Announcement of Yongsan International Business District Development Plan... What Are the Upcoming Schedules?

Seoul City Announces June District Designation and Development Plan
SH Corporation to Proceed with Relocation and Compensation Procedures in First Half
Infrastructure Construction Scheduled for Oct 2025 and Land Sale Planned

The development plan for the Yongsan International Business District, which had been halted for over 10 years, has been unveiled. Once Seoul City announces the district designation and development plan in June, SH Corporation will establish compensation plans and relocation and living measures to officially commence the project.

Seoul City announced on the 5th that it has prepared the 'Yongsan International Business District Development Plan (Draft)' and will begin full-scale project implementation aiming to designate the area in the first half of this year. Seoul Mayor Oh Se-hoon is announcing the project implementation plan at the ITX conference room in Yongsan Station, Seoul. Photo by Heo Young-han younghan@

The Yongsan International Business District development plan announced by Seoul City on the 5th is an urban development project that simultaneously develops an area of 500,000㎡ behind Yongsan Station to create a "city within a city." It is divided into the central International Business Zone (A1~A4), the surrounding Business Complex Zone (B1~B10), and the Business Support Zone (C1~C5) adjacent to Seobu Ichon-dong.

The core area located at the center of the project site, the International Business Zone (88,557㎡), will feature a landmark building of up to approximately 100 floors. The city has set a height limit of about 450m to allow a landmark building of around 100 floors in this zone. If the private sector, which purchases the lots, proposes a 'creative innovation design,' the area can be designated as an urban innovation zone or special architectural zone, allowing development up to the maximum floor area ratio of 1700%. The top floors can include complex recreational spaces such as observatories and sky gardens.

In the Business Complex Zone (104,905㎡), facilities related to artificial intelligence (AI), big data, and other fields will be established in connection with Yongsan Electronics Market and Hyundai R&D Center to support business and enterprises. The Business Support Zone will include residential, educational, and cultural support facilities. On the 45th floor of the Business Complex Zone, a 1.1 km-long Sky Trail and a podium bridge connecting the 3rd and 4th floors will be constructed.

The building heights in the central International Business Zone are allowed up to 100 floors for landmark buildings, about 80 floors for other parts of the International Business Zone, about 60 floors for the Business Complex Zone, and about 40 floors for the Business Support Zone. The overall skyline will gradually decrease in building height from the International Business Zone to the Business Support Zone.

The Green Square, created above the southern tracks of Yongsan Station, will be designed as a three-dimensional park connecting Hangang Park and Yongsan Station in a straight line. The 40m-wide, 1 km-long U-shaped 'circulating green space (Green Curve)' will be an open green area accessible from anywhere within the International Business District. The 'linear green space (Green Corridor)' will function as a pedestrian and visual axis connecting the surrounding urban area and the Yongsan International Business District. A 'cover park over Gangbyeonbuk-ro' will also be created, allowing walking access from the International Business District to Hangang Park and Nodeul Island.

The Yongsan International Business District will include 6,000 housing units and officetels. Among them, 3,500 units are planned as apartments and 2,500 as officetels. Of the 3,500 apartments, 875 units will be rental housing. Kang Seong-pil, Seoul City’s Public Development Project Manager, said, "3,500 units will be sold to the general public," adding, "Additional housing of at least 4,000 units is planned in surrounding development projects such as the Yongsan Electronics Market site."

The total project cost is estimated at 51 trillion won, with about 16 trillion won invested by KORAIL and SH Corporation. Once the implementation plan is approved in June next year, the approximate land acquisition cost will be estimated. Kang Seong-pil, head of KORAIL’s Smart Station Area Project Team, explained, "Land costs are estimated at 8 to 10 trillion won, and the remaining infrastructure construction costs at 4 to 5 trillion won, of which SH Corporation will bear 3 trillion won. The remaining 2 to 3 trillion won will be funded by using part of the proceeds from land sales."

SH Corporation will conduct property surveys simultaneously with the district designation in the first half of the year to comprehensively establish compensation plans and relocation and living measures and proceed with compensation procedures. They plan to hold resident briefings to provide detailed information on the timing, methods, and procedures of compensation.

On the 5th, the Seoul Metropolitan Government announced the "Yongsan International Business District Development Plan (Draft)" to construct a 100-story landmark international business district in Yongsan. A view of the Yongsan maintenance depot site, the planned location for the international business district. Photo by Heo Younghan younghan@

SH Corporation will submit proposals within this month and concurrently proceed with infrastructure design until the implementation plan approval in 2025 to secure sufficient design time. Initial investment costs will be raised by SH Corporation through bond issuance, and after land sales, part of the sales proceeds will be used to cover project costs.

Seoul City plans to start infrastructure construction and land sales in October next year. The goal is to complete infrastructure by 2029. Occupancy is expected to begin in early 2030.

Kang Seong-pil, Seoul City’s Public Development Project Manager, explained, "Twenty lots in the Yongsan International Business District are scheduled to be sold, but since simultaneous supply may cause difficulties, the process will be phased. As a public institution is conducting the sales, we will negotiate with the project implementers to set appropriate land prices rather than prioritizing profitability alone."

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