Yongsan Development All Stop? ... President-Elect Yoon Says "No Additional Development Restrictions"

Around Yongsan, New Construction Already Active Within Existing Regulations
"No Regulatory Impact from Presidential Office Relocation"

President-elect Yoon Suk-yeol is entering the Presidential Transition Committee office set up in the annex of the Korea Financial Training Institute in Samcheong-dong, Jongno-gu, Seoul on the 20th for a press conference regarding the relocation of the Blue House presidential office to the Yongsan Ministry of National Defense building. Photo by Yoon Dong-ju doso7@

With the new presidential office confirmed to be located in the Ministry of National Defense building in Yongsan-gu, Seoul, attention is turning to the potential impact on the real estate market. Although there were concerns that development restrictions might be imposed due to security and control issues, negatively affecting the real estate market, the president-elect's team has clearly stated that no additional regulations beyond the current ones will be applied in the Yongsan area.

On the 20th, President-elect Yoon Suk-yeol held his first press conference since the launch of the Presidential Transition Committee at the annex of the Korea Institute of Finance in Samcheong-dong, Jongno-gu, officially announcing the relocation of the presidential office to Yongsan.

Since the announcement of the "Yongsan presidential era," there have been forecasts that it would affect redevelopment projects within Yongsan-gu and plans for Yongsan Park. It was speculated that regulatory measures such as height restrictions might be implemented. However, President-elect Yoon emphasized, "The Yongsan area has already been developed under the premise of military facility protection, and even if the Blue House relocates, there will be no additional regulations."

He added, "Areas around the Ministry of National Defense and the Joint Chiefs of Staff have always been restricted as military facility protection zones, but development has proceeded within those regulatory limits," and "New buildings and apartments in the vicinity have been developed within the scope of these restrictions." This statement dispelled concerns that additional regulatory measures could negatively impact various real estate redevelopment and reconstruction projects.

President-elect Yoon also explained that development restrictions in areas near the Blue House, such as Samcheong-dong, Hyoja-dong, and Cheongun-dong, are largely unrelated to the Blue House itself. He said, "Because there are historic palaces around the Blue House, the area has been designated as a 'scenic district,' which has been a major reason for development restrictions."

Following the announcement of the presidential office relocation plan, the real estate market around Yongsan stirred significantly. According to Seoul City, the Hangangno 1-ga Special Planning Zone and Samgak Mansion Special Planning Zone are planned as quasi-residential areas, where buildings up to 120 meters in height can be constructed under district unit plans. There was speculation that building height restrictions might be imposed if the presidential office moved into the nearby Ministry of National Defense building. Some residents even held placards opposing the Blue House relocation.

There were also forecasts that the plan to create Yongsan Park, following the relocation of the U.S. military base, might be altered if the presidential office and residence moved to Yongsan. So far, the land returned from the U.S. side amounts to approximately 218,000 square meters, slightly over 10% of the entire Yongsan base (2.03 million square meters). The U.S. returned two zones totaling 53,418 square meters, including sports fields and a softball stadium, in December 2020, and at the end of last month, returned 165,000 square meters covering two zones of the main post and one zone of the south post. The sports fields and softball stadium are expected to open to the public this spring.

After the facilities are returned, the public should be able to use the park comfortably, but there were significant concerns that security issues related to the presidential office relocation might restrict park usage. Regarding this, President-elect Yoon stated that the office relocation would serve as an opportunity for rapid park development and enhanced communication with the public. He said, "Starting this year, the surrounding U.S. military bases are scheduled to be returned sequentially, allowing for the swift creation of Yongsan Park and fostering interaction and communication with the people."

An industry insider commented, "In fact, development around Yongsan Station and the Hangangno-dong area has been relatively active even under current regulations," adding, "If there are no additional restrictions due to the office relocation, it could rather become an opportunity for the rapid establishment of a public park," and "This is likely to be reflected as a positive factor in the Yongsan area real estate market."

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