Minister revives 4-year-old pledge for 100,000 Yongsan homes, pressures Seoul

South Korea's Minister of Land, Infrastructure, and Transport, Kim Hyun-soo, is exploring a significant housing development plan that could encompass the entire Yongsan Park site in Seoul. This initiative appears to be a direct response to Seoul Mayor Oh Se-hoon's resistance to building homes on the Yongsan Children's Garden. The real estate sector interprets Minister Kim's proposal as a strategic maneuver to counter the mayor's stance.

The plan revives a pledge originally made four years ago by then-candidate Lee Myung-bak, who promised to supply 100,000 homes in the Yongsan district. Minister Kim's recent statement indicates a willingness to consider the broader Yongsan Park area, moving beyond the initial focus on the children's garden. This expansion of the development scope signals a potential shift in the government's approach to urban housing solutions in a prime Seoul location.

Industry observers suggest that Minister Kim's renewed push for housing in Yongsan is a calculated political move. By proposing to utilize the entire park area, the ministry aims to put pressure on the Seoul city government. The debate over housing supply in Seoul remains a critical issue, and this development adds another layer of complexity to the ongoing discussions between national and city authorities.