The Seoul Metropolitan Government announced on the 19th that it will designate 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 on the 20th. After being designated as the project implementers, Korail and SH Corporation will gain legal status as the actual entities responsible for various permits, such as the application for the implementation plan approval, which is expected to accelerate land compensation, appropriation, and the application for implementation plan approval.
The Yongsan International Business District urban development project secured legal effect for project promotion through the designation of the district and the announcement of the development plan on the 28th of last month.
Korail and SH Corporation will jointly implement the Yongsan International Business District urban development project at a ratio of 7:3. The total project cost is 14.3 trillion won.
The project will proceed by first establishing public infrastructure, after which the private sector will receive individual land plots for development. The Seoul Metropolitan Government plans to approve and announce the implementation plan by the second half of 2025 and then commence construction on the infrastructure before selling the land.
Korail will be responsible for the master plan, permits, soil pollution remediation, cultural heritage investigation, and land provision in the project area. SH Corporation will handle base and detailed design, land compensation (public and private land), and the execution of construction inside and outside the district.
Im Chang-soo, director of the Seoul Future Space Planning Bureau, noted, “Following the district designation and confirmation announcement of the development plan, we have now initiated the full-scale development of the Yongsan International Business District through the designation of the project implementers,” adding, “We will create the Yongsan International Business District as a world-class multifaceted urban space to enhance national (urban) competitiveness and foster future new industries.”