The 'Cheonggyecheon Hanbit Park' in Samgak-dong, Jung-gu, Seoul, is expected to become a construction site for the next five years due to the installation of a ventilation facility for the Metropolitan Express Transit (GTX)-B line in the city center.
This park is located in front of the Mirae Asset Center One building, which is home to Mirae Asset Securities and other companies. The park, covering an area of 2,105.7 square meters, has grass laid out in a circular shape, making it a 'front yard' for office workers in the nearby buildings. Several workplace daycare centers from companies such as SK Telecom, Hana Financial Group, Kyowon Group, and Hanatour are also nearby, allowing children to play. The park is said to contribute to the increased asset value of the surrounding buildings.
Recently, Mirae Asset has reportedly been in conflict with Jung-gu, Seoul, and the Korea Rail Network Authority (KR) regarding the ventilation facility construction. Mirae Asset is considering legal action, which could delay the GTX-B construction. ChosunBiz has investigated the circumstances.
◇GTX-B construction in front of Mirae Asset Center One building for five years
The controversial second section of the GTX-B construction from Yongsan to Sangbong started on the 24th at Cheonggyecheon Hanbit Park. Excavation will go down 90 meters deep to install the ventilation facilities, and during the five years of construction, park usage will effectively be impossible. The construction company Hanshin Engineering & Construction plans to erect a fence approximately seven meters high around two-thirds of the park site on the 3rd of next month. The construction is expected to be completed in January 2030.
Mirae Asset claims that while the current park owner is Jung-gu, they also have a form of 'equity' in the park. When the area was redeveloped and the Mirae Asset Center One building was constructed, the developer spent 4 billion won to create 'Hanbit Media Park' and donated it to Jung-gu.
Afterwards, Mirae Asset reportedly bore the costs related to the park one more time. Korea Electric Power Corporation has been conducting the underground electrical work on Cheonggyecheon Road since November 2017 for about three years. After the work was completed in September 2019, Jung-gu requested financial support from Mirae Asset to 'restructure the park.' Mirae Asset combined the funds from its tenant companies and provided 4.2 billion won, which accounts for 70% of the total project cost of 6 billion won, to Jung-gu, and the park was restructured.
◇Mirae Asset expects asset value loss... legal action under consideration
Mirae Asset stated that the park was created with their financial support, but Jung-gu only notified them on the 8th, 16 days before the construction started, that 'the ventilation facility for GTX-B will be constructed in the park for five years.' They expressed regret over the construction proceeding without prior discussions with Jung-gu and KR and requested that the ventilation facility be relocated.
A representative from Mirae Asset noted, 'We paid for the restructuring costs for the convenience of employees and citizens, but now we will have to face a seven-meter fence right in front of the building for five years,' adding, 'Noise, vibration, dust, and construction vehicle traffic are expected to be detrimental.' Another representative stated, 'We raised an objection as asset value loss is anticipated,' and added, 'We are also considering legal action.'
◇Jung-gu, Seoul: 'GTX-B is a national project,' KR 'will push for fast track construction'
A Jung-gu representative stated, 'When KR first proposed building the ventilation facility here, we opposed it considering citizen inconvenience. However, the establishment of GTX-B is a national project, and legally, the occupation of the park is permissible, so we granted permission,' adding, 'We will ensure that the ventilation facility minimally protrudes above ground.' They also mentioned that using other private land for the ventilation would involve additional land acquisition expenses. A KR representative announced, 'We will expedite the construction and restore the area for nearby office workers and citizens to use the park again.'
In response to the news that the park will be gone for the next five years, nearby office worker Choi Mo, 33, said, 'I used to walk in the park after lunch on nice days to refresh myself,' and added, 'I hope the ventilation facility can be installed elsewhere.' Kim Mo, 48, who works at the Mirae Asset Center One building, expressed, 'Just watching the children playing at the daycare center brought me joy; it's disappointing.'