Yongsan International Business District Breaks Ground After 10 Years... Aiming for Housing Sales by End of 2027 [Real Estate AtoZ]

Development Plan Announced in February Last Year, Implementation Plan Approval to Be Publicly Notified on the 20th
City Also Considering Ways to Expand Housing Supply
Private Construction to Begin After Infrastructure Completion in 2028
High-Density Mixed-Use Development Up to 100 Stories, Attracting Global Headquarters

The Yongsan International Business District development project, which will bring together a 100-story landmark building as well as work, residential, and leisure facilities in one location, will break ground for the first time on the 27th. The 460,000-square-meter site, which has remained dormant for 10 years, will be reborn as a business hub that will shape the future of Seoul. The project aims to begin housing sales as early as the end of 2027, and the city is also considering increasing the supply of housing units.

The Seoul Metropolitan Government announced on the 16th that it will hold a groundbreaking ceremony for 'Yongsan Seoul Core' at 40-1, Hangangno 3-ga, Yongsan-gu, at 2 p.m. on the 27th. At the ceremony, the city will officially launch the project and share its vision for the future of the Yongsan International Business District with citizens.

Groundbreaking 1 Year and 9 Months After Announcement of Development Plan

The city announced the "Yongsan International Business District Development Plan (Draft)" in February last year, and after 1 year and 9 months, completed all related administrative procedures before construction. The designation of the district, amendment of the development plan, approval of the implementation plan, and public notice are scheduled for the 20th. After receiving the application for district and development plan (amendment) and implementation plan approval from the project implementer in April, the city completed administrative procedures such as the review by the Urban Planning Committee to move the project forward.

This approval and public notice were achieved within 12 months of the district designation thanks to cooperation between the city and the project implementers. This is about 20 months shorter than the average period for other urban development projects in Seoul. From the development planning stage, the city simultaneously reviewed infrastructure design and construction planning.

To ensure public benefit and stability, Korail and Seoul Housing & Communities Corporation (SH Corporation) were selected as project implementers to build infrastructure such as roads, parks, cultural facilities, and parking lots, after which private companies will develop individual parcels. This project structure was adopted to maximize efficiency and public value.

On the 5th, the Seoul Metropolitan Government announced the "Yongsan International Business District Development Plan (Draft)" to construct a 100-story landmark international business district in Yongsan. Panoramic view of the international business district. Photo by Heo Younghan younghan@

Targeting Housing Sales by End of 2027, Considering Increased Supply

The city will accelerate administrative support for land sales and construction permits to enable housing sales within the Yongsan International Business District by the end of 2027. In cooperation with the project implementers, the city plans to quickly complete approval for the land supply plan in the first half of next year and actively support the construction permit process after land sales to facilitate housing supply.

Additionally, the city is considering ways to increase the number of housing units supplied, within the scope that allows for maintaining international business functions and expediting the project. To address the supply-demand imbalance caused by a shortage of developable land in the city center, the city plans to review the possibility of expanding the supply beyond the current plan of 6,000 apartment and officetel units within the district and 7,000 units in nearby areas, for a total of 13,000 units.

The city explained, "Taking into account the construction schedule for infrastructure to begin by the end of this year, we will determine the amount of additional supply through consultations with relevant agencies such as the Ministry of Land, Infrastructure and Transport and the Office of Education, within the capacity of the planned infrastructure such as roads and parks."

Completely revising the development plan could take at least two years. Considering this, the city believes that rather than fully revising the infrastructure plan to increase housing supply, it is a more realistic alternative to focus on prompt housing delivery. The city also noted that development focused solely on residential use could miss an important opportunity to enhance national competitiveness, so it plans to refine and upgrade the development plan to ensure a balanced mix of work and residential functions.

Landmark 100-Story Building, Attracting Global Headquarters

The Yongsan International Business District will be divided into three zones by function: international business, mixed-use business, and business support. The International Business Zone (82,938 square meters) will be upgraded to a central commercial district, allowing for the construction of high-density, mixed-use buildings of up to around 100 stories. Four parcels within the district (A1 to A4) will feature a cluster of supertall buildings aimed at attracting global headquarters.

The Mixed-Use Business Zone (81,036 square meters), divided into eight parcels (B3 to B10), will be developed into complex spaces combining offices, officetels, and retail facilities. The Business Support Zone (93,723 square meters) will house residential, medical, and educational facilities. The district will be realized as a "compact city," where international business, residential, and cultural activities are all accessible on foot.

The city also plans to foster the district as a hub for the Asia-Pacific headquarters of global companies in the early 2030s. By 2028, the city aims to complete infrastructure construction and will provide administrative support to ensure the swift start of private building projects.

The city expects the construction of the Yongsan International Business District to create approximately 146,000 jobs and generate 3.26 trillion won in economic output. After completion, it anticipates 12,000 jobs and 330 billion won in annual production inducement effects.

Lim Changsoo, Director of Future Space Planning for Seoul, stated, "Yongsan Seoul Core is a city regeneration project that will open the next 100 years for Seoul. To compete with global cities, we will create a new urban culture centered on technology, culture, and people, not just simple development," adding, "This will be a decisive opportunity for Seoul to rise as one of the world's top five global cities."