Construction has been formally suspended at the Asia Apartment special planning district in Hangang-ro, Yongsan, one of Seoul's most coveted development sites. Booyoung Group Chairman Lee Joong-keun had pledged to put the project back on track this year, raising expectations of a general sale in the second half. But a dispute over design standards for U.S. Embassy staff housing to be built within the complex has left permits in limbo, making delays unavoidable and all but ruling out any supply this year.
Booyoung Housing submitted a notice of construction suspension for the new build at the Asia Apartment special planning district in Hangang-ro 3-ga, and the housing division of Seoul's Yongsan District Office posted it on Sept. 17, according to redevelopment industry sources on the 20th.
The notice says the site, which filed its construction start report in July 2024 and had begun excavation, entered formal suspension as of Sept. 11. Environmental protection measures taken during the halt included installing protective sheeting on slopes and setting up and maintaining dust netting atop temporary sound barriers. The expected resumption date was listed as "undetermined," with the reason given as "temporary suspension of construction due to delayed approval while a third revision to the project plan is under review."
Construction industry officials believe the halt is likely to last at least several months. "Temporary stoppages generally aren't reported separately to local authorities," one industry official said. "And the fact that maintenance measures were taken at the site means the workforce and expensive equipment have been pulled out and the site effectively put into hibernation."
Behind the suspension is a 150-unit housing complex for U.S. Embassy staff, a contributed facility to be built within the development and transferred to the U.S. government. The site, located between Ichon Station and Sinyongsan Station, was once used by U.S. forces. Booyoung purchased it from the Ministry of National Defense in 2014 and has been pursuing a housing project there since 2020. Plans for a 997-unit complex rising up to 36 stories cleared the Seoul Metropolitan Government's architectural review in 2024 and ground was broken, but design standards for the embassy staff housing to be contributed became a stumbling block. Citing the special status of extraterritorial facilities, the U.S. government has repeatedly sought the application of its own counterterrorism and security safety standards, which have yet to be reconciled with the domestic housing law framework that guides reviews by the Seoul city government and the Yongsan District Office.
The suspension has clouded the timeline for the general sale, which had drawn strong market interest. With 847 units set for general sale at a prime location, the Yongsan Asia Apartment project had been seen as one of the highlights of Seoul's second-half presale market. Expectations grew further after Chairman Lee voiced a firm commitment to normalizing the project and launching sales this year at a New Year press briefing in February. Because Booyoung filed a suspension notice with the district office without specifying a resumption date, observers expect not only this year's construction start and general sale but also the planned completion in February 2028 to slip indefinitely.
The setback also disrupts Booyoung Group's plan to become a full-service property developer through the Asia Apartment project alongside its Ttukseom site in Seongsu-dong. That site, delayed for 17 years before being redesigned as a mixed-use complex, cleared the Seoul city government's architectural review last month and is expected to see construction resume within the year. "Negotiations with the U.S. Embassy are a complex matter tied up with diplomatic coordination between the Korean and U.S. governments," another industry official said. "Depending on when the third project plan revision is approved, the calculations for the entire project — including increases in project costs and the setting of presale prices — will change."