substation is planned to begin in 2031. Until the new substation is operational, power will be supplied from the currently operating Yongsan Substation.
The Yongsan International Business District will start site preparation work for roads, parks, and other facilities by the end of this year. Once private entities that have purchased parcels begin constructing buildings, companies and residents will be able to move in from the early 2030s.
The city plans to designate the Yongsan International Business District as an ‘Urban Innovation Zone,’ a white zone without building use and density regulations, to create a creative and innovative space.
Additionally, the 'Yongsan Gateway,' a three-dimensional pedestrian green space connecting the Yongsan International Business District and Yongsan Park, and the central space, the aerial park Green Square, will include a complex cultural space linked with a performance hall, exhibition hall, library, and an outdoor performance venue.
The city has established a development strategy to induce high-density complex development on all parcels within the Yongsan International Business District to ensure its successful emergence as a global business hub. In November last year, an area of 495,000㎡ around the Yongsan Maintenance Depot was designated and announced as the 'Yongsan International Business District Urban Development Project Zone.'
Im Chang-su, Director of Future Space Planning at Seoul City, stated, "We will simultaneously promote land compensation, infrastructure site supply, and complex site development plans to promptly start infrastructure construction," adding, "Through the introduction of new power technologies within the Yongsan International Business District, we will maximize energy self-sufficiency and strive to foster it as a leading model for a sustainable future city."
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