A Large General Hospital to Open in Wirye New Town

SH Corporation Reopens Bidding for Medical Complex Site Development After 5 Years
Gachon University Gil Hospital and Myongji Hospital Participate in Tender

[Asia Economy Reporter Ryu Tae-min] The long-awaited project of attracting a large general hospital to Wirye New Town is now on track.

According to industry sources on the 16th, following the recent public bidding for private developers to develop the medical complex site within the Wirye housing development project area by Seoul Housing and Communities Corporation (SH Corporation), the Mirae Asset Daewoo consortium and the Industrial Bank of Korea consortium have submitted final bids. The Wirye medical complex site, located in 272 Geoyeo-dong, Songpa-gu, Seoul, spans approximately 44,004㎡ and is expected to house a general hospital with around 1,000 beds. The estimated land supply price is about 299 billion KRW.

The Mirae Asset Daewoo consortium participating in this bid includes Gil Medical Foundation, which operates Gachon University Gil Medical Center, Hoban Construction, and Together Holdings. The Industrial Bank of Korea consortium consists of Myongji Hospital, GS Retail, and Aegis Asset Management. SH Corporation plans to select the preferred negotiation partner on the 19th.

Currently, Wirye New Town, which spans across Songpa-gu in Seoul and Seongnam and Hanam cities in Gyeonggi Province, does not have a large hospital. SH Corporation had conducted two rounds of public bidding for this site in 2016 to build infrastructure in the new town, but no companies participated.

SH Corporation intends to develop the Wirye medical complex site into a medical complex town capable of providing one-stop services covering the full chain of medical services (prevention-diagnosis-treatment-management), including the hospital's original functions of examination and treatment. Approximately 60% of the total area will be developed for medical facilities, while the remaining 40% will be used for revenue-generating office facilities such as officetels. Consortium participants are expected to create a mixed-use complex including residential officetels and commercial facilities to cover the construction costs of the medical facilities.