Yongsan Maintenance Depot to be High-Density Developed as 'International Business District' with Floor Area Ratio Exceeding 1500%

The site of the railway maintenance depot in Hangangno 3-ga, Yongsan-gu, Seoul, on the 26th. On this day, the Seoul Metropolitan Government will announce the development plan for the Yongsan International Business District. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporters Hyemin Kim and Seoyul Hwang] The 'last prime land' in the heart of Seoul, Yongsan Maintenance Depot, will be developed into a high-density 'live-work mixed-use' international business district featuring skyscrapers.

On the morning of the 26th, Seoul Mayor Oh Se-hoon announced the 'Yongsan International Business District Development Plan' at Seoul City Hall. He stated, "It is a geographically central area connecting downtown Seoul, Yeouido, and Gangnam with high potential, but after the development project was canceled, it lost momentum for 10 years," adding, "We will start before it gets any later," expressing his determination to proceed with the development.

According to Seoul City's blueprint, the Yongsan Maintenance Depot site will be developed into a 'live-work mixed-use' city encompassing all functions from jobs, research and development (R&D), and conventions (MICE) to residential, leisure, and cultural activities. Foreign resident infrastructure such as international educational facilities and hospitals will also be established. Seoul City plans to allocate more than 70% of the entire site for non-residential uses such as office and commercial purposes, while dedicating 40% of the site to infrastructure for public purposes including roads, parks, and schools.

The city plans to designate this site as a 'Minimum Location Regulation Zone,' allowing high-density development that exceeds the legal maximum floor area ratio of 1500%. The Minimum Location Regulation Zone exempts the site from location regulations based on zoning districts and separately determines building use, floor area ratio, and height. This is the first time such regulatory exceptions will be applied in Seoul.

Mayor Oh said, "The public sector will invest about 5 trillion won to first develop the site and infrastructure, and the private sector will complete each individual plot one by one," adding, "The goal is to establish the development plan by the first half of next year and begin infrastructure construction in the second half of 2024."

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