Will It Become a Landmark in the Local Long-Awaited Project? High Expectations as Business Resumes

Buildings that have been long-awaited projects in the region have recently announced the resumption of construction, drawing significant attention. The industry is increasingly optimistic that these projects will achieve success by following the precedent set by ‘Park One,’ which was once a headache but quickly became a landmark building along Yeouido Boulevard upon completion.

In fact, Yeouido Park One, completed in June 2020, had been left abandoned for 13 years after groundbreaking and was considered a nuisance along Yeouido Boulevard. Despite the project being halted for over a decade, it resumed in 2017 and was welcomed as a positive factor in the local real estate market, smoothly reaching completion by the end of 2020. Currently, Park One stands as the third tallest building in Korea, housing The Hyundai Seoul department store and the Fairmont Hotel, dispelling all concerns and successfully establishing itself as one of Yeouido’s landmark buildings.

Meanwhile, the recently revived Changdong Minja Station and Sillim ART projects are also being called the ‘Second Park One’ and are expected to bring a fresh wave of revitalization to their respective areas. Both projects have attracted considerable interest as initiatives to invigorate the Changdong and Sillim districts, and anticipation for their completion is rapidly growing.

First, Changdong Minja Station, a long-awaited project for Seoul City and Dobong District, has recently received approval for rehabilitation, accelerating the resumption of construction. This marks 11 years since construction was halted in 2010. The project is being taken over and restarted by Changdong Station Diot, whose largest shareholder is Diot, a wholesale mall specializing in clothing composed of merchants from Dongdaemun. They invested 110 billion KRW to clear all sales bonds and unpaid construction costs, effectively resetting the project, and on the 18th, the rehabilitation plan was approved.

The newly constructed Changdong Minja Station will feature a complex shopping mall called ‘Arena X Square,’ a transfer center, and station facilities, spanning from two basement levels to ten floors above ground with a total floor area of 87,293㎡ in the Dobong District of Seoul. ‘Arena X Square’ plans to officially open this month and begin leasing retail spaces.

Changdong Minja Station has drawn attention as a project expected to revive the somewhat slow-developing northeastern area of Seoul, and the news of its resumption has captured the interest of local residents. A large-scale urban regeneration plan covering approximately 980,000㎡ is underway around Changdong Station. This includes the Seoul Arena, a 20,000-seat performance hall, as well as various cultural facilities such as the Seoul Photo Museum, Seed Cube, and Changdong 61, which are expected to create synergistic effects. Additionally, the nearby Cheonbyeon Suwon Park, the undergrounding of the Dongbu Expressway, and the GTX-C line are all positive factors that are anticipated to significantly increase the value of Changdong Station in the future.

The Sillim ART department store in Gwanak District, Seoul, is also set to resume construction. This site began construction in 2006 but was halted for 15 years after the construction company entered court receivership in 2008.

The new owner announcing the project’s restart is the construction company Dongbu Construction. In December last year, Dongbu Construction secured the construction rights from I-One Industrial Development for 69.1 billion KRW. Upon resumption, the project will consist of a building from seven basement levels to 20 floors above ground, with a total floor area of 42,176㎡, including 713 officetel units, neighborhood living facilities, and retail spaces. Located in the prime area near Sillim Station, the building’s completion is expected to quickly revitalize the large commercial district around Sillim Station.

Industry insiders predict that the Changdong Minja Station and Sillim ART department store projects will also achieve a smooth landing like Park One. A real estate expert stated, “Both Changdong Minja Station and Sillim ART department store projects are gaining renewed attention as major local developments upon the announcement of their resumption. Especially for Changdong Minja Station, given its integration with large-scale development projects in the area, a significant increase in value is expected in the future.”