Sangam DMC Landmark Relaunched After 11 Years... March Project Briefing Session

Accepting Applications in June and Selecting Priority Negotiators in July
Establishing Advanced Complex Business Center by 2030

Seoul City is once again seeking a developer for the Sangam DMC Landmark. The development of the DMC Landmark has been pursued by Seoul City since 2004 but was halted in 2012. Attention is focused on whether the ultra-tall building, initially planned to be 133 stories high, will surpass the Jamsil Lotte World Tower (123 stories).

On the 16th, Seoul City announced that it will start the land supply announcement for the sale of the Sangam DMC Landmark site for the first time in seven years since 2016. To facilitate the smooth sale of the land, the city will hold a business briefing session for interested developers at 3 p.m. on the 23rd at the DMC Advanced Industry Center. A Seoul City official stated, "We plan to receive applications and business plans in June and select a preferred negotiation partner in July."

The purpose of supplying the land is to build an advanced complex business center that can revitalize the western region's economy and strengthen its central functions. The city aims to complete the construction by 2030.

The Seoul DMC Landmark Building, planned to be 133 stories tall, was canceled.

The DMC Landmark development project was planned by Seoul City starting in 2004. During Mayor Oh Se-hoon's term in 2009, the city planned to build a landmark building in DMC with 133 floors above ground, including a shopping mall, department store, aquarium, corporate PR center, and hotel. The project began with the sale of the site to Seoul Light Tower Co., Ltd., composed of 25 investors including Daewoo Construction, but was halted in 2012 during Mayor Park Won-soon's term due to contract termination over land payment delays.

Since then, the city has attempted to resell the Sangam DMC Landmark site but failed to find a buyer. A Seoul City official said, "If a preferred negotiation partner is selected this time and the project proceeds as scheduled, it is expected to greatly contribute not only to the physical and functional completion of DMC but also to the economic revitalization of the northwest region."

Currently, 49 out of 52 parcels in DMC have been sold. Once the landmark site (2 parcels) is sold, the physical completion stage (98%) will be reached.

A Seoul City official said, "There have been functional shortcomings due to the lack of development of landmark land to support and lead DMC, but with this land supply, once functionally completed, it is expected to establish itself as a world-class Digital Media City."

The supply conditions largely maintain the 4th supply policy (2016) but have been revised to comprehensively reflect changes in the industrial ecosystem, such as expanding the target industries to innovative sectors.

The city plans to expand the target industries for office use beyond the existing DMC industries such as Media & Entertainment (M&E), Information and Communication Technology (IT), and Software (SW) to include innovative growth industries like augmented reality, blockchain, and artificial intelligence, encouraging leading domestic and international companies to move in.

The building's use must allocate more than 50% of the total floor area to office (at least 20%), lodging (at least 20%), and cultural/assembly facilities (at least 5%) to function as an international business center, with the remaining non-designated uses such as residential limited to 50% or less.

The supply price for jointly purchasing parcels F1 (Sangam-dong 1645) and F2 (Sangam-dong 1646) for joint development purposes is 825.4 billion KRW. The city plans to prioritize land supply to applicants for joint development.

Kim Tae-gyun, Director of Seoul City's Economic Policy Office, said, "DMC is advantageous for international business due to its proximity to Incheon Airport and has geographical advantages utilizing excellent infrastructure such as Magok, Yeouido, and Hongdae nearby," adding, "Once completed, Sangam DMC will be reborn as a world-class media and entertainment cluster and a growth hub for future industries."