[Exclusive] 1 Trillion Won SETEC Development and 400% FAR for Ko-one Energy Service: Blueprint for a Major Overhaul of the Tancheon Area
- Input
- 2026-09-10 16:51:50
- Updated
- 2026-09-10 16:51:50
The master plan for underutilized sites around the confluence of Yangjaecheon Stream and Tancheon, obtained exclusively by Financial News on the 10th through the office of lawmaker Jeon Yong-gi, contains these proposals and specific development directions. Public-led development is considered the most likely option for the SETEC site, which is owned by Seoul Metropolitan Government. The master plan proposes expanding SETEC’s existing exhibition and convention functions in connection with the Jamsil MICE Complex.
The plan also calls for exhibition, convention, and commercial facilities on the lower floors, with office facilities and public offices on the upper floors. It determined that a three-dimensional pedestrian connection is needed to link the site with the Dongbu Road Management Office site, which is separated by Yangjaecheon Stream. The analysis also said pedestrian access routes should be secured to connect the site with the riverside green space along Yangjaecheon Stream.
The zoning would be upgraded from a Class 3 general residential area to a quasi-residential area, with the required floor-area ratio calculated at 400%. The total project cost for the SETEC development is 1.0478 trillion won.
The plan concluded that private development would be more appropriate for the Ko-one Energy Service site, which is privately owned, than public-led development. It states, “Development requires changes to the urban plan, including an upgrade in zoning and the abolition of urban planning facilities.” It explained that pursuing prior negotiations on urban plan changes, which would allow the development gains to be shared, would be appropriate.
The site is currently designated as a natural green area and an urban planning facility, making development virtually impossible unless its zoning is upgraded and the urban planning facility designation is abolished. The plan also says guidelines for prior negotiations should be presented, including the scope of the zoning upgrade, the appropriate scale of development, and the uses to be introduced, in order to secure public benefits. It proposes a floor-area ratio of 400% for the front section of the site and 250% for the rear section.
In that case, the front section could accommodate a business complex, while the rear section could house advanced biotechnology facilities and a residential complex.
The plan determined that relocating the facilities and examining links with the Tancheon Water Reclamation Center would be necessary to develop the Dongbu Road Management Office site. Establishing a three-dimensional pedestrian connection with the Ko-one Energy Service and SETEC sites, which are separated by the Nambu Beltway and Yangjaecheon Stream, is another challenge.
The master plan proposed upgrading the site’s zoning from a natural green area to a quasi-residential area and applying a 400% floor-area ratio. In addition to relocating the office, the city would also need to purchase privately owned land. Along the Nambu Beltway within the Dongbu Road Management Office site are the GS Caltex Namseoul LPG Station and Hakyeoul Gas Station.
The plots owned by corporations cover a total of 4,611 square meters, while privately owned plots account for another 66 square meters. The value of these parcels was approximately 29 billion won as of January 2024, when the study was conducted. The analysis found that phased development would be appropriate for the Tancheon Water Reclamation Center. It proposed developing the areas near the Dongbu Road Management Office and Daecheong Station first, while keeping the remaining areas in reserve. It advised maintaining the current uses of the reserved areas, such as parks and green spaces, until plans for their use are finalized.
[email protected] Jeon Yong-gi Reporter