First Detailed Development Plan Finalized for Yongsan Electronics Market District
Eight Underground to 27 Above-Ground Floors... 30% Allocated for New Industries such as AI
The area surrounding Najin Buildings 12 and 13, which serves as the gateway to Yongsan Electronics Market in Seoul, will be reborn as a hub for future new industry innovation.
The Seoul Metropolitan Government announced on June 10 that it has held the 10th Urban and Architecture Joint Committee meeting and passed, with amendments, the "Designation and Planning Decision (Draft) for the District Unit Planning Zone of Najin Buildings 12 and 13 in Yongsan Electronics Market District, and the Detailed Development Plan (Draft) for Special Planning Zone 5."
Before online distribution became mainstream, Yongsan Electronics Market was once called the mecca of electronics distribution, offering assembled PCs, laptops, digital cameras, mobile phones, and various gaming consoles. Najin Market was regarded as both the gateway and the core location within Yongsan Electronics Market. The site of Najin Buildings 12 and 13 is directly connected to Yongsan Station and boasts excellent access to major transportation networks. It is also close to the Yongsan International Business District.
In June 2023, the city announced a strategy to link the Yongsan International Business District and the Yongsan Electronics Market area, aiming to address the rising vacancy rates and aging facilities in the Yongsan Electronics Market district. The plan restructures the Yongsan Electronics Market area into 11 special planning zones, removes the distribution business facility designation, and requires that more than 30% of the area be allocated for new industries such as artificial intelligence (AI) and IT. The plan also includes the provision of urban-style mixed-use residential facilities.
The detailed development plan for Najin Buildings 12 and 13 is the first to be finalized within the Yongsan Electronics Market District. The site will feature new industry-focused office and retail facilities, as well as officetels, in a building with eight underground floors and 27 above-ground floors, totaling a gross floor area of 73,420 square meters. The floor area ratio is set at 800%, with a planned building height of 144 meters.
In addition, the city plans to convert the upper area of the underutilized detention basin facility into a park and create open green spaces within the development site to secure cultural and rest areas.
Approximately 51 billion won in installation costs for public facilities, which will be contributed by the project developer, are expected to be invested in Seoul's balanced development and policy projects in the future. The architectural permitting process is expected to proceed in the second half of the year.
Cho Namjun, Director of the Urban Space Headquarters at the Seoul Metropolitan Government, stated, "This development plan decision will serve as a turning point that breathes new vitality into the Yongsan Electronics Market area," adding, "We expect this area to reemerge as a new industry innovation hub that enhances Seoul's urban competitiveness."
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