Yongsan Plans 10,000 Housing Units Amid Concerns Over Tech Hub Development
The Ministry of Land, Infrastructure and Transport in South Korea announced plans to supply 10,000 residential units in Yongsan, increasing the original plan by 4,000. Experts warn that a 50% residential ratio could hinder Yongsan's ambition to become a global tech hub, contrasting with successful redevelopment cases in Shibuya and King's Cross, which focused on attracting big tech firms. Additionally, Google is negotiating with LG Uplus to build a data center in South Korea, following government approval to transfer high-precision map data overseas.
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The South Korean Ministry of Land, Infrastructure and Transport has announced plans to supply 10,000 residential units in the Yongsan International Business District, increasing the original plan by 4,000 units. Experts express concerns that a 50% residential ratio will lead to a real estate frenzy and detract from Yongsan's potential as a global tech hub, unlike Shibuya and King's Cross, which successfully attracted major tech companies. Concurrently, Google is in negotiations with LG Uplus to construct a data center in South Korea, following governmental approval for transferring domestic map data overseas, indicating a significant infrastructure investment.
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