The Yookyoung Foundation Children’s Center (Yookyoung Foundation) has initiated the sale of approximately 24,000 square meters of land in the Neungdong area of Gwangjin-gu, Seoul.
According to the financial investment and construction industries on the 3rd, the land put up for sale by the Yookyoung Foundation is approximately 24,232 square meters located at 18-10, 18-41, 18-42, 18-43, and part of 18-11 in Neungdong, Gwangjin-gu, Seoul. This site is currently used as a parking lot by the Yookyoung Foundation.
The Yookyoung Foundation selected CBRE Korea as the principal agent for the land sale and distributed a request for proposal (RFP) to private investors in March. The foundation plans to select a preferred negotiator through the land sale bidding in May.
The expected bidding price for the land sale is known to be approximately 350 billion won. Currently, about 10 businesses have submitted letters of intent to participate in the bidding.
The zoning of the land for sale is currently classified as semi-residential, general residential area type 2, and exclusive residential area type 1. According to the RFP, through future revitalization projects in the vicinity of Seoul station, areas that are not in the center can remain within the semi-residential area, and locations adjacent to stations or connecting to main roads can be changed to neighborhood commercial areas if they pass review. This could allow for the construction of 1,101 apartment units including 650 units of 59 square meters, 433 units of 84 square meters, and 18 units of 155 square meters.
The Yookyoung Foundation plans to utilize the funds from the sale of the nearby parking lot to promote talent development projects related to culture, sports, and the arts.
A Yookyoung Foundation official noted, "Since the buildings constructed since 1975 have not been renovated, safety issues concerning the facilities have arisen while the expenses necessary for facility maintenance continue to increase," and added, "We plan to use the funds from the sale of the nearby land to promote various projects aligned with the foundation's establishment purpose."
Previously, the Yookyoung Foundation also considered building youth rental housing and public housing on this site. However, the project was shelved due to disagreements over land acquisition expenses with the government and Seoul.
Some are skeptical about whether the land sale can be completed, as there had previously been conflicts among the three children of Mrs. Yookyoung Su concerning ownership of the Yookyoung Foundation.
In 1990, former President Park Geun-hye's younger brother, Park Ji-man, chairman of EG, and Park Geun-hye's younger sister, Park Geun-ryung, former chairwoman of the Yookyoung Foundation, sent a petition to the Blue House containing allegations of corruption related to the ownership of the Yookyoung Foundation during the Roh Tae-woo administration. Subsequently, Park Geun-hye resigned from her position as chairwoman of the Yookyoung Foundation. In 2007, conflicts over the management rights of the Yookyoung Foundation erupted between former chairwoman Park Geun-ryung and chairman Park Ji-man.
The Yookyoung Foundation stated, "This land sale has nothing to do with the conflict between the former president's siblings."