Seoul mayor seeks to develop Yongsan into business hub

Seoul mayor seeks to develop Yongsan into business hub

Seoul Mayor Oh Se-hoon explains during a press briefing at the Seoul Metropolitan Government’s office, Tuesday, his plan to develop an abandoned patch of land in Seoul’s Yongsan District as a new business hub. Yonhap

By Ko Dong-hwan

The vacant former marshalling yard in Yongsan-gu is transforming into an urban business hub in Seoul, and the undeveloped area near Cheong Wa Dae is one of Seoul’s future business hubs. On 493,000 square meters of land near Yongsan Station, there is an office building that covers more than 70% of the total area so that it can be designated as a non-residential area.

Seoul Mayor Oh Se-hoon said at a press conference held at the city hall on Tuesday that the proposed area would be “Silicon Valley in Asia.” According to the mayor of, at least 50% of the country is covered with green space and the roads must run underground.

The development project will also include new subway transportation and interchange platforms, trains and city aircraft rides connecting Yongsan and downtown Seoul, Gangnam-gu, Incheon International Airport and other regional cities.

The plan will complete the detailed demarcation of land for various purposes in the so-called Yongsan International Business Zone by the end of the first half of 2023. Construction will start from the following year.

Oh, said the new land will be one of the city’s three hubs, including the financial district of Yeouido and the cultural facilities of Nodeul Island in the Han River, to make the city more competitive globally.

Undeveloped land, 70% owned by Korail, a railroad operator in 4,444 countries, has been abandoned since 2013, when early development plans for the region failed. The site is considered one of the last available parcels in the city for major new development opportunities.

“Longshan has long been recognized as a potential hub for the city connecting Gangnam and Youid, and because of its geographical location, it is also an ideal stopover point for the country’s railway lines,” said Oh. I mentioned at the briefing session. “The development of the district has been delayed so far. I want to go there before it’s too late,” he said.

 

Credit/Source : KoreaTimes

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