Located Within Yeouido District Unit Planning Area
Sewage Pipeline Improvement to Be Donated After Construction
The Fire Insurance Association Building near Yeouido Station will be redeveloped as a 31-story above-ground financial office facility, while Kiwoom Finance Square will be transformed into a 28-story above-ground financial office facility.
On June 26, the Seoul Metropolitan Government announced that the 11th Seoul City Urban Architecture Joint Committee had conditionally approved the review of the adequacy of infrastructure for "the area around 36-8 Yeouido-dong and 36-1 Yeouido-dong."
Both project sites are adjacent to Yeouido Station on subway lines 5 and 9, and are located within the Yeouido district unit planning area, which is home to a concentration of financial institutions such as the Korea Exchange, the Financial Supervisory Service, and major securities firms.
The city reviewed the adequacy of infrastructure for a building plan with a floor area ratio exceeding 1,000% for the first time in a general commercial area. The area around the project sites requires construction to widen the surrounding public sewage pipelines. In 2024, the Seoul Sewerage Maintenance Master Plan was revised to increase the rainfall design frequency to 50 years for main lines and 30 years for branch lines. The project implementer is expected to donate the improved sewage pipelines to the city after completing the construction work.
The building plan for the Fire Insurance Association Building at 35-8 Yeouido-dong includes the construction of an eight-story underground and 31-story above-ground facility for offices, neighborhood living facilities, and cultural and assembly spaces. As a community contribution facility, a convention space with 300 seats will be built on the first basement level. This space will be operated as a venue for meetings, events, and educational programs for financial and startup tenants in Yeouido, as well as local residents.
Kiwoom Finance Square at 36-1 Yeouido-dong received its building permit in March 2023 and is currently under construction. It will feature a seven-story underground and 28-story above-ground facility for offices and neighborhood living spaces. As a community contribution facility, a lounge with a collection of various financial books will be created on the second and third floors above ground. Facilities to support fintech startups are also planned to be operated.
Cho Namjun, Director of the Seoul Urban Space Headquarters, said, "We expect that this project will help Yeouido take a leap forward as an international financial hub," adding, "We will actively support this area so that it can become a core base for enhancing Seoul's urban competitiveness."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
