HDC Hyundai Development Co. said Tuesday it plans to develop a new underground square near Yongsan Station, under a build-transfer-operate agreement signed with the Yongsan District Office.

Build-transfer-operate refers to public or private entities’ financing of private firms to build and operate a facility. The Yongsan District Office and HDC signed the agreement on Dec. 20 last year to build the 22,505-square-meter underground square.

According to the company, the square will connect to Yongsan Station and will be built under the open space between Raemian Yongsan the Central and Yongsan Prugio Summit. The open space will also be revamped into a 12,730-square-meter park.

Yongsan Mayor Sung Jang-hyun said Yongsan Station would serve as the central station for South Korea if inter-Korean relations improve and railways between the two countries are connected.

The park and plaza will be a hub connecting residents, tourists and office workers, transforming the area, HDC added.

By Cho Hyee-su (chohyeesu@heraldcorp.com)