Yongsan International Business District Implementers Designated as Korail and SH Corporation... Administrative Procedures for Compensation Accelerate

Korail and SH Corporation to Jointly Implement at a 7:3 Ratio
Korail Responsible for Basic Planning, Permits, and Land Supply
SH Corporation Handles Basic and Detailed Design, Land Compensation, and Construction
Infrastructure Construction to Begin in Second Half of Next Year, First Company to Move In by 2030

The Seoul Metropolitan Government designates Korea Railroad Corporation (KORAIL) and Seoul Housing and Communities Corporation (SH Corporation) as the project implementers for the Yongsan International Business District urban development project. Once the two entities are designated as project implementers on the 20th, they will act as the primary agents for various permits and approvals, including the application for implementation plan approval. This is expected to accelerate related procedures such as land compensation.

On the 19th, Seoul announced that following the designation of the Yongsan International Business District urban development project area and the announcement of the development plan on the 28th of last month, it has secured legal effectiveness for project promotion and will now designate the implementers.

KORAIL and SH Corporation will jointly implement the Yongsan International Business District urban development project at a 7:3 ratio. According to the project plan submitted by KORAIL and SH Corporation, the total project cost is 14.3 trillion KRW. The total project cost for the Yongsan International Business District is estimated to be approximately 51 trillion KRW.

The project will proceed by first constructing public infrastructure, after which the private sector will purchase individual plots for development. The city plans to start infrastructure construction in the second half of next year and then sell the land.

KORAIL will be responsible for the basic plan, permits and approvals, soil contamination cleanup, cultural heritage surveys, and land supply within the project area. SH Corporation will handle basic and detailed design, land compensation (for national/public and private land), and construction inside and outside the district.

The city will continue to consult with the project implementers to balance project profitability and public interest, refining and developing the project plan. If excess profits occur within the scope of ensuring appropriate project profitability for the implementers, discussions on measures to enhance public interest will continue.

The city plans to approve and announce the implementation plan by the second half of next year. At the implementation plan approval stage, road and infrastructure design will be carried out, and the urban management plan will be detailed. The city expects the first company to move into the district in the early 2030s. It is establishing a demand-tailored attraction strategy to attract global companies and overseas capital.

A bird's-eye view of Yongsan International Business District. Provided by Seoul City.

Im Chang-su, Director of Future Space Planning at the Seoul Metropolitan Government, said, "Following the designation of the district and the announcement of the development plan, the designation of the project implementers will enable the full-scale promotion of the Yongsan International Business District." He added, "We will develop the Yongsan International Business District into a world-class three-dimensional convergence urban space to enhance national (city) competitiveness and foster future new industries."

The Yongsan International Business District is a development project to create the world's largest vertical city within walking distance that integrates work, residence, and leisure on a 495,000㎡ site behind Yongsan Station's railroad maintenance yard. It will feature landmark buildings up to 100 stories high with a maximum floor area ratio of 1700%. The district is divided into an ‘Office Complex Zone’ with prime-grade offices, MICE (Meetings, Incentives, Conferences, and Exhibitions), and hotels; a ‘New Industry Office Complex Zone’ for new industry workspaces; and an ‘Office Support Zone’ with residential, educational, and cultural support facilities.

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