Osan City Signs Agreement with LH to Purchase 22,900㎡ Segyo Terminal Site

In-kind Contribution to Osan Urban Corporation to Promote Complex Development Including Residential, Business, and Commercial Functions
Lee Gwonjae, Mayor: "To Be Built as a Landmark in Northern Osan... Will Enhance the City's Brand Value"

Osan City in Gyeonggi Province will directly purchase the 'Segyo Terminal site,' which had remained unsold for a long period, and push forward with a large-scale complex development project.

Perspective rendering of the complex development project around the Segyo Terminal site promoted by Osan City. Provided by Osan City

On May 15, Osan City announced that it had signed a purchase agreement with Korea Land and Housing Corporation (LH) for the Segyo Terminal site within Segyo District 1.

This site was originally designated as a terminal site during the development of Segyo District 1, but after the completion of the housing development project in November 2012, it failed to sell at auction five times and remained unsold for an extended period.

The site covers an area of 22,897 square meters, and the purchase price is 51.5 billion won. The city signed the contract with LH with a two-year installment payment plan. Osan City plans to contribute the site in kind to Osan Urban Corporation and pursue a complex development project that will include residential, business, and commercial functions.

The site is located east of Sema Station on Metropolitan Subway Line 1 and the Gyeongbu Line, and is considered highly accessible. To the south of the site are a large-scale residential-commercial complex and Jungmi Park, while to the west is the Sema Station transfer parking lot. The eastern side borders National Route 1.

Lee Gwonjae, Mayor of Osan, stated, "Once the complex development is realized, we will be able to achieve both improved quality of life for citizens in northern Osan and an enhanced urban brand value."

Previously, during the 8th popularly elected term, Osan City had focused on the development of the Segyo Terminal site. Since taking office, Mayor Lee has proposed that the city directly secure the site to lay the foundation for efficient use of urban space and balanced regional development. Subsequently, in September 2023, the city signed a 'Mutual Cooperation Agreement for Advancing as an Economically Self-Sufficient City' with LH, officially beginning the process of acquiring the site.

A city official commented, "This acquisition is a meaningful case in which the city took the lead in converting a site that was difficult for private developers to develop into a public-interest project. We will accelerate efforts to create a space where urban functions and citizens' quality of life can grow dramatically."

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