Ministry of Land, Infrastructure and Transport and US Embassy in Korea Promote Exchange of Yongsan Base Site and Asea Apartments

Partial opening site of Yongsan Park (former US military officers' quarters Complex 5) overview

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport and the U.S. Embassy in Korea have signed a Memorandum of Understanding (MOU) to exchange part of the Yongsan Base site and 150 units of the Asia Apartments in Yongsan-gu, Seoul.

On the 27th, the Ministry of Land announced that it signed a real estate exchange MOU with the U.S. Embassy in Korea to relocate the embassy staff housing.

This MOU is intended to exchange part of the northern section of the Yongsan Base, Camp Coiner, owned by the U.S. Embassy in Korea, with part of the Asia Apartments (scheduled for completion in 2025) to be donated to the Ministry of Land.

According to the MOU, both parties will exchange 150 units of the Asia Apartments, which the Korean government is scheduled to acquire, for 30,236㎡ of Camp Coiner land owned by the U.S. government.

Based on the joint appraisal results, it was confirmed that the property values of the two real estate assets to be exchanged are equal, and the U.S. side must immediately return the staff housing facilities and land located within Yongsan Base to the Korean government once the embassy staff housing relocation is completed after the real estate exchange.

Accordingly, both Korea and the U.S. plan to proceed with the ownership exchange of the relevant real estate in line with the completion of the Asia Apartments.

Once the ownership exchange is completed, the Ministry of Land will incorporate the planned housing site into the Yongsan Park development zone and develop it as a park.

Kim Heungjin, Director of the Ministry of Land’s Land and Urban Office, said, "Through this MOU, once the northern part of Camp Coiner is incorporated into the park, accessibility from the north side of the park will improve, and the remaining U.S. areas within Yongsan Base will be reduced, enabling the creation of a complete park."

This content was produced with the assistance of AI translation services.