Yongsan District: "Housing Expansion in International Business District Requires Caution"

Mayor Park Heeyoung:
"Must Align with the Vision of Creating a Global Economic City"

On January 10, Yongsan District Office in Seoul (Mayor Park Heeyoung) stated that a cautious approach is needed regarding the government's plan to expand housing supply in the Yongsan International Business District. The district emphasized that the original objective of creating a global economic city must be maintained.

The groundbreaking ceremony for the Yongsan International Business District held on November 27 last year. Third from the left is Park Heeyoung, Mayor of Yongsan District, and second from the right is Oh Sehoon, Mayor of Seoul. Provided by Yongsan District Office.

The government has mentioned a plan to increase the housing supply in the Yongsan International Business District to around 10,000 to 20,000 units as part of its efforts to expand housing in Seoul. The Seoul Metropolitan Government initially proposed increasing the scale from about 6,000 units to around 8,000 units.

In response, Yongsan District expressed its position that sufficient housing supply can be achieved by maintaining the existing supply plan and utilizing urban redevelopment projects and idle sites in the area. The district explained that by revising the building plan for the Yongsan Urban Regeneration Innovation District, redeveloping the Yongsan Reservoir, and developing the Susongbu site, it would be possible to supply up to approximately 18,000 units.

The Yongsan International Business District (approximately 450,000 square meters) is a national strategic project aimed at creating a mixed business district focused on global business, work, and commercial functions. According to Yongsan District, the project holds significant symbolic and strategic importance as it is intended to serve as an Asian hub to rival Singapore and Hong Kong.

Yongsan District expressed concerns that increasing the proportion of housing could alter the land use plan, which is centered on business, commercial, and international exchange functions, thereby undermining the city’s functions and identity. The district also pointed out that additional procedures, such as revising the business plan and negotiating with stakeholders, could delay the overall development timeline and erode market confidence.

Yongsan District visited the Seoul Metropolitan Government on January 7 to discuss housing supply and plans to actively propose its position to the Ministry of Land, Infrastructure and Transport. In addition, the district intends to actively respond to any unreasonable construction or review of additional housing supply in major areas such as Yongsan Park, which would be inconsistent with the original purpose of those areas.

Park Heeyoung, Mayor of Yongsan District, stated, "The Yongsan International Business District is a core driver for strengthening Korea's future international competitiveness, and its nature is different from that of ordinary development projects. Going forward, we will actively work to ensure that development projects such as the Yongsan International Business District and Yongsan Park align with Yongsan District’s long-term urban planning, and we will cooperate with the government and the Seoul Metropolitan Government to find win-win solutions."

Yongsan International Business District bird's-eye view. Provided by Yongsan District Office.