Jung Woon-oh Declares "10,000 Units in Yongsan"... Oh Sehun Responds, "Are You Turning It Into a Chicken-Coop Apartment Complex?"

Yongsan International Business District Policy Unveiled on May 8
Oh Sehun Immediately Refutes on Social Media
Jung Woon-oh: "99-Year Land Lease, Sale of Development Rights"

On June 3, for the 9th nationwide simultaneous local elections, Democratic Party of Korea candidate for Seoul mayor Jung Won-oh and People Power Party candidate for Seoul mayor Oh Se-hoon, who are competing for the mayoral seat, clashed over the housing supply volume in the Yongsan International Business District. Jung pledged to transform Yongsan into a global industrial hub, stating that "even supplying 10,000 units is possible," while Oh immediately called for withdrawal, criticizing the plan as "an irresponsible move that would turn the area into a cluster of chicken coop apartments."

Democratic Party candidate for Seoul mayor Jung Won-oh and People Power Party candidate for Seoul mayor Oh Se-hoon are seated at the 54th Parents' Day celebration event held by the Seoul Metropolitan Council of the Korea Senior Citizens Association at Jangchung Gymnasium in Jung-gu, Seoul on the 6th. Photo by Yonhap News Agency

At 11 a.m. on the 8th, at the Yongsan International Business District campaign pledge site in Seoul, Jung stated, "Whether it's 10,000 or 8,000 units, it makes no difference," adding, "Nothing gets done if there is only conflict. The government, as the landowner, and the Seoul Housing & Communities Corporation (SH), representing the city of Seoul, can closely coordinate and find common ground without much difficulty."

In response, Oh criticized Jung in a post on his social media, saying, "This is a shockingly irresponsible answer. Jung is suggesting turning Seoul into a cluster of chicken coop apartments and an overcrowded bedroom town," and demanded, "Immediately withdraw the plan for 10,000 units and apologize to Yongsan residents."

Oh continued, "The optimal housing supply figure, carefully negotiated with the Ministry of Land, Infrastructure and Transport, was 6,000 units. Given the urgent need for housing in Seoul, I pushed the number to 8,000 units after much deliberation, and this is the absolute limit." He added, "It is only natural that there is no clear 'how' from candidate Jung, who abruptly increased the number by 2,000 units overnight."

Democratic Party of Korea Seoul mayoral candidate Jung Won-oh is announcing his pledge in front of the Yongsan Maintenance Depot site on the 8th. Photo by Yonhap News

On the same day, Jung pointed out, "Yongsan should have been established as Korea's global gateway and a core base for balanced growth, but it has been neglected for 15 years. Oh Se-hoon, during his four terms as Seoul mayor, left this land unattended." He continued, "It was only in the run-up to his fifth bid for mayor that the first groundbreaking for the International Business District took place, but upon opening the lid, it turned out to be an empty shell full of holes."

Jung emphasized, "I will create a future ecosystem that will attract the world to Yongsan. To achieve this, I will establish two pillars: global finance and venture capital, and five major industries including AI, robotics, biotechnology, K-defense, and digital finance. This is the very place—the global gateway of Korea, Yongsan—where the UN AI Hub, which the government seeks to attract, should be located."

He added, "I will manage Yongsan not as a short-term development, but as a space for long-term growth, turning it into a city where creative talent can stay for the long haul. The land will be leased for 99 years, with development and operations entrusted to the private sector. By selling development rights, we will raise 1 trillion won in funding. Through long-term rental fees, we will secure stable cash flow, and after development is completed, we will achieve increased asset value—thus gaining three benefits at once."

Furthermore, Jung said, "We will establish the Seoul Investment Corporation, a Seoul-type investment platform. The public and private sectors will work in partnership, but the final responsibility will lie with the public sector." He also promised to create a G2 Chachak Fund worth 300 billion won and to establish the Yongsan REITs (Real Estate Investment Trusts).

However, Jung did not present a specific timeline for the Yongsan Maintenance Depot project, stating, "Rather than specifying a deadline, I will start the project within my term and ensure significant progress is made."

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