Officetels and Public Sale Housing at Yongsan Retention Basin... Ministry of Economy and Finance Approves Consignment Development Project

Choi Sang-dae, 2nd Vice Minister of Strategy and Finance [Image source=Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] The government approved on the 19th the entrusted development project plans for three state-owned properties, including the Yongsan Retention Basin in Seoul, the closed railway site of Deokha Station in Ulsan, and the 2nd Research Building of the Sejong National Research Complex. Residential land and public facilities are planned to be established in these areas.

Choi Sang-dae, Vice Minister of Strategy and Finance, chaired the 24th State-Owned Property Policy Deliberation Committee on the same day and reviewed and approved the "2023 Comprehensive Plan for State-Owned Properties" and the "Entrusted Development Project Plans for State-Owned Properties."

The comprehensive plan for state-owned properties next year includes detailed tasks aimed at "a virtuous cycle of a private-sector-led economy through the utilization of state-owned properties." The mid- to long-term policy directions also include previously announced plans for the sale and development of idle and underutilized state-owned properties. These will be submitted to the National Assembly after deliberation by the Cabinet.

At the meeting, the entrusted development project plans for three state-owned properties?Ulsan Deokha Station closed railway site, Yongsan Retention Basin, and the 2nd Research Building of the Sejong National Research Complex?were approved.

For the Ulsan Deokha Station closed railway site, a land entrusted development project plan was approved to develop residential land, public cultural and sports facilities, and office facilities. The Korea Land and Housing Corporation (LH) will be entrusted with the project. A total of 417 public housing units will be supplied for workers in the nearby Ulsan Petrochemical Industrial Complex and local residents.

At the Yongsan Retention Basin, plans include supplying 333 public sale housing units for young people and 168 office-tels for business use at prices lower than market rates. Additionally, buildings for the Korea National Defense University Seoul Campus, the Armed Forces Welfare Agency, and the Defense Acquisition Program Administration Education Institute will be constructed. A Youth Startup Academy to foster youth entrepreneurship and new industries will also be established. LH will also be entrusted with this project. The design is scheduled to be completed within next year, with construction starting in 2024 and completion targeted for 2029.

The 2nd Research Building of the Sejong National Research Complex will develop research spaces for the Science and Technology Policy Institute, the Korea Youth Policy Institute, and the Architecture and Space Research Institute. Construction is planned to start in 2024 and be completed by 2027.

Vice Minister Choi stated, "State-owned properties are acting as an important policy tool, from revitalizing the private economy to supporting major national policies," and urged that the related plans be carried out without any setbacks.

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