The flat tract which is left behind by the United Nations Command in Itaewon, Yongsan-gu, Seoul was sold to an individual housing developer at an equivalent cost of U.S. $175,065,600 or W197,473,996,800 (at $1 : W1,128 rate). The unit price for per pyong 평坪 (an old land and building floor measurement system) therefore comes to $75,576 or W67,000,000. (1 pyong equals 35.58 square feet, or roughly 6’x6’ plot.) The total area Seoul City is going to develop, for some 1,500 proposed buildings of apartments, office-tel, offices, hotel, commercial shops and cultural halls, is 51,753 square meters (556,862 square feet, or about the same area of seven soccer fields put together).
According to the November 19 issue of Chosun-Ilbo, a local paper, Seoul Metropolitan City is planning to start construction in March 2019 and complete the project by December 2022.
This is the first official announcement of the plan to develop one of the Yongsan Garrison development projects and the city has not pronounced the future development plan yet for the Main and South Posts, Yongsan Garrison while the basic plan has been agreed upon that the sites will be developed to a large public garden.
The Team of yongsanlegacy.org will attempt to report the future development programs for the Main and South Posts, Camp Coiner and Camp Kim as we believe those of you who read our website would be curious and interested to know.
By YSL Team, November 19, 2018