Seoul City "Land Swap Between Korean Air Songhyeon-dong Site and Former Seoul Medical Center Site"

Former Seoul Medical Center site (Photo by Seoul City)

[Asia Economy Reporter Onyu Lim] The Seoul Metropolitan Government announced on the 26th that it has tentatively agreed to exchange the city-owned land for the former Seoul Medical Center (south side) site in exchange for Korean Air's Songhyeon-dong site. The agenda will be reviewed at the Seoul Metropolitan Government Shared Property Deliberation Committee on the 14th of next month.

The Seoul Metropolitan Government, Korea Land and Housing Corporation (LH Corporation), and Korean Air have conducted several active consultations based on mutual trust to implement the mediation agreement signed at the end of March through the mediation of the Anti-Corruption and Civil Rights Commission and agreements among related agencies.

According to the tripartite consultation, the site area of the former Seoul Medical Center, which is the subject of the exchange, will be confirmed as an equivalent exchange through an appraisal. The zoning will maintain the current quasi-residential area designation. The apartment complex will be 20-30% of the above-ground total floor area.

However, the city added that further discussions on appraisal and ownership transfer are necessary to finalize the exchange contract.

Following the proposal of this exchange site, the Seoul Metropolitan Government plans to continue additional discussions with LH regarding the timing of ownership transfer. After the approval of the shared property management plan by the Seoul Metropolitan Council in November, a third-party exchange contract is expected to be signed.

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