Kim Yun-deok, the Minister of Land, Infrastructure and Transport, and Oh Se-hoon, the Mayor of Seoul, met again to discuss housing supply in the city, 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 considering.
After their meeting on August 26, 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 progress in discussions about the Southeast Youth Complex.
The Seoul plan involves relocating the Tancheon Water Recycling Center in Gangnam's Ilwon-dong and integrating it with the nearby Eastern Road Office and SETEC site 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. The city estimates that utilizing about half of the total area 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's capacity to provide over 10,000 units from a single site presents a significant supply advantage.
Location is also considered a strength, with proximity to Yangjaecheon and Samsung Medical Center, as well as nearby subway stations like Hakgyeol, Daechi, and Suseo. The city believes it can develop not only housing but also industrial and business facilities to create a job-housing proximity complex for young people.
Seoul has completed a master plan study for the Yangjaecheon-Tancheon confluence area, including the Eastern Road Office and SETEC site, and is currently conducting a feasibility study for private investment in relocating the Tancheon Water Recycling Center. This study is expected to be completed by the end of the year.
The funding for the project is planned to come from utilizing nearby city-owned land. The city estimates the value of the Eastern Road Office and SETEC site to be approximately 33 trillion won and 23 trillion won, respectively, totaling around 55 trillion won. The plan includes an initial investment of about 5 trillion won 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 anticipates 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 noted, "Mayor Oh requested that we review the Tancheon Water Recycling Center, and the Ministry currently does not have specific data. We discussed receiving the data for analysis and will actively consider it thereafter."
Disagreements regarding Yongsan Park remain. The Ministry of Land maintains that it could supply limited housing for youth and newlywed couples in damaged areas of the park, while the city insists that the main body of Yongsan Park must be preserved. Both sides have also discussed expanding urban supply through easing development density regulations but have not reached a concrete conclusion.
Minister Kim and Mayor Oh plan to meet again in a week to continue their discussions. Whether the development plan for the Tancheon Water Recycling Center can be solidified as a means to supply over 10,000 additional housing 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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