Seoul City has finalized the district-unit plan to transform the area around Najin 12-13 Complex, a key location in Yongsan Electronics Market, into a hub for new industrial innovations.
On June 9th, the city of Seoul held its 10th Urban and Architecture Joint Committee Meeting and announced the amended approval of the ‘District Unit Plan Area Designation and Plan Decision for Yongsan Electronics Market District, Najin 12-13 Complex Area and Special Plan District 5 Detailed Development Plan Decision’.
Najin 12-13 Complex is directly connected to Yongsan Station and is adjacent to the Yongsan International Business District, making it a region with high regional transport accessibility and location competitiveness. However, the area has experienced increased vacancy rates and aging buildings due to industrial structure changes, which has intensified the decline of the business district.
To address these issues, the city of Seoul announced its ‘Yongsan International Business District-Yongsan Electronics Market Area Integrated Strategy’ in June 2023 and is pursuing the development by reorganizing the entire electronic market region into 11 special planning districts.
The site in Najin 12-13 Complex for which the development plan has now been decided will feature a complex building with eight underground floors and 27 above-ground floors. It will have a total floor area of 73,420 square meters and a floor area ratio of 800%, with a maximum height of 144 meters. Key facilities will include office spaces focused on new industries such as ICT and AI, sales facilities, and officetels. At least 30% of the total area is planned to be dedicated to new industrial purposes.
The city intends to transform the current distribution-centered space into a complex district combining advanced industry and urban residential areas. The above-ground space of the retention basin will be developed into a park, and open green spaces will be created within the business site to secure much-needed local cultural and resting spaces.
The public contribution fund required from the project implementer is approximately 51 billion KRW, which will be used for Seoul’s balanced development projects and policy initiatives. The city plans to initiate the building permission process in the second half of this year.
Nam-Jun Cho, head of Seoul’s Urban Space Headquarters, stated, “This decision will provide an opportunity to grant new functions and values to the Yongsan Electronics Market area, enhancing its competitiveness as a central hub for new industries in the heart of Seoul.”