Preliminary Plan for Jamsil Stadium 'MICE' Development Unveiled

Seoul City Releases Draft Strategic Environmental Impact Assessment... Resident Briefing Session on 13th Next Month
334,605㎡ Site to Be Developed as Global Sports and MICE Hub Facility

[Asia Economy Reporter Donghyun Choi] The Seoul Metropolitan Government has unveiled the blueprint for a private investment project around the Jamsil Sports Complex in Songpa-gu. With a project cost of approximately 2.3 trillion KRW, this mega development is expected to have a significant impact on the surrounding real estate market.

According to industry sources on the 17th, Seoul released a draft of the strategic environmental impact assessment for the private investment project around Jamsil Sports Complex the day before and has begun the public inspection and resident briefing procedures. After the public inspection, a resident briefing session is scheduled for the 13th of next month. A Seoul city official explained, "We plan to collect various opinions from residents on the draft and use them as a reference for preparing the final version."

This project is part of the comprehensive development plan for the 'International Exchange Complex District,' which connects COEX in Samseong-dong, Gangnam-gu, the Hyundai Motor Global Business Center (GBC), and the Jamsil Sports Complex. The core idea is to develop the 334,605㎡ site around Jamsil Sports Complex into a global sports and MICE (Meetings, Incentives, Conferences, and Exhibitions) hub that integrates sports, exhibition/convention, and performance/entertainment facilities. Through private investment, the plan is to harmoniously design public facilities such as international conference centers, exhibition halls, and sports facilities with supporting facilities including lodging, retail, and office spaces, balancing public interest and private profitability. The total project cost is estimated at 2.228 trillion KRW.

The draft strategic environmental impact assessment outlines the layout plan for major buildings, considering landscape and aesthetics. The city plans to place exhibition and convention facilities along the eastern side of the site facing Baekje Gobun-ro, while the baseball stadium will be located on the northwest side along the Han River, utilizing the Han River waterfront and the expanded Olympic-daero area to preserve the riverside scenery. The sports complex will be situated in the 'Sports Complex Zone' between the southwestern Tancheon stream and Olympic-ro. Hotels will be functionally linked and placed near the exhibition and convention facilities. Commercial facilities will be arranged to maximize visitor accessibility and functionality, with each commercial building naturally connected. Additionally, development will consider pedestrian axes both above and below ground to ensure easy access to public transportation.

Notably, the draft limits building heights within a 50 to 100-meter radius of the main stadium to 62 meters or less to preserve the landmark status of the main stadium. However, the baseball stadium is exempt from this height restriction. Furthermore, the plan aims to establish a visually superior design that considers the surrounding landscape and to create a landmark for the Seoul International Exchange Complex District.

Since the project area in Songpa-gu does not include wetland protection zones or natural parks, the landscape review process related to ecological and scenic preservation is expected to proceed smoothly. A Seoul city official analyzed, "Although the ecological landscape conservation area (Tancheon) is about 1 km south of the project site, it is not subject to natural environment protection law regulations as it is not adjacent to a protected area, so it is not a subject of natural landscape impact consultation." The official added, "There may be landscape changes due to the relocation of the baseball stadium and the construction of hotels, commercial, and office facilities as the project progresses."

The development of Jamsil Sports Complex has been a boon for the surrounding real estate market, which is currently soaring. For example, prices in the Asia Athletes' Village across the street have risen by 50% over the past three years. The highest transaction price for a 99㎡ apartment (exclusive area) was 1.7 billion KRW in May 2017 but surged to 2.535 billion KRW in January this year. However, due to strengthened regulations in the Gangnam area, prices have recently declined, with actual transaction prices adjusting to 2.35 billion KRW in February.