Former Seoul National University College of Agriculture and Life Sciences Site in Seodun-dong, Suwon Searches for Owner

The 46,000-pyeong site of Seoul National University's former College of Agriculture and Life Sciences in Seodun-dong, Seonggwang-gu, Suwon remains abandoned without finding an owner.

Seoul National University seeks to sell the site to repay 100 billion won borrowed from the Ministry of Finance and Economy, but faces difficulties in the sale as no landowner has emerged, while Suwon City desires to develop an ecological park and attract a national university but is reluctant to acquire the property citing budget shortages.

According to Suwon City and Seoul National University on the 14th, the university attempted land exchange with the Rural Development Administration when relocating the College of Agriculture and Life Sciences to the Gwanak Campus in September 2003, but negotiations fell through after being designated as a public institution relocation site.

When relocating the college, Seoul National University conducted public auctions beginning in June of last year to repay the 100 billion won borrowed from the Ministry of Finance and Economy, but all 10 rounds of bidding have failed to date.

Consequently, Seoul National University sent an official inquiry to Suwon City at the end of September asking whether the city could acquire the site at an appraised value of 119.3 billion won, but the city stated that acquisition would be difficult due to insufficient budget.

A Seoul National University official stated, "We inquired about the acquisition intention of public institutions, but as no agency agreed to purchase, we are currently proceeding with general bidding announcements," and added, "Several construction companies have shown interest, but are hesitant because they are uncertain whether use conversion is possible to build apartments."

Suwon City recently prepared and received approval from the Ministry of Construction and Transportation for a 2020 basic urban plan to utilize the College of Agriculture and Life Sciences site, which is a conservation site under urban planning facilities, as public facilities and parks. The city is considering creating an ecological park or attracting a university on the site.

A city official said, "Rather than developing it for other purposes such as apartments, it is judged most desirable to establish facilities or utilize it as a park for residents of the relatively underdeveloped western Suwon area."