Korea Railroad Accelerates Development Project of 'Yongsan International Business District'

Korea Railroad Corporation (KORAIL) will accelerate the project by finalizing the development plan for the Yongsan International Business District by the end of the year.

According to KORAIL on the 30th, the project aims to develop the former Yongsan Maintenance Depot site, covering 500,000㎡ near Yongsan Station, into a convergence complex district featuring international business spaces, residential areas, and park green spaces.

A bird's-eye view of the development site of the former Yongsan Maintenance Depot near Yongsan Station. Provided by Korea Railroad Corporation

Originally, this project was to be led by the private sector in 2007, but it was delayed for a long time due to the bankruptcy of the developer amid the global financial crisis at that time.

During this process, KORAIL also regained ownership of the site (in May 2018). Currently, KORAIL holds 70% of the total project site shares, while SH Seoul Housing and Communities Corporation holds 30%.

As private-led project promotion faced difficulties, KORAIL signed an implementation agreement with SH Corporation in May 2021 to promote public-led development. Both organizations have been preparing to relaunch the project as project implementers.

KORAIL emphasizes that it is currently in the final stage of reviewing the master plan through step-by-step consultations with the Seoul Metropolitan Government, the permitting authority, for project promotion.

Additionally, a working-level consultative body has been formed, including an advisory group, to ensure successful development. Detailed project plans will be announced later by the Seoul Metropolitan Government.

KORAIL plans to proceed with permits such as district designation proposals starting at the end of this year, development plan notifications, and implementation plan approvals (confirmation of district unit plans) as the project implementer.

Following this, construction of infrastructure and land supply will begin in the second half of 2025, with infrastructure completion planned by 2028.

Han Moon-hee, President of KORAIL, stated, “The Yongsan International Business District development project is a crucial initiative that will serve as a cornerstone for improving KORAIL’s financial structure and investing in railway safety. We will strive to transform the maintenance depot site, which has occupied the heart of Seoul for a long time, into an international business district to enhance Seoul’s global competitiveness and create a sustainable revenue model for KORAIL.”

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