Redevelopment in the Wonhyo-ro area of Yongsan-gu, Seoul, which is drawing attention as a residential base behind the Yongsan International Business District, is picking up speed. As the city's fast-track integrated planning and the Moa Town initiative move forward one after another, a new residential complex of about 2,000 households is expected to take shape around Wonhyo-ro 3-ga and 4-ga.
According to the redevelopment industry on the 25th, resident consent for establishing a cooperative in the Moa Town initiative zone around 71 Wonhyo-ro 4-ga in Yongsan-gu, Seoul, has surpassed 80%. Under current rules, if resident consent exceeds 80% and two-thirds of the land area agrees, the project can obtain approval for cooperative establishment. The zone plans to hold an inaugural general meeting on June 6 and apply to the city of Seoul for approval to establish the cooperative.
This project site was divided into three zones for redevelopment, but momentum began to build after it was integrated into one zone in 2024. It then won final approval in the city of Seoul's integrated review in February last year. The target area is 26,192 square meters, with a floor area ratio of 300% applied, and a total of 604 households (including 120 rental units) are slated to be supplied.
Wonhyo-ro 4-ga faces the Yongsan International Business District across a main boulevard, making it a location widely seen as likely to benefit from the development. The Yongsan International Business District project is a large-scale urban development to build a global business hub on the Yongsan train maintenance depot site of about 495,000 square meters. Nearby projects, including the reconstruction of the Sanho Apartment complex and the creation of the Hyundai Motor future research institute, are also viewed as positives. Its location is rated favorably for being close to the Han River and directly connected to Yeouido by crossing Wonhyo Bridge.
Development expectations are also rising after the nearby area around 110-1 Wonhyo-ro 4-ga was selected as a candidate site for fast-track integrated planning on the 7th. Within this zone, Pungjeon Apartment pursued a separate reconstruction, but failed to select a construction company due to weak business feasibility. After dissolving the cooperative, the plan shifted to a redevelopment method that includes surrounding villas. The zone covers about 14,526 square meters, and about 380 households are expected to be supplied, including 139 at Pungjeon Apartment.
Including the Wonhyo-ro 3-ga redevelopment, total supply in the area is projected to rise to around 2,000 households. Wonhyo-ro 3-ga borders Wonhyo-ro 4-ga in the direction of Hyochang Park Station, and five zones are currently pursuing fast-track integrated planning and station area activation projects. Both Wonhyo-ro 3-ga and Wonhyo-ro 4-ga fall under Wonhyo-ro 2-dong as administrative neighborhoods.
An official at a certified real estate agency in Sanchon-dong, Yongsan-gu, said, "Once the Wonhyo-ro 3-ga and 4-ga redevelopments are completed, the aging low-rise residential area will be transformed into a new residential complex of around 2,000 households," adding, "However, because the pace of progress differs by zone and some areas of Wonhyo-ro 3-ga have yet to be designated as redevelopment zones, investors should carefully check the project stage and permitting status."