Seoul City Completes Project Feasibility Study... Plans to Announce Third-Party Proposal Within the Year
Complex Development Including Exhibition & Convention, Baseball Stadium, Cultural, Commercial, Office, and Accommodation Facilities
[Asia Economy Reporter Jo In-kyung] The Seoul Metropolitan Government announced on the 5th that the eligibility review for the 'Jamsil Sports·MICE Private Investment Project,' commissioned to the Korea Development Institute's Public Investment Management Center in 2017, was completed on the 28th of last month, and plans to conduct a third-party proposal announcement, a public competitive procedure, within this year.
The proposal announcement will include guidelines for preparing proposals regarding the installation and operation plans for ▲Exhibition and Convention (approximately 120,000㎡ dedicated area) ▲Baseball Stadium (approximately 35,000 seats) ▲Sports Complex (approximately 11,000 seats) ▲Swimming Pool (official level 2 size, 5,000 seats) ▲Waterfront Leisure Facilities (approximately 70 vessels) ▲Hotel (900 rooms) ▲ Cultural, Commercial, and Business Facilities, as well as performance requirement levels and evaluation plans.
The city plans to select a preferred negotiation partner in the first half of 2021 after the third-party proposal announcement, proceed with negotiations, conclude an implementation agreement, and swiftly carry out related administrative procedures aiming to start construction in the second half of 2022.
Additionally, as the project progresses in earnest, there is concern that buying sentiment for real estate in the surrounding area may be stimulated and speculative demand may increase. Therefore, the city will implement anti-speculation measures through cooperation with related agencies such as the Ministry of Land, Infrastructure and Transport. Detailed monitoring, including real transaction price investigations, will be conducted, and if signs of overheating are detected from market trend monitoring, the project site and surrounding areas will be immediately designated as land transaction permission zones to firmly respond to speculative trading demand.
Kim Seon-soon, Head of the Seoul Metropolitan Government's Regional Development Headquarters, explained, "The Jamsil Sports·MICE Private Investment Project is a core project to continuously strengthen Seoul's urban competitiveness, planned to be developed as a complex space for international conferences, exhibitions, and cultural events harmonized with the waterfront space within the city."
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