Candidate Oh said, “(Relating to the Yongsan development method) In the past, it was difficult to realize it because it was planned with too ambitious aspirations and visions when I was the mayor, but now I have changed my mind.” Since it’s so big and slow, I think it’s time to divide it into several districts and develop it step by step to make it work.”
In the past, the Yongsan International Business District development project started with the ‘Comprehensive Measures for Normalization of Railroad Management’ promoted by the government in August 2006. In November 2007, the Samsung C&T-National Pension Service consortium was selected as the developer of the railway maintenance depot, but the scale of the project grew even further as Mayor Oh put forward the development of a tunnel including the nearby Ichon-dong in the west as a condition of licensing.
However, as a result of this, it became a mega-scale development project with an investment of 31 trillion won, and the project was delayed due to opposition from the residents of Seobu Ichon-dong. Mayor Oh said, “What I regret now is that the development plan was too big.
Currently, the city of Seoul has completed the master plan establishment service for the development of the Yongsan Maintenance Depot and is coordinating detailed plans. An announcement is likely when Mayor Oh is re-elected in the Seoul mayor election and his term begins again.
The phased development method seems to refer to a method in which the development sketches for the commercial and residential districts around Yongsan Maintenance Center, the district near the presidential office, and the nearby Seobu Ichon-dong are sequentially announced and developed in stages over 20 years. This development method is expected to minimize the effect of stimulating neighboring house prices and also to reduce the business risk due to temporary economic fluctuations as in the past as the business scale and business operators are divided by district.
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