Seoul plans October construction start for first Yongsan electronics-market zone
In short
Seoul said construction will begin in October in zone 5 of the Yongsan electronics-market redevelopment, covering buildings 12 and 13 of Najin (나진) shopping complex. Eight of the area's 11 planning zones have development projects under way, and four have obtained building permits.
Read the full story 1 min read
Construction is scheduled to begin in October in the first zone of the Yongsan electronics-market redevelopment, Seoul said, according to Korean outlets. Zone 5 covers buildings 12 and 13 of Najin (나진) shopping complex. Newsis, Kyunghyang Shinmun and Yonhap date the city's announcement to October 11, while Asia Economy's summary says October 12. Eight of the area's 11 special planning zones currently have development projects progressing. [ 2 , 3 , 4 , 5 ]
Four zones—4, 5, 7 and 10—have completed the building-permit process. The eight projects have a combined planned floor area of approximately 800,000 square metres, Newsis and Kyunghyang reported. The city plans facilities based on artificial intelligence and information-communications technology alongside retail, cultural, assembly and sports facilities, creating a space combining business, industry and everyday life. [ 3 , 4 , 5 ]
Seoul plans an approximately 570-metre elevated public walkway running east to west and 11 connecting bridges between zones. Publicly accessible spaces and open green areas would form walking connections between Yongsan Station, the electronics market and nearby developments. The plans also include startup support facilities and a public car park with approximately 400 spaces. Around 247 billion won in cash public contributions from development would be used to fund balanced development across Seoul, the reports said. [ 3 , 4 , 5 ]
The market prospered in the 1990s as personal computers spread but declined from the 2000s onward amid growth in online shopping, changes in industrial structure and ageing facilities, according to Kyunghyang and Yonhap. Average vacancy once exceeded 60%. Seoul announced a strategy linking the electronics-market area with the Yongsan international business district in June 2023 and has pursued its conversion into an AI and ICT industry hub. [ 4 , 5 ]
Why it matters
The city aims to replace the area's electronics-distribution focus with an AI and information-communications technology industry hub. Planned walking connections, public facilities and mixed-use development would link the market with Yongsan Station and surrounding developments.
Key facts
- Zone 5, covering Najin buildings 12 and 13, is scheduled to start construction in October. [ 2 , 3 , 4 , 5 ]
- Eight of 11 zones have projects progressing, and zones 4, 5, 7 and 10 have building permits. [ 3 , 4 , 5 ]
- The eight projects cover approximately 800,000 square metres of total floor area. [ 3 , 4 ]
- Plans include an approximately 570-metre elevated public walkway and 11 bridges between zones. [ 3 , 4 , 5 ]
Confirmed by several sources
Still unclear
- The reported announcement date differs between sources. Asia Economy's summary says October 12; Newsis, Kyunghyang Shinmun and Yonhap say October 11.