Yongsan Park Excluded From Korea's Extra 73,000 Public Homes

Greenbelt Sites for New Housing to Focus on Gyeonggi Province First

Finance|
|
By Woo Young-taktak@sedaily.com
||
Land, Infrastructure and Transport Minister Kim Yun-deok (right) and Seoul Mayor Oh Se-hoon shake hands after discussing Seoul's housing issues, including housing supply utilizing Yongsan Park, at Conference House Dalgaebi in Jung-gu, Seoul, on the 26th. Yonhap News - Seoul Economic Daily Finance News from South Korea
Land, Infrastructure and Transport Minister Kim Yun-deok (right) and Seoul Mayor Oh Se-hoon shake hands after discussing Seoul's housing issues, including housing supply utilizing Yongsan Park, at Conference House Dalgaebi in Jung-gu, Seoul, on the 26th. Yonhap News

The government does not plan to include Yongsan Park or greenbelt land in Seoul in the additional public housing districts of more than 73,000 units it is set to announce as early as late next month.

Land, Infrastructure and Transport Minister Kim Yoon-duk said on the 26th, ahead of a meeting with Seoul Mayor Oh Se-hoon, that Yongsan was never part of the plan when asked whether Yongsan Park would be included in the additional new housing sites. "Yongsan was never in it to begin with," Kim said.

Asked whether the 73,000 units would be filled solely with greenbelt land within Gyeonggi Province, the minister said it was difficult to say specifically, adding, "Let's wait a while."

Under the Aug. 13 housing measures, the government announced a plan to develop new housing sites in three areas — Gangseo in Seoul, Namyangju in Gyeonggi Province and Gwangju in Gyeonggi Province — and to break ground on 27,000 units by 2030. It also said it would announce "73,000 units plus more" in additional new housing sites in late September or early October.

Greenbelt land within Seoul — including a reserve forces training ground in Naegok-dong, Seocho-gu; Segok-dong and Jagok-dong in Gangnam-gu; the Suseo rail depot; and the area near the Olympic Athletes' Village in Bangi-dong, Songpa-gu — was also floated as a candidate. But observers said its feasibility remained uncertain, as the Seoul city government firmly opposes supplying housing by lifting greenbelt restrictions.

The government also intends to use core sites within Yongsan Park, including the Yongsan Children's Garden, for housing supply, but the Seoul city government strongly opposes this as well.

Meanwhile, Kim and Oh failed to find common ground at their meeting that day on using core sites in Yongsan Park for housing supply, and they agreed to meet again next week for further discussions.

Original reporting by Woo Young-tak for Seoul Economic Daily.

AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.

Watch · Seoul Economic Daily

More →
3:12

AI KEY

Preview
Korean Corporate Intelligence HubKOSPI · KOSDAQ · 12 sectors

A live, cap-weighted view of every KOSPI and KOSDAQ sector, with same-day Korean reporting distilled by company — built for foreign investors, correspondents and analysts who need to scan Korea before the next session.

Korea Company Atlas

Preview
Market Ontology · The Feedback LoopKFTC 2025 · 92 groups · 121,954 articles

An English ontology of the Korean market — how companies, the media, the government and the National Assembly move each other in a loop. Korea's named controlling persons and designated business groups are a mechanism, not a risk to be priced blind.

SIGNAL

Now live
English Edition · Capital MarketsM&A · IPO · PE · Fund Flows

SIGNAL English Edition is live — Korea's deal desk reporting in English. M&A, IPOs, private equity and fund flows, covered daily for global institutional investors. Browse free; subscriber-only scoops at the 50% intro rate.