Yeouido, often dubbed the “Manhattan of Korea,” is undergoing a wave of large-scale prime office development as both public and private sector players rush to capitalize on the Seoul city government’s plan to transform the district into a global financial hub.

According to industry sources on June 24, four major office projects—either recently launched or in advanced planning—are located within the “Yeouido Financial District Planning Zone,” designated by the city in November last year. The projects include the Meritz Fire & Marine Insurance headquarters, and new towers for Kiwoom Securities, Mirae Asset Securities, and KB Kookmin Bank.

Excluding the still-unspecified plans for KB’s future headquarters, the remaining three projects alone will add more than 175,742㎡ of new floor space—among the largest office supply surges for a single district in Seoul.

The Meritz Fire redevelopment, spearheaded by developer ShinYoung, broke ground in May on a 34,972㎡ building with seven basement floors and 19 above-ground levels. The site spans 2,290㎡, and completion is targeted for June 2028, with Dongwon Construction as the contractor.

Kiwoom Securities is redeveloping its former headquarters site into the 58,464㎡ “Kiwoom Finance Square.” The building will rise 28 stories above ground with seven basement levels. Demolition is underway, and full construction is expected to begin after August 2025.

The largest of the four, “Mirae Asset Securities Tower,” will be built on land currently owned by Woori Financial Group. The project will deliver over 82,306㎡ of floor area across 28 floors above ground and seven below. Groundbreaking is slated for post-2027, with completion expected by 2031. A construction firm has yet to be named.

Behind the simultaneous push is Seoul Mayor Oh Se-hoon’s ambition to make Yeouido the financial capital of Northeast Asia. In support of this vision, the city government last year revised the district’s zoning plan, allowing building heights of up to 350 meters and floor area ratios (FAR) up to 1,200%.

However, industry voices warn of potential oversupply risks. Yeouido joins Seoul’s CBD (Central Business District) in facing a growing pipeline of prime office inventory, which may increase vacancy rates and pressure rents in the short term.

"Office development is often driven more by policy incentives or asset strategy than real demand," said one market insider. "How this new supply from financial firms and corporates impacts the leasing market will largely depend on tenant absorption in the coming years."

This article was published in Corebeat on June 24, 2025.