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(Sejong=Yonhap Infomax) Jong Hwa Han – Korea Railroad Corporation (KORAIL) announced on the 19th that it will complete the procedures for the amendment of the development plan and the approval of the implementation plan for the Yongsan International Business District urban development project on the 20th.
KORAIL plans to hold a groundbreaking ceremony at the project site on the 27th.
Since the official announcement of the district designation and development plan in November last year, KORAIL has detailed the project across various sectors, including urban planning, environment, transportation, and disaster prevention, completing the core approval process within a year.
KORAIL will now begin construction of key infrastructure and sequentially proceed with major projects such as land sales.
The infrastructure will focus on essential urban facilities such as roads, parks, cultural facilities, and parking lots, with consideration for improving local transportation conditions and environmental factors.
Land supply will utilize various methods—including direct development, open bidding for developers, and general sales—depending on the characteristics of each parcel. KORAIL plans to consult with the government and consider real estate policies and market conditions, with phased sales starting next year.
Housing supply within the Yongsan International Business District will be expanded in line with additional plans developed in consultation with the Ministry of Land, Infrastructure and Transport and the Seoul Metropolitan Government.
Jung Jeong-rae, acting president of KORAIL, stated, "We will responsibly develop the Yongsan Maintenance Depot site to ensure the Yongsan International Business District becomes a new growth axis for South Korea."
jhhan@yna.co.kr
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