Oh Se-hoon Visits Yongsan Electronics Market: "To Foster New Business Hub"... Property Owners Call for More Residential Units

Seoul Mayor Oh Se-hoon is inspecting the interior environment on the 22nd during his visit to Seonin Shopping Center, a redevelopment area of Yongsan Electronics Market. Seoul City

Seoul Mayor Oh Se-hoon visited Najin and Seonin Shopping Centers in Yongsan Electronics Market, where redevelopment is underway, and stated, "We will foster this area as a core hub for new businesses."

On the 22nd, Mayor Oh held a meeting with merchants, property owners, and residents of Yongsan Electronics Market to listen to stakeholders' opinions and review the direction of the development project in connection with the Yongsan International Business District.

Previously, the city had prepared an improvement plan to revitalize the Yongsan Electronics Market commercial district by lifting existing regulations that allowed only large-scale electronics specialty malls and changing the area to permit mixed-use development for work, commerce, and residential purposes, on the condition that 30% of the area must be designated for new industries.

Mayor Oh said, "As this area begins preparing for the future, tenants and property owners must have experienced significant inconvenience and difficulties due to aging buildings and high vacancy rates. If you let us know what is needed administratively, we will address those issues thoroughly."

At the meeting, property owners requested an increase in the proportion of residential use from the original plan. In the case of Seonin Shopping Center, the development is currently proceeding with a ratio of 50% residential, 30% new industries, and 20% office space. A property owner stated, "There are about 1,100 owners in total, and a large proportion want housing. Yongsan Electronics Market no longer has much value as a commercial center, and both rental income and sales have declined, so increasing the residential proportion would satisfy the owners."

In response, Mayor Oh said, "I understand why such requests are being made," but added, "However, this does not align with the original goals set based on the area's industrial location and Seoul's spatial utilization plans." He continued, "It's not an easy situation to change, but I will consider the opinions I heard on site."