Minister of Land, Infrastructure and Transport Kim Yoon-deok and Seoul Mayor Oh Se-hoon met again to discuss housing supply in Seoul six days after their last meeting, but they did not reach a conclusion regarding the use of Yongsan Park. Meanwhile, the Seoul city government officially proposed an additional supply plan to build up to 13,000 units of youth housing and advanced industrial facilities around the Tancheon Water Recycling Center, which the Ministry of Land is also actively considering.
After his meeting with Minister Kim on the 26th, Mayor Oh held a briefing at Seoul City Hall, where he officially proposed the concept of a 'Southeast Youth-Specialized Industrial Complex' utilizing the Tancheon Water Recycling Center and nearby sites. He expressed hope that the withdrawal of the Yongsan Park supply plan would lead to the adoption of the Southeast Youth Complex and progress in discussions.
The Seoul plan centers on relocating the Tancheon Water Recycling Center in Gangnam's Ilwon-dong and integrating it with the nearby Eastern Road Office and Seoul Trade Exhibition Center (SETEC) to develop a mixed-use area for youth housing and advanced industries. The goal is to attract future industries like physical AI, connecting housing and jobs in one location.
The Tancheon Water Recycling Center spans approximately 393,000 square meters, making it about 90,000 square meters larger than the Yongsan Children's Garden, which the government has been considering for housing supply at around 300,000 square meters. The city estimates that utilizing about half of the total site for residential purposes could yield a minimum of 10,000 to a maximum of 13,000 housing units.
Previously, the sites mentioned by the city as alternatives to Yongsan Park, such as the Military Financial Management Agency and the Ministry of Foreign Affairs parking lot, and the Bank of Korea's Huam Living Hall, were too small for large-scale supply. The Tancheon Water Recycling Center, however, can provide over 10,000 units from a single site, offering significant supply potential.
Location is also considered a strong point. The site is adjacent to Yangjaecheon Stream and Samsung Medical Center, with close proximity to Hakgyeol Station, Daechung Station, and Suseo Station. The city believes it can develop not only housing but also industrial and business facilities, creating a job-housing proximity model for young people.
Seoul has completed a master plan study for the Yangjaecheon and Tancheon confluence area, including the Eastern Road Office and SETEC, and is currently conducting a feasibility study for private investment in relocating the Tancheon Water Recycling Center. The feasibility study is expected to be completed by the end of this year.
The funding for the project is planned to be secured using nearby city-owned land. The city estimates the value of the Eastern Road Office and SETEC to be approximately 33 trillion won and 23 trillion won, respectively, totaling around 55 trillion won. An additional 5 trillion won will be invested as a catalyst to attract private investment.
However, significant time is needed before actual housing supply can occur. The relocation of the Tancheon Water Recycling Center and the urban planning and housing construction processes must be completed. The city believes that if related procedures are conducted concurrently, construction could realistically begin within 7 to 8 years.
Minister Kim expressed his intention to actively consider the city's proposal. He stated, 'Mayor Oh requested that we examine the Tancheon Water Recycling Center, and the Ministry currently does not have specific data. We discussed the intention to analyze the data once received and actively consider it.'
Disagreements surrounding Yongsan Park remain. The Ministry of Land holds the position that limited housing for youth and newlyweds could be supplied in damaged areas within the park, while the city insists that the main body of Yongsan Park must be preserved. Both sides discussed measures to expand urban supply, such as easing the floor area ratio for redevelopment projects, but did not reach a concrete conclusion.
Minister Kim and Mayor Oh agreed to meet again in a week to continue discussions. Whether the development plan for the Tancheon Water Recycling Center can be concretized as a means to supply over 10,000 additional units in Seoul, separate from the Yongsan Park discussions, will remain a key issue in future negotiations.
* This article has been translated by AI.
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