Category: Seoul

Considering all the people that ride the Seoul subway system it still loses money and is now relying on selling station naming rights in order to make money:

Seoul Metro, the operator of Subway Line Nos. 1 through 9 within the capital, announced Aug. 12 that it had sold the co-naming rights for several subway stations, including Seongsu Station, Gangnam Station, Yeouinaru Station and Sangbong Station, through a bidding process held from July 25 to Aug. 6.

Co-naming rights to Seongsu Station and Gangnam Station were acquired by CJ Olive Young, a health and beauty retailer under CJ Group, and Haru Plant Dental Clinic for 1 billion won ($740,000) and 1.11 billion won, respectively. The co-naming rights to Yeouinaru Station sold for 222 million won, while the price for Sangbong Station was not disclosed due to confidentiality issues.

The prices for Seongsu and Gangnam stations, in particular, set new records, surpassing the previous high of 870 million won for Euljiro 3(sam)-ga Station, purchased by Shinhan Card in 2022.

Korea Herald

You can read more at the link.

It didn’t take long for the Seoul government to backtrack from this idea:

A rendered image of the proposed National Monument Space in Gwanghwamun Square, provided by the Seoul Metropolitan Government (The Seoul Metropolitan Government)

The Seoul Metropolitan Government will reconsider its plan to erect a 100-meter-tall flagpole with a giant Taegeukgi, or South Korea’s national flag, in Gwanghwamun Square in central Seoul, Mayor Oh Se-hoon said during a press briefing held at the city hall on Thursday.

The mayor said he would take public opinions before pushing ahead with the plan to create the National Monument Space featuring the large flagpole, initially announced on June 25 on the 74th anniversary of the 1950-53 Korean War.

“We will gather extensive feedback with an open mind to ensure that the National Monument Space reflects the collective will of the people and stands as a significant landmark in Gwanghwamun Square,” Oh said.

Korea Herald

You can read more at the link.

The few times I have gotten off the subway at Jamsil Station makes me believe this finding is accurate; it is a very busy subway station:

Jamsil Station on Seoul’s Subway Line No. 2 has replaced Gangnam Station of the same line as the capital’s busiest station, with over 150,000 passengers using the station per day, Seoul Metro said Thursday.

Jamsil Station in southeastern Seoul served a daily average of 155,229 passengers in the first four months of this year, compared with Gangnam Station with a daily average of 151,607 passengers, according to Seoul Metro’s analysis of traffic at all stations on Lines 1-9.

Gangnam Station in southern Seoul had long ranked as the capital’s busiest station.

Gangnam and Jamsil are traditionally crowded because the subway is faster and more convenient there than cars due to severe traffic congestion.

Other busy stations with a daily average of over 100,000 passengers include Hongik University Station on Line No. 2 (147,356), Guro Digital Complex Station on Line No. 2 (106,564), Seoul Station on Line No. 1 (105,265), Sillim Station on Line No. 2 (103,582) and Samseong Station on Line No. 2 (101,475), the operator said.

Yonhap

You can read more at the link.

Receiving a $7 a month apartment in Seoul is definitely like winning the lottery even if it is tiny:

The studio apartment Choi Soul recently scored might have the cheapest monthly rent in Seoul: 10,000 won, or about $7.

“After I got the text message informing me I got it, I stared at it over and over again for a week straight,” said the 24-year-old college student. “I felt like I could finally start saving for my future.”

The brand-new unit is compact — 226 square feet — but comes furnished with an air conditioner, induction cooktop, refrigerator, laundry machine and plenty of cabinet space.

Choi, who moved in last week, only had to order herself a bed.

Part of a new public housing complex in Seoul’s Dongjak district called Yangnyeong Youth House, the heavily subsidized studio was built for people like her: young South Koreans struggling to find a place to live.

Home to 10 million people, Seoul has one of the most expensive housing markets in the world. The median price of an apartment has doubled in the last 10 years to around $685,000.

LA Times

You can read more at the link, but I wonder if building small studio apartments like this for young people in the U.S. would help the housing issue there? I suspect young people would probably complain about the size. It seems like everyone expects to have a big house and fancy car right out of college now adays.

Considering the high housing prices Koreans are facing in Seoul, preventing foreigners from buying investment properties may help a little, but probably not much:

The government is facing growing calls to curb the purchases of homes in Korea by foreign nationals, who could obtain mortgage loans from banks abroad and are subject to less stringent borrowing regulations than Koreans.

Some are even demanding restrictions as a reciprocal measure against countries where foreigners, including Koreans, are restricted from owning homes.

As of July 2023, foreigners accounted for 1.4 percent of total home purchases here. While this percentage may seem modest, it has been steadily increasing from 1 percent in 2021 to 1.2 percent in 2022. Also, fierce competition to buy homes in the crowded capital, where real estate prices have been escalating rapidly, has amplified the concerns of local residents regarding foreigners buying homes in Seoul under more favorable conditions.

Korea Times

You can read more at the link.

Here is the latest building that will grace Seoul’s skyline in the next few years:

A 100-story landmark building will be built in central Seoul’s Yongsan District, which will also feature a pedestrian bridge linking buildings at the 45th-floor level, the Seoul Metropolitan Government said, Monday.

These are part of the city government’s revived plan to transform the 500,000-square-meter former railyard into an international business district.

The land has been vacant for 10 years after the previous development plan had been canceled due to the global economic crisis. The state-run railway operator KORAIL holds 70 percent ownership of the land.

Korea Times

You can read more at the link.

It looks like someone may have had some mental issues:

The Russian Embassy in Seoul’s Jongno Ward (Yonhap)

 An SUV rammed into a guard post in front of the Russian Embassy in central Seoul, seriously injuring a police officer on duty, officials said Monday.

The incident happened at 10:10 p.m. Sunday, and the officer was taken to a hospital with serious injuries to his neck and shoulders, officials said.

The driver was not under the influence of alcohol, officials said.

Police are looking into the exact cause of the crash.

Yonhap