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“I want to vomit blood” Oh Se-hoon is furious, the shackles are finally released

Landmark-class development projects that have been suspended for a long time in Gangbuk, Seoul are starting up again. Representative examples include the Yongsan-gu railway maintenance depot site, which is considered the last “golden land” in the middle of Seoul, the Sangam Digital Media City ( DMC ) Landmark Building in Mapo-gu, the Sewoon Reorganization Promotion District in Jongno-Jung-gu, and the Sampyo Remicon site development project in Seongdong-gu.

Kim Seung-bae, CEO of Fides Development, said, “When these projects are completed, they will have a social and economic ripple effect that goes beyond building semiconductor factories in the region.” According to the Seoul Metropolitan Government and the real estate development industry on the 21st, the Seoul Metropolitan Government is negotiating with

Korail and Seoul Housing and Communities Corporation ( SH ), the project executor, to develop a plan for the development of the Yongsan maintenance window site (493,000㎡) where the international business district will be located. The city plans to finalize the plan in the first half of this year, conduct a preliminary feasibility study in the second half, and complete the designation of urban development zones and establishment of development plans in the first half of next year.

The Yongsan International Business District development project, which began in August 2007, was a super-large project to create a world-class complex city, including the construction of a 665-meter high-rise building. The estimated project cost reached 31 trillion won and was called ‘the largest development project since Dangun’. However, the global financial crisis put a brake on financing, and the project was canceled in 2013.

Then, in July of last year, when the city of Seoul created development guidelines, the business opened up again. Tech companies and research and development ( R&D ) and artificial intelligence (It is a policy to build 6,000 households in business facilities such as AI ) research centers, hotels, and residential complexes. The goal is to start construction in the second half of 2025.

Graphics = Younghee Kim 02@
The Sewoon district development project, which is an underdeveloped downtown area, has also been able to breathe for the first time in 10 years. The Seoul Metropolitan Government is developing a promotion plan to adjust the Sewoon district, which was divided into 171 districts, into about 20 districts. This includes 147 districts (sunset targets) that have not been developed for a long time. The city plans to build an office building with up to 40 floors, a residential complex, and a green plaza. An official from the city of Seoul said, “The goal is to make a promotion plan, go through procedures such as public inspection and deliberation, and announce it in August.”

In 2006, Seoul Mayor Oh Se-hoon originally planned to integrate old buildings around the Sewoon Shopping Center and create a green belt that extends to Namsan Mountain, but the plan was overturned after former mayor Park Won-soon took office in 2011. In November 2021, Mayor Oh said in a municipal council question, “I feel like vomiting blood when I see the Sewoon district.” The shackles on the Sangam DMC Landmark Building development project, which

had been suspended for 11 years, were also lifted. The city of Seoul will apply for business operators to sell F1·F2 land (37,262㎡) in Sangam-dong next month . A preferred bidder will be selected in July and the contract will be concluded in October. The city plans to build a landmark building that will serve as a state-of-the-art multipurpose business center. Including the spire, it can be built up to 640m. If built as it is, it will surpass Lotte World Tower (555m) in Jamsil and become the tallest building in Korea. In 2009, Hyundai Motor Group established the Global Business Center ( GBC)

The development of the site for the Sampyo ready-mixed concrete plant, which was abandoned after trying to build a ), was also resumed. In August of last year, the factory was demolished after 45 years. The Seoul Metropolitan Government launched an international design competition to turn this place into a global business district. At the beginning of next month, architects will be invited to a briefing session on the site.

The area around District 4 of the Sewoon Reorganization Promotion District in Jongno-gu, Seoul, taken in August of last year. yunhap news
There is a prospect that if the landmark-level development project gains momentum, it will reverse the sluggish real estate market. Neighboring house prices may fluctuate or affect the activation of commercial districts. Park Hap-soo, an adjunct professor at안전놀이터 Konkuk University’s Graduate School of Real Estate, said, “There will be differences by business, but the ripple effect on the surrounding real estate market will be great.”

It is also noteworthy that an industrial district will be created in the Gangbuk area of ​​Seoul to lead the local economy. An official from an implementation company said, “It is very meaningful that landmark-class industrial complexes such as Gangnam Coex and Lotte Tower are being built in Gangbuk.”

However, as these projects are large projects that require enormous amounts of money, there is a possibility that the project schedule may be delayed or canceled. Lee Chang-moo, a professor of urban engineering at Hanyang University, said, “It will not be easy to speed up because the project is large and requires a lot of funds.”

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