Restricted Competitive Bidding for 16 Vacant Subway Station Shops in Seoul Euljiro 3-ga and Yeouido

For Socially Supported Organizations Such as Social Enterprises, Disabled Enterprises, and Cooperatives

Happiness Plus Shopping Center located inside City Hall Station subway.

[Asia Economy Reporter Jo In-kyung] Sixteen vacant commercial spaces within Seoul subway stations will welcome new tenants from socially vulnerable groups under affordable rental conditions.

Seoul Metro announced on the 23rd the bidding for the 'Subway Win-Win Commercial Space Leasing Project.' The leasing targets are 16 vacant commercial spaces located at subway stations such as Euljiro 3-ga Station and Yeouido Station.

To uphold the purpose of supporting socially vulnerable groups, bidding eligibility is limited to social enterprises, enterprises for the disabled, cooperatives and social cooperatives, village enterprises, self-support enterprises, social welfare corporations, and similar organizations.

The rent is set at 50-60% of the existing commercial space rates. The contract period is basically five years, and tenants may extend the contract within five years if they wish.

The bidding will be conducted through an electronic restricted competitive bidding process via the online public auction portal system Onbid (http:///www.onbid.or.kr) until the 3rd of next month. The bid opening will be on August 4th.

Applicants (companies or organizations) wishing to bid must meet the establishment requirements stipulated by relevant laws and submit certification issued by the government-related departments. Bidding is valid only if two or more participants join, and the highest bidder exceeding the estimated price (not disclosed) will be selected as the successful bidder.

Kim Sang-beom, CEO of Seoul Metro, said, "There have been cases where subway commercial spaces were used as startup cafes through separate contracts with local governments and public interest organizations," adding, "We will continue to revitalize subway commercial spaces to create positive social value."