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🇰🇷 South Korea /Economy & Trade

South Korea Considers Housing on Prime Yongsan Park Land

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • South Korea's presidential office is considering using prime land in Yongsan Park for housing, including youth-focused residences.
  • An official stated that dedicating the entire area to a park is globally rare and difficult to manage.
  • The proposal aims to balance park space with the need for affordable housing, particularly for young people.

South Korea's presidential office is exploring the possibility of developing housing, including residences for young people, on prime land within the planned Yongsan Park in Seoul. Hajun-kyung, the Senior Secretary to the President for Economic Growth, suggested that utilizing this valuable land for housing is a practical consideration. He argued that dedicating the entire Yongsan area solely to a park, which is a rare scale globally, would be challenging to manage effectively. Hajun-kyung indicated that discussions are underway to determine the optimal use of the site, emphasizing the need to balance public park space with residential development.

It is important to make good use of this prime land.

— Hajun-kyungSenior Secretary to the President for Economic Growth, commenting on the potential use of Yongsan Park land.

The official pointed out that the current usage of the Yongsan Children's Garden area is low, despite aspirations to create a Central Park-like space. He also noted the significant cost, estimated in the trillions of won, required to remove contaminants from the land, which complicates the vision of an expansive park. Hajun-kyung clarified that developing housing does not mean abandoning the park concept entirely. Instead, he proposed a more moderate park size that would ensure higher utilization, while also providing much-needed living spaces for future generations.

Making this large land entirely into a park is a scale rarely seen globally and is difficult to manage.

— Hajun-kyungExplaining the rationale for considering housing development in Yongsan Park.

Regarding the specific housing plans, Hajun-kyung mentioned that while some areas would remain as parkland, others could be designated for rental housing, specifically targeting young adults. The goal is to create an environment where young people can comfortably live, marry, and raise children. He also indicated that selling the land to private developers for market-rate housing is unlikely to be the chosen approach. The presidential office appears keen on a model that prioritizes accessibility and affordability for the younger demographic.

The park is meaningful when many people use it, and the Yongsan Children's Garden area is not used by many people.

— Hajun-kyungHighlighting current low utilization of parts of the planned park area.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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