Park Won‐soon, the former mayor of Seoul, put forward a new vision of Seoul as a progressive city, and one of his signatures was the promotion of a new urban regeneration policy called the Seoul‐type Urban Regeneration Model (SUR). It was first presented as a solution to compressed and profit‐oriented urban redevelopment but evolved into an alternative model which conveyed the worlding desire of the Seoul Metropolitan Government to redefine Asian urbanism beyond developmentalism or neoliberalism. In this article, we argue that the SUR demonstrates a mixture of post‐developmentalist features and the lingering impact of neoliberal rationalities. Specifically, we problematize SUR's hybrid aspirations for urban competitiveness, improved quality of life and participatory governance by articulating how the pursuit of a globally competitive city conflicts with and overrides other values and how citizen‐centered governance was exploited as an efficient mechanism of neoliberal urbanism.