Six aging major terminals across Seoul are simultaneously breaking ground on redevelopment projects. The Yangjae Cargo Terminal and Dongseoul Terminal modernization projects are scheduled to begin construction as early as next year, while the Banpo Express Bus Terminal recently entered development negotiations with the Seoul Metropolitan Government.
With the Banpo Express Terminal—Seoul's largest—joining the redevelopment lineup, industry observers say the "final piece of the puzzle" for terminal development has fallen into place. If development proceeds as planned, these aging terminals are expected to be reborn as regional landmarks around 2030-2031. Industry experts note that project success hinges on securing project financing worth trillions of won and successful sales of apartments and office space.
According to industry sources on January 8, six major terminal development projects are currently underway in Seoul: Dongseoul Terminal in Guui-dong, Gwangjin-gu; Dongbu Cargo Terminal in Jangan-dong, Dongdaemun-gu; Express Bus Terminal in Banpo-dong, Seocho-gu; Korea Cargo Terminal in Yangjae-dong, Seocho-gu; Seobu Truck Terminal in Sinjeong-dong, Yangcheon-gu; and Sangbong Bus Terminal in Jungnang-gu.
Seoul's cargo and passenger terminals, mostly built in the 1970s and 1980s, were initially located on the outskirts rather than downtown. Over the following decades, the city expanded and areas around the terminals developed, while the terminals themselves deteriorated and came to be seen as obstacles hindering local revitalization. Pressure also mounted to pursue high-density development on large sites like terminals in land-scarce Seoul. As a result, city terminals began modernization efforts more than a decade ago.
The fastest-progressing project is the former Sangbong Bus Terminal, located near Subway Line 7 and the Gyeongui-Jungang Line. Opened in 1985, the Sangbong Bus Terminal closed in 2023 due to declining ridership. Shinaju Group, which operated the terminal, is now developing the site as project developer, constructing a mixed-use residential complex called "The Sharp First World." Sangbong is the only major Seoul terminal being redeveloped with residential-focused development that completely eliminates the original terminal function.
The remaining terminals are pursuing large-scale mixed-use development that retains terminal functions on lower floors while adding residential, office, and commercial facilities above. Most projects have finalized development plans and are in the permitting stage for construction, with Seobu Truck Terminal in Yangcheon-gu furthest ahead.
Seobu T&D, which owns the terminal site, plans to build an advanced logistics complex spanning seven basement levels to 25 above-ground floors, along with 997 urban housing units. The goal is to complete architectural review this year, break ground in the second half of next year, and finish construction around 2030. Project costs are estimated at approximately 1.9 trillion won ($1.4 billion).
For the Yangjae Cargo Terminal development in Seocho-gu, which is progressing at a similar pace to Seobu Truck Terminal, attention is focused on whether the 7 trillion won ($5.1 billion) in project financing can be secured. This project gained momentum when Harim Group acquired the site in 2016. In August, Seoul approved Harim Group's plan to transform the Yangjae Cargo Terminal site into an advanced logistics complex with apartments and officetels spanning eight basement levels to 59 above-ground floors. Architectural review is currently being prepared, and construction is expected to begin in the second half of next year if permitting and financing proceed smoothly. Harim Group reportedly plans to raise project funds through apartment pre-sales and project financing.
Dongseoul Terminal in Gwangjin-gu and Dongbu Cargo Terminal in Dongdaemun-gu are also expected to break ground as early as the second half of next year. Shinsegae Dongseoul PFV, led by Shinsegae Property (004170.KS), is developing Dongseoul Terminal, while Jangan Mixed-Use Development PFV, centered on mid-sized builder Jeil E&C, is developing Dongbu Cargo Terminal. Shinsegae Dongseoul PFV plans to create a passenger terminal underground and commercial, office, and cultural facilities above ground, with an observation deck offering Han River views atop the 39-story building. Project costs are expected to exceed 1.8 trillion won ($1.3 billion). Dongbu Cargo Terminal is expected to be reborn as a mixed-use logistics center with high-rise apartments and office facilities.
As terminal developments multiply, the Banpo Express Bus Terminal in Seocho-gu—the largest among Seoul's terminals with a site area of 146,260 square meters—has also joined the redevelopment wave. Site owners Shinsegae Central and Seoul Express Bus Terminal Co. began formal preliminary negotiations with Seoul Metropolitan Government last month. Preliminary negotiation is a system where private developers consult with public authorities in advance when developing sites larger than 5,000 square meters.
According to the proposal submitted to Seoul, the two developers plan to build a mixed-use residential complex of approximately 60 stories on the terminal site and relocate the existing express bus terminal underground. A Seoul Metropolitan Government official said, "The time required for preliminary negotiations varies greatly by site, so it's difficult to predict when negotiations will be completed. We will finalize the development plan through discussions with the developers."
Experts say that for the proliferating terminal developments to succeed, sales of office and commercial space will ultimately be crucial. Lee Hyung-gu, Managing Director of Consulting at Genstar Mate, noted, "Given the shortage of housing supply, there shouldn't be major problems with apartment sales. However, with large-scale office development underway in the Gwanghwamun Central Business District, the success of office sales at terminal sites—which are not traditionally classified as business districts—will determine whether these projects succeed or fail."
