Unfinished Buildings

[Anchor Lead]

There are around 380 half built buildings nationwide that have been neglected for a long time often times after construction halted due to lack of funds. New projects are kicking off to turn these unfinished structures into public facilities or housing for young people.

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This hospital building is known to have belonged to the late businessman Yoo Byung-eun, the founder of Semo Corporation. It's been left neglected for 21 years since the project went bankrupt during the financial crisis of the late 1990s. Demolition of the building started in summer. The Korea Land and Housing Corporation and a civilian builder have agreed to build apartments on this site for local residents. A 170-unit public apartment complex will be built by 2021. A portion of the profits from the construction will be used in similar projects elsewhere aimed at salvaging buildings unattended and left idle for a long period. The housing project mentioned above marks the first case in this larger renovation program.

[Soundbite] Gang Dong-ryeol (Korea Land & Housing Corp.) : "Half of the profit left after the sale will go to other similar projects to serve a public purpose."

This structure which was meant to become a commercial and shopping center was also neglected for 8 years, and discussions are under way for its regeneration.

[Soundbite] Local Resident : "It's a waste. If for instance a welfare center opens, it can benefit the locals and also bring in outsiders."

This building which started out as a motel will also transform into housing units especially for the young people with priority given to job seekers in particular. The government has first designated 13 such locations that will undergo renovation to serve public purposes.

[Soundbite] Kim Tae-oh (Ministry of Land, Transport & Maritime Affairs) : "Financial feasibility is most important but we are trying to emphasize the public interest aspect as well by building public facilities and housing."

One concern is the speed of which the projects can proceed as unfinished structures often involve a complex web of legal stakes and interests, making cost negotiations highly difficult.