‘First shovel’ in District 5 this month… “Building a futuristic urban space linked to the international business district”
(Seoul = Yonhap News) Reporter Kim Jun-tae = The Seoul Metropolitan Government announced on the 11th that among the 11 special planning zones in the Yongsan Electronics Market area, Zone 5, which corresponds to Buildings 12 and 13 of Najin Shopping Mall, will begin construction within this month.
The project, which has been promoted step by step since the city announced its 2023 development strategy, will be visualized with the first start of construction this month.
Yongsan Electronics Market boomed as Korea's largest electronics distribution center in the 1990s with the spread of PCs. However, since the 2000s, the vitality of the commercial district has decreased significantly due to the expansion of online shopping, changes in industrial structure, and aging facilities.
With the average vacancy rate once exceeding 60%, the need to reorganize the existing industrial structure centered on distribution of electronic products has been consistently raised.
Seoul Mayor Oh Se-hoon presented a vision to develop Yongsan into ‘Asia’s Silicon Valley’ in 2021.
Afterwards, the Seoul Metropolitan Government announced the ‘Yongsan International Business District-Yongsan Electronics Market Area Connection Strategy’ in June 2023.
The plan is to transform Yongsan Electronics Mall, which was previously centered on the distribution of electronic products, into a new industrial base based on artificial intelligence (AI) and information and communication technology (ICT).
A blueprint was also presented to reorganize urban space so that everyone can move and stay conveniently.
It is planned to build a public pedestrian passageway of approximately 570m in the east-west direction and a connecting bridge between 11 areas, and connect Yongsan Station, the electronics mall, and surrounding development areas into one pedestrian axis by connecting the open space and open green space in each business district.
Public facilities will also be expanded.
There will be a start-up support center and AI/ICT content industry specific development promotion district operation center, as well as public rental business facilities such as the Seoul Veterans Hall and a 400-space public parking lot.
During the development process, cash public contributions worth approximately 247 billion won will also be secured. This plan is to be used as a financial resource for balanced development throughout Seoul.
Currently, four of the Yongsan Electronics Market special planning zones, including zones 4, 5, 7, and 10, have completed building permits.
Projects are making progress in eight districts, with construction review in District 8, announcement of decision on detailed development plan in District 6, and announcement of detailed development plan to residents in Districts 1 and 2.
The city announced that starting with the start of construction in District 5, it will strengthen support to ensure that projects in the remaining districts can proceed without disruption.
Kim Chang-gyu, head of the Seoul Metropolitan Government's Urban Space Division, said, "Yongsan Electronics Mall, which was the center of Korea's electronics industry, is now taking a new leap forward as a future growth base leading the new AI and ICT industries."
He continued, "With this first construction start, we will actively support the development of individual areas to lead to changes in the entire area, and connect with the Yongsan International Business District to create a futuristic urban space where jobs, industry, green space, and culture come together."
