[Exclusive] Yukyoung Foundation Neungdong Site to Build 'Yoon Seok-yeol's Signature Public Housing'

Discovered as the First New Supply Site under the Yoon Seok-yeol Government... Discussion on Supply Plans Including 'First Home Near Station Area'

Location map of Yukyoung Foundation site around 441, Gwangnaru-ro, Gwangjin-gu, Seoul /

[Asia Economy Reporter Baek Kyunghwan] The Presidential Transition Committee (PTC) plans to utilize the site of the Yukyoung Foundation located in Neung-dong, Gwangjin-gu, Seoul, as a new supply site for housing policy under the Yoon Seok-yeol administration. The plan to build the 'First House Near a Subway Station,' a key pledge made by President-elect Yoon Seok-yeol, is currently under discussion, reflecting the symbolic significance of this idle urban site discovered by the new government. It was also a factor that the existing sites secured by the current government and Seoul City have limitations in accommodating the housing supply volume. The PTC plans to continue searching for additional sites.

According to the PTC on the 21st, Seoul City and SH Corporation (Seoul Housing and Communities Corporation) recently began work to utilize part of the land owned by the Yukyoung Foundation located at 441 Gwangnaru-ro, Gwangjin-gu, as a public housing supply site. A key official from the PTC stated, "This site is a project area that Seoul City and SH Corporation have been carefully developing for years for their own projects, and after the new government took office, the idea was proposed to use it as a government project site. Unlike other sites, since purchase processes are required, detailed negotiations will be conducted first."

The Yukyoung Foundation site, adjacent to Seoul Subway Line 7 station, has been a location where Seoul City has been negotiating with the foundation for years to build public housing. In the past, Seoul City and the foundation engaged in practical discussions to build youth rental housing, but negotiations did not progress quickly due to purchase costs and project expenses.

The PTC also faced difficulties in finding new sites to support the new government's urban housing supply plan after its launch. This is why they formed and began operating the Urban Housing Supply Task Force following the Real Estate Task Force. A PTC official explained, "Sites like Seoul Medical Center or Yongsan Maintenance Depot are lands already secured by the current government with housing supply already confirmed, so they are not very meaningful. Finding new land to build additional units is the top priority of the supply policy."

Currently, Seoul City and SH Corporation are focusing on reviewing plans to purchase the Yukyoung Foundation site and build either the 'First House Near a Subway Station' or 'Youth Cost-Price Housing,' pledges made by President-elect Yoon, instead of constructing their own public housing. The first review, including report preparation on site utilization, has already been completed. Accordingly, the PTC plans to make a final decision on the suitability of site utilization once detailed matters such as purchase costs and project scale are confirmed.

Within the PTC, it is estimated that about 10,000 to 20,000 square meters of the total land owned by the Yukyoung Foundation can be used for housing projects. Considering that parts of the Yukyoung Foundation’s total land (130,000 square meters) are currently occupied by the Children's Hall, wedding hall, Geunhwa Garden, and seasonal children-only facilities, this calculation was made. However, the detailed supply volume is expected to vary significantly depending on the secured area. The construction industry expects that even considering variables such as floor area ratio and building coverage ratio, it would be possible to supply around 2,000 units of housing suitable for one- to two-person households.

In political circles, the symbolic significance of the 'Yukyoung Foundation' is also being emphasized. The foundation was established in 1969 by Yuk Young-soo, wife of former President Park Chung-hee, for children's welfare projects. Recently, President-elect Yoon also met with former President Park Geun-hye.

The PTC plans to continue searching for additional new supply sites beyond the Yukyoung Foundation site. It has been confirmed that detailed schedules have been set to visit one or two project sites where public housing construction is possible, mainly led by the Ministry of Land, Infrastructure and Transport and Seoul City. A PTC official stated, "There are limits to building additional housing through reconstruction and redevelopment projects, and the sites already disclosed have supply plans in place. The PTC's goal is to find land where the Yoon administration can build housing and deliver it to the government."

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